reform blog

Oct 09

Reforms to IHT, CGT and NI ‘could raise over £20 billion a year’

The Resolution Foundation has suggested that reforms to inheritance tax (IHT), capital gains tax (CGT) and national insurance (NI) could raise more than £20 billion a year. The Foundation said that the reforms could also pass a ‘triple tax test’ of improving tax efficiency, making sure that tax rises fall on those with the broadest shoulders. It […]

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Billion-pound tax bombshell to hit hospitality, warns trade body

The end of business rates relief will sting hospitality with a £928 million bill in April unless the government acts in the Budget, warns UKHospitality. Hospitality and leisure businesses face their bills quadrupling if business rates relief ends as planned on 31 March, it adds. The trade body is calling for the Chancellor to introduce […]

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off-payroll rules

IPSE calls for fairer off-payroll rules in Budget

The Chancellor should use her Autumn Budget to make off-payroll working rules ‘fairer and more effective’, according to the Association of Independent Professionals and the Self-Employed (IPSE). IPSE says that the rules, commonly known as IR35, are still causing significant disruption for businesses and public bodies needing to recruit freelancers and contractors for their operations. An […]

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Sep 05

Latest guidance for employers September 2024

HMRC has published the latest issue of the Employer Bulletin. The August issue has information on various topics, including: electronic payment deadline falls on a weekend P11D and P11D(b) for tax year 2023 to 2024 supporting employees with changes to the High Income Child Benefit Charge pensions for seasonal temporary staff getting your new employees […]

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Advisory fuel rates for company cars September 2024

New company car advisory fuel rates have been published and took effect from 1 September 2024. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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Freelancers want to see fairer, simpler tax system from Autumn Budget

Freelancers want to see Chancellor Rachel Reeves use the Autumn Budget to move towards a fairer, simpler tax system, according to the Association of Independent Professionals and the Self-Employed (IPSE). IPSE’s research found that 80% of freelancers believe that government tax policies, such as IR35, are harming their businesses. Meanwhile, just under half of freelancers […]

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HMRC late payment interest cutblog

HMRC late payment interest cut by 0.25%

HMRC has reduced late payment and repayment interest rates following the cut to the base rate. The Bank of England cut the base rate to 5.0% on 1 August, the first reduction for over four years. This has triggered a cut in HMRC interest rates which are pegged to the base rate. From 20 August, […]

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crypto investors

HMRC sends ‘nudge letters’ to crypto investors

HMRC has ‘sent nudge’ letters to crypto investors who it suspects have failed to pay the correct tax on their gains, according to the Chartered Institute of Taxation (CIOT). Many crypto investors are unaware of their tax obligations due to uncertainty over tax rules and limited understanding of the nature of crypto assets. A chargeable […]

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HMRC failing on responsiveness, says Charter report blog

HMRC failing on responsiveness, says Charter report

HMRC is failing on the key metrics of responsiveness, ease and accuracy, according to the annual HMRC Charter report. The report reviewed HMRC’s performance against its Charter from April 2023 to March 2024. The survey received over 1,600 responses, with complaints about service levels a recurring theme. ‘Being responsive’ scored the lowest of the Charter […]

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Aug 07

Latest guidance for employers August 2024

HMRC has published the latest issue of the Employer Bulletin. The July issue has information on various topics, including: PAYE Settlement Agreement calculations 2023 to 2024 paying Class 1A National Insurance contributions improving the Self-Serve Time to Pay service for PAYE and VAT customers self assessment threshold change Spotlight 64 – warning for employment agencies […]

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HMRC to send Simple Assessment tax statements to pensioners

HMRC will send Simple Assessment tax statements to pensioners in the next few weeks. The combination of frozen tax thresholds and a substantial increase to the state pension has led to many more pensioners being dragged into paying income tax for the first time. The last government froze the personal allowance at £12,570 until 2028. […]

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British Business Bank launches Growth Guarantee Scheme

The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance. The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is expected to support around 11,000 smaller businesses. The British Business Bank has so far accredited 41 lenders for the scheme which will run until March 2026. […]

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HMRC launches blog

HMRC launches VAT Registration Estimator

HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator helps to show businesses when their turnover could require them to register for VAT and its effect on profits. A business must register for VAT if: Total VAT taxable turnover for the previous 12 […]

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king blog

King’s Speech pledges to secure economic growth

The first King’s Speech since Labour’s victory in the General Election saw the new government pledge that securing economic growth would be its fundamental mission. King Charles III delivered the 2024 King’s Speech at the State Opening of Parliament and announced plans to accelerate housebuilding and high-quality infrastructure through planning reform. In the Speech, the […]

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chancellor blog

Chancellor takes difficult decisions as Budget date set

Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges. Ms Reeves confirmed that the Autumn Budget will take place on 30 October. In a statement to Parliament, the Chancellor made a number of announcements but said there would be more to come […]

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Jul 16

HMRC has not fined a single enabler of offshore tax evasion

HMRC has not fined a single enabler of offshore tax evasion in five years, data released in response to a Freedom of Information (FOI) request has revealed. This is despite HMRC having landmark powers, which were introduced in 2017, to impose hefty fines. The data, which was released to the Bureau of Investigative Journalism (TBIJ), suggests […]

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Tax gap

Tax gap at record high

The UK’s tax gap estimate rose to a record to £39.8 billion in 2022/23 as small businesses accounted for almost two thirds of unpaid tax, according to HMRC’s data. The tax gap was 4.8%, which is the difference between the amount of tax that should be paid to HMRC and what is actually paid. The tax […]

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Jun 10

Advisory fuel rates for company cars June 2024

New company car advisory fuel rates have been published and took effect from 1 June 2024. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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file tax return

300,000 file tax returns in the first week of the tax year

Almost 300,000 self-assessment taxpayers filed their return in the first week of the new tax year, HMRC has revealed. The early filers were almost 10 months ahead of the 31 January 2025 deadline. Almost 70,000 people filed their return on the opening day of 6 April this year. HMRC is encouraging people to file early […]

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Retirees report £119,000 shortfall in pension savings

UK adults face a significant shortfall in their pension savings at retirement compared to what they wanted to retire on, according to research from Standard Life. Standard Life’s Retirement Voice Report found that, on average, retirees had hoped to build up a pension pot of £250,000. However, the average amount that they accumulated by retirement […]

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