Exclusive: Steep surge in income tax and national insurance as higher taxes bite in cost of living May 26, 2022 The combined amount of Income Tax and National Insurance paid in the last twelve months has soared by 13 per cent to more than £387bn, new figures from HMRC show. The latest data from the taxman comes amidst the growing cost-of-living crisis, the Government is now likely to come under increasing pressure to alleviate the [...]
Govt owes itself £263m in back taxes as Whitehall departments failed to comply with payroll rules May 25, 2022 Due to a failure of Whitehall departments to comply with rules on off-payroll working, MPs have stated that the Government owes itself hundreds of millions of pounds in back taxes. The Commons Public Accounts Committee said it was “not acceptable” that central government was paying out to cover tax owed for individuals who had been [...]
Capital gains tax receipts increase £5bn in two years: Is its future aligned with income tax? May 15, 2022 The amount of Capital Gains Tax collected by the government has shot up by more than £5bn in the past two years, according to official figures from HMRC. Rising from £9.8bn in 2019/20 to £14.9bn in 2021/22, the huge increase comes after changes to the tax and rising house prices. The increase in Capital Gains [...]
VAT revenues rise to highest amount ever as HMRC pockets £157bn in just one year May 13, 2022 HMRC collected a record £157.2bn from VAT bills in in the last tax year, a 55 per cent jump on the £101bn collected in 2020/21, after businesses were forced to make up for VAT payments they deferred during the pandemic. Accountants have told CityAM that HMRC’s VAT income has risen sharply after the rate [...]
UK pension holders in for a shock as thousands face unexpected tax charges due to exceeding lifetime allowance May 12, 2022 Thousands of pension savers potentially face tax charges as they have more than the lifetime allowance sitting in their personal pensions, figures indicate. Around 2,300 people have been paying into personal pension schemes exceeding the lifetime allowance of £1,073,100, according to HM Revenue and Customs (HMRC) data. InvestingReviews.co.uk obtained the figures from HMRC following a [...]
HMRC receives record high £157bn from VAT bills after tax holiday ends May 6, 2022 HMRC collected a record £157.2bn from VAT bills in 2021/22, a 55 per cent increase on the £101bn collected the year before.
Taxman waives fines for million Brits unwittingly caught in anti-money laundering crackdown April 29, 2022 The UK taxman has said it is waiving fines for those who unwittingly faced penalties for failing to list any trusts they own on anti-money laundering registers. Her Majesty’s Revenues & Customs’ (HMRC’s) decision to waive the penalties comes in the midst of a major anti-money laundering crackdown, which saw the introduction of new rules [...]
Tax paid by Brits on at least £150k skyrockets as ‘fiscal drag’ makes HMRC increasingly lean on high income taxpayers April 20, 2022 The total income tax paid by high earners making £150,000 or more has increased by 77 per cent in the last decade, reaching £60.9bn in the 2019-20 tax year, up from £34.5bn in 2010-11, according to data that was shared with CityAM Over the same period the total tax take from basic rate taxpayers [...]
The City’s Purple Pay called out by HMRC for promoting tax avoidance April 7, 2022 The City’s Purple Pay has been named and shamed by HM Revenue and Customs (HMRC) for promoting tax avoidance schemes. The taxman has revealed the names of companies which have promoted schemes to avoid paying tax for the first time today, warning users that they could face “large tax bills” unless they withdraw from them. [...]
Exclusive: HMRC to crack down on cabbies and taxi drivers with new tax checks before licence renewal April 4, 2022 HMRC is launching a crackdown on taxi drivers, mini cab drivers and scrap metal merchants from April, with the introduction of new tax evasion checks, CityAM has been told. The introduction of a number of new tax evasion checks will allow HMRC to further scrutinise workers in what it sees as ‘high risk’ sectors [...]