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Going self-employed is a major milestone in anyone’s career, and there’s a whole lot to think about before you make the leap. Aside from setting up and running the business itself, you’ll have an array of other responsibilities to consider… responsibilities like paying your taxes on time. Whether you plan to hire an accountant or […]
Digital tax is now less than a year away. In this article, we will cover what business owners need to know about making tax digital, as well as guiding you through the steps in order to prepare for the enormous change. HM Revenue & Customs (HMRC) is moving forward to become the most digitally advanced […]
Millions have been left in the dark regarding their tax returns, PAYE slips and other financial documents due to a huge amount of unanswered HMRC phone calls. In the first half of the year, the HMRC were only able to successfully answer half of all calls made to them, with 39% of inquiries dealt with […]
Local police forces located in the north of England have joined powers with HMRC for a landfill tax crackdown. Together, the organisations will investigate suspected landfill tax fraud worth millions of pounds. Landfill tax fraud involves deliberately misclassifying waste, with material that is supposed to attract the usual rate of Landfill Tax being passed off […]
Maersk is an energy group from Denmark and will be leading a £3bn project aimed at developing the largest gasfield which has been discovered in the North Sea for a decade. This is the first big investment which will be benefiting from the tax breaks in the UK which was announced in the Budget. The […]
Accountants have revealed that HMRC may be facing a huge tax refund bill, worth “tens of billions” over the next few years. Businesses claim they have overpaid their tax by millions of pounds, dating back decades in some cases. These include challenges by insurance giant Prudential tobacco group BAT and retailer Littlewoods which is owned by the Barclay brothers. […]
Andy Burnham has recently said that Labour should be ignoring “difficult headlines” while considering extra taxes which would be able to cover the rising cost when it comes to social care and has suggested a new social care tax.. Mr Burnham has said that his goal of having a National Health and Care service would […]
New changes from pension systems which allow Brits to cash in their savings may end up providing an extra tax windfall when it comes to the Treasury. Since April this year, those over 55 have been able to choose to take their pension in cash, instead of buying an annuity in order to provide income […]
David Cameron has recently promised to end the “merry-go-round” which happens when low income earners are taxed and then handed back money in benefits. David Cameron says “UK needs to Lower tax and Lower Welfare”. He says it’s wrong to try to treat the symptoms of the economic and social problems that the UK faces, […]
The HM Revenue and Customs confirmed. Those who are filing late tax returns have now been let off the £100 fine. The Daily Telegraph received news of the development from a leaked memo. It may affect almost 900,000 people. Despite applause from taxpayers, the effectiveness and legality of the fine waiver is currently being queried. How […]