Workers’ rights damaged by Brexit

Labour leader Jeremy Corbyn, who has been critical in the past of European Union intervention in UK matters, has warned that there could be a “bonfire of workers’ rights’ if the UK votes to leave the EU in the coming referendum.Continue reading→

Only 8 per cent of Britons aware that ISA savings form part of their ‘taxable estate’

A recent survey has revealed that only 8 per cent of Britons are aware that ISA savings form part of a person’s ‘taxable estate’ under inheritance tax laws.Continue reading→

Investment banks mislead clients and suppress competition, says watchdog

Investment banks should do more to encourage competition and fairer treatment of customers, Britain’s financial watchdog said, proposing changes to help firms to make informed choices about the banks they use.Continue reading→

Only a quarter of internal tax collectors have faith in HMRC, says survey

An internal survey has revealed that only 25 per cent of tax collectors believe that HM Revenue & Customs (HMRC) is “managed well”, while only 34 per cent deem their senior managers’ behaviour to be “consistent with the organisation’s values”.Continue reading→

Families made to repay tax credit overpayments could face ‘serious financial hardship’

The Low Income Tax Reform Group (LITRG) is ‘extremely concerned’ by the Government’s latest changes to tax credit overpayments – which will see families who have overpaid tax credits forced to repay the money at an accelerated rate.Continue reading→

Quarterly tax return plans criticised

HM Revenue & Customs (HMRC) has had its plans for a quarterly tax return for businesses slammed by critics, who say that mandatory updates would add a significant and unnecessary burden on small firms in terms of accounting records and costs.Continue reading→

HMRC’s help and support services for businesses start-ups

In recent years HMRC has conducted extensive research into ‘what Britons want’ with regards to advice when starting up a new business. In light of this, they have designed a range of digital products accessible for would-be entrepreneurs at the click of a mouse.

These vary from short YouTube videos, email alerts and webinars to traditional PDF guides and Q&As.

Useful guides on offer such as Business expenses for the self-employed and VAT – How VAT works offer invaluable advice on keeping business records and completing returns, but those in a hurry may prefer to download one of HMRC’s YouTube videos for a quick fix of start-up tips.

For those people thinking of starting a business, but worried that they might forget to send tax returns or make payments on time, HMRC has set up an email alert service to remind you what exactly you need to do, and when.

There is also a helpful service geared towards helping businesses to budget for their tax bills – where website visitors can enter their weekly or monthly profits online to get an idea of how much they’ll need to pay for tax and National Insurance. Users are then free to set up a budget payment plan online, to spread their costs over regular instalments.

Party leader calls for radical action to tackle tax avoidance

The Labour leader yesterday suggested that the Government could impose “direct rule” on Britain’s overseas territories and crown dependencies, in an effort to curb tax avoidance.Continue reading→

HMRC reels in record £4.3bn from inheritance tax

According to figures from the UK tax office, HMRC managed to net £4.3 billion in revenues from Inheritance Tax (IHT) in the 11 months to February of this year.Continue reading→

HMRC raises nearly half a billion in tax by tightening screws on SMEs

Recent data has revealed that HMRC raised an additional £470m in tax last year through investigations into small and medium-sized businesses.Continue reading→