Santander makes more profit in the UK than any other market

Over a fifth of Santander’s profits for the first half of 2015 were generated through its UK operations.Continue reading→

Non-profit organisations urging for bigger tax breaks

An award winning social entrepreneur has pressed the importance of giving non-profit organisations wider tax exemptions to help their finances.Continue reading→

UK economic growth rises to 0.7% in second quarter

The Office for National Statistics (ONS) has reported that the UK’s economy has risen to 0.7% growth, bringing the country back to its pre-recession peak.Continue reading→

Consumer confidence grows across the UK but younger generation remain more pessimistic

According to the latest Lloyds Bank Spending Power report, consumer confidence is at the highest level recorded for almost five years, even though those aged between 18 and 24 are less optimistic about their financial situation.Continue reading→

HMRC targets online activity as part of latest tax crackdown

In its latest move to crackdown on tax evaders, HM Revenue and Customs (HMRC) wants to collect information from internet companies like Ebay and Paypal, to create a database of British users that have generated income from selling online.

By receiving data relating to millions of internet transactions, the UK Government would be able to assess sales conducted on online platforms, including the Apple and Google app stores.

Information regarding the money people make by renting out rooms, through sites like Airbnb, would also be collected as part of the new proposals.

HMRC will be able to process the names, addresses and revenues of anyone who chooses to use the online arena to make a profit, in order to locate those that do not pay the appropriate tax.

Reportedly, the tax authority will have to update its current databases to increase capacity, so that it is able to manage the information.

Estimates suggest that billions of pounds in tax is lost every year due to unreported online income.

Though individuals who make infrequent sales through sites like Ebay are unlikely to be classed as a trader, they still need to declare any profits they make.

In 2013, HMRC was given the power to obtain credit and debit card data, but it has not yet been given permission to access the information held by online trading sites.

According to the authority, when it is able to use the new powers, it will collect an additional £860m over the course of the next five years.

Banks must offer clearer savings deals under new rules

Banks and building societies will be named and shamed if they pay the lowest savings rates as the City watchdog looks to highlight firms that pay poor interest to longstanding customers.Continue reading→

HMRC considers the removal of fixed protection barriers for pensions

HM Revenue & Customs (HMRC) is consulting on the possibility of changing the way that savers with pension pots worth more than £1m can protect their money.Continue reading→

George Osborne wants £20bn new savings from government departments

George Osborne has launched his spending review with a call for £20bn cuts to Whitehall budgets.Continue reading→

HMRC issues 10,000 accelerated payment notices

Approximately 10,000 accelerated payment notices (APNs) were served by HMRC to people using tax avoidance schemes, according to an annual report from the tax authority for the 2014/15 financial year.Continue reading→

Savers warned that they shouldn’t expect rates to rise

The Bank of England’s governor, Mark Carney, has indicated that a base rate rise is looking increasingly likely to happen, and potentially as early as December.Continue reading→