Jun 29, 2023 | Personal Tax
HMRC issued late-filing penalties to 184,000 low earners in 2021/22, including many who did not owe any tax, according to research from thinktank Tax Policy Associates (TPA). TPA claims that many "vulnerable people" either misunderstood the rules or missed the...
Jun 26, 2023 | Business TaxGovernment AnnouncementsPersonal Tax
The UK tax gap hit £36 billion in 2021/22 out of a total expected tax take of £739bn, according to the latest HMRC figures. The tax gap is the difference between what HMRC expected in tax receipts and what it actually received, with the £36bn ‘missing' payments...
Jun 19, 2023 | Business TaxPersonal TaxVAT
The UK tax system is "overcomplicated" and an "obstacle to growth", according to members of the Treasury committee. In a report published on Friday (16 June), the committee called for a simplification of the tax system, claiming the Government's decision to close the...
Jun 15, 2023 | Personal Tax
HMRC has extended the deadline for voluntary National Insurance contributions (NICs) by nearly two years. Taxpayers now have until 5 April 2025 to fill in gaps on their National Insurance records between 2006 and 2017 and increase their state pension entitlements. In...
Jun 7, 2023 | Personal Tax
The All Party Parliamentary Group (APPG) for digital assets and crypto is urging the Government to introduce tougher restrictions on the crypto sector. The APPG set out a 53-point plan earlier this week to prevent the UK from falling behind in global crypto market...
