Jul 28, 2022 | Business TaxPersonal Tax
HMRC plans to collect further data on taxpayersto tackle tax evasion. Announced in a new public consultation, HMRC aims to collect more data on self-employed workers, partnerships, and taxpayers who earn dividends. As well as job titles and hours, locations of...
Jul 25, 2022 | Business TaxPersonal Tax
HMRC handed out 80% more penalties for errors on people's tax returns in the last tax year, with 83,317 fines issued for the tax year 2021/22. HMRC charged a total of 18,757 taxpayers with a £100 penalty, totalling £1.87m in revenue. While most penalties were issued...
Jul 12, 2022 | Personal Tax
Government-commissioned research has found that more than half of cryptoasset investors are unaware of the tax liabilities associated with the digital currencies. The survey, published in July, shows that 42% of crypto owners knew they might be liable to pay tax when...
Jul 4, 2022 | Personal Tax
The number of higher-rate taxpayers is set to increase in 2022-23, with a record 6.1 million individuals expected to pay the higher (40%) or additional (45%) rates of income tax. The rise comes after the Government froze all UK income tax thresholds for four years in...
Jun 29, 2022 | Business TaxPersonal Tax
Statistics published by HMRC show the estimated tax gap for the year 2020/21 is 5.1%, unchanged from the previous year and the second-lowest recorded. The annual report estimates any discrepancy between the total amount of tax owed and the total paid by the public...
