New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. Taxpayer’s marginal rate Basic Rate Higher Rate Additional Rate 2020/21 Average tax rate 9.5% 21.8% 38.3% 2023/24 Average tax rate 9.9% […]
Category: All News
Keeping on top of scams, fraud and cyber crime
With HMRC warning about new scams aimed at persuading people to hand over personal information or money, the government has unveiled a plan to tackle financial scams and frauds which have become increasingly difficult to spot. Following a recent serious […]
Impact of rental sector shake-up for landlords
The Renters (Reform) Bill has finally been introduced into Parliament, almost five years after it was first promised. It will only apply across England, because various reforms have already been introduced in Scotland and Wales. There is a common denominator, […]
Employee share incentive schemes under review
Use of two tax-advantaged employee share schemes has declined since 2016, prompting a review into whether their rules are sufficiently simple and clear, and contain enough flexibility to meet companies’ needs. A government-commissioned research report published in June found that […]
Look out for HMRC’s online scrutiny
Although the coronavirus job retention scheme (CJRS) ended on 30 September 2021, a recent case involving a CJRS claim shows the scope of HMRC’s data gathering. It is a reminder to taxpayers that HMRC’s investigative methods continue to evolve. Claims […]
Wealth tax, take two?
Hard on the heels of the Sunday Times Rich List, will new proposals for a wealth tax gain any traction? In 2020, a group of economic research bodies set up the Wealth Tax Commission to examine the options for a […]
Tax gap at all-time low
The tax gap is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. For 2021/22, the gap was at an all-time low of 4.8% (or £35.8 billion), although in […]
Businesses failing to pay minimum wage
Just over 200 businesses – including some of the country’s best-known retailers – have failed to pay the minimum wage and will have to repay workers and face penalties of up to £7 million. The minimum wage rules can be […]
HMRC offers options on undeclared wealth
HMRC is offering taxpayers named in the leaked Pandora Papers a chance to correct their tax affairs. The October 2021 leak involved almost 12 million documents revealing hidden wealth and tax avoidance. The papers revealed that many taxpayers had used […]
National insurance gap extension
The normal time limit for a person to fill gaps in their national insurance (NI) record is six years, but transitional arrangements allow gaps to be filled back to 2006/07. The deadline for making such contributions was recently extended to […]
Important HMRC Update: R&D Tax Credit Claims
Does your company submit or intend to submit claims for R&D tax credits? HMRC has recently announced important updates regarding the procedure for filing an R&D tax credits claim. We have summarised the changes that you need to be aware […]
More estates paying IHT
The combination of a frozen inheritance tax (IHT) nil rate band and considerably higher property values has pushed more estates into the IHT net.
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