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Tax News

Tips to spring clean your finances for new tax year

As the fifteenth anniversary of ISAs approaches, the next tax year’s annual ISA allowance of £15,000 is likely to encourage savers and, with interest rates remaining low, stocks and shares ISAs are looking increasingly attractive.

Budget bingo tax cut to create and save hundreds of jobs and revitalise industry

The UK bingo industry has welcomed last week’s Budget tax cut and announced plans to reinvest the savings in jobs and revitalising the sector.

Employers urged to file Pay As You Earn returns

More than 70,000 employers are being urged to send employees’ Pay As You Earn information in real time or face penalties, HMRC has announced.

New TaxFacts app from Legal & General

Legal & General has announced the launch of a free to download tax app for smart phones and tablets.

Small businesses urged to cash in with simpler accounting

Small businesses are being urged to consider a scheme that allows them to be taxed on money that flows in and out of their business, rather than using full accounting rules.

Tax too taxing for 20 million British workers

20 million British workers do not know the basics when it comes to the amount of tax they pay, according to a new report compiled by cloud based accountant Boox. This year, 10.9 million people will be expected to complete self-assessment tax returns – more than ever before.

Benefits capped for 33,000 households

Almost 33,000 households had their benefits capped by November 2013, new figures reveal.

Government ends 'family tax penalty' for hardworking families

Communities Secretary Eric Pickles hails the introduction of a national Council Tax discount worth £5.3 million for family annexes.

Tax cheats named by HMRC

Names of tax cheats have been published on the HMRC website.

High VAT Rates ‘Restricting International Growth’: E-Commerce Roundtable

An e-commerce roundtable discussion that took place in Brighton recently found that many digitally-based enterprises are reluctant to expand into certain international markets due to a high VAT rate for businesses.

Clampdown on tax avoidance on UK property

Schemes designed to get around the Annual Tax on Enveloped Dwellings will have to be disclosed to HMRC.

Fraud crackdown saves taxpayers £6.5 billion

Measures introduced by this government to cut fraud and error have saved £6.5 billion - nearly £400 for every working family in the country.

Parents on higher incomes reminded to register for Self Assessment

This month, HM Revenue and Customs (HMRC) will be writing to around two million higher rate taxpayers, including those affected by recent changes to Child Benefit.

Campaign offers chance to settle tax bills

Taxpayers who have failed to submit tax returns are being offered the chance to come forward and pay up under a new HMRC campaign.

No safe havens for offshore tax cheats

HM Revenue and Customs (HMRC) has confirmed that it is working with the United States and Australian tax administrations (the IRS and ATO) on data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.