The top one per cent account for a third of tax revenue October 21, 2025 The top one per cent of taxpayers account for around a third of all income tax and capital gains tax paid in 2023-24, it has been revealed. According to HMRC, the top 500,000 taxpayers contributed £93.8bn last year, which represented 33 per cent of the total raised. The top 100,000 paid £54.9bn and covered a [...]
AWS outage: Amazon says recovery is underway October 20, 2025 A swathe of apps and online services went down on Monday morning, including Zoom, Slack and Coinbase. This follows a global Amazon Web Services (AWS) outage, with knock on effects hitting millions of users of thousands of apps and websites. Amazon has said that services are “seeing significant signs of recovery”, with Lloyds Bank saying [...]
St James Place warns self-employed to act now as digital tax deadline looms October 9, 2025 Financial giant urges landlords and sole traders to prepare for new digital filing rules amid slow national take-up. St James’s Place has urged hundreds of thousands of sole traders and landlords to prepare now for the rollout of Making Tax Digital (MTD) for income tax, warning that leaving it too late could risk fines and [...]
‘Grotesquely unfair’: 700,000 Brits caught in 60 per cent tax trap October 2, 2025 There are growing calls for the government to overhaul tax rules for top earners after fresh data obtained by City PM revealed just under 700,000 Brits are now caught in the so-called 60 per cent tax trap. Another 74,000 taxpayers were added to the punitive £100,000-£125,000 income bracket during the 2024/25 tax year, according to [...]
Wages soar to £1.5bn as HMRC ramps up on compliance staff September 24, 2025 HMRC has allocated over £1.5bn for 2024-25 to support staff in compliance, preventing and detecting fraud cases and collecting taxes, representing a 23 per cent increase on its 2021-22 staff bill. According to a freedom of information (FOI) shared with City PM by think tank Parliament Street, over the past fiscal year as part of [...]
‘Cash cow’ inheritance tax receipts edge higher as further changes loom September 19, 2025 Inheritance tax (IHT) receipts are on course for a record breaking year, as an increasing number of Brits brace themselves for further potential tax changes. According to the latest HMRC data, IHT receipts hit £3.7bn in the first five months of the 2025/26 tax year, continuing their two decade long upward trend. This is also [...]
HMRC’s new tax adviser legislation puts ‘undue burden’ on professionals September 16, 2025 From next April, tax advisers will be required to register with HMRC and meet certain minimum standards, as a top legal body has warned that this “risks undue burden on professionals.” Following a consultation carried out in 2024, HMRC published its policy paper and draft legislation in July, which outlined a new legal requirement for [...]
HMRC loses over £800m to small business ‘phoenixing’ September 12, 2025 HM Revenue & Customs (HMRC) has lost more than £800m – more than previously estimated – through a tax loophole open to abuse by small businesses in the UK. The practice, known as ‘phoenixing‘, is where companies are repeatedly liquidate then set up as a new, identical, debt-free business. The tax authority lost £836m to this [...]
Rayner scandal piles pressure on HMRC as tax surveillance force swells September 9, 2025 HMRC has increased the number of staff trained to physically monitor suspected tax evaders, as pressure mounts over Angela Rayner’s £40,000 stamp duty scandal. Official figures, obtained via Freedom of Information (FOI) and shared with City PM, show that 337 staff are now trained in covert surveillance, up from 171 people two years ago, in [...]
