‘We will set out tax cuts this autumn’ promises Rishi Sunak after Boris Johnson appeases angry Tory rebels June 8, 2022 As the Government seeks to get back on track following Monday’s bruising Tory confidence vote in Boris Johnson, Chancellor Rishi Sunak has reaffirmed his commitment to cut taxes for business later in the year. In a speech to the Onward think tank, Mr Sunak said he would be bringing forward a range of measures in [...]
MPs call for lower taxes as UK marks latest annual Tax Freedom Day since the early-1980s June 7, 2022 MPs have called on the UK government to cut the burden on UK taxpayers after new figures showed working people spent a higher proportion of their incomes on taxes than at any other point since the early-1980s. The calls come after the Adam Smith Institute (ASI) published new figures, for Tax Freedom Day, showing UK [...]
Exclusive: Brits slapped with £571m in HMRC fines in crackdown on tax avoidance and late payments May 31, 2022 Penalties imposed by HMRC on taxpayers have jumped by nearly a third, from £445m to £571m in just one year, according to fresh HMRC data, shared exclusively with City PM today. The primary reason behind this jump is HMRC increasingly clamping down on tax avoidance as part of its efforts to make up for revenue [...]
Should it take four hearings to decide employment status? May 31, 2022 | City Talk Justine Riccomini explains the outcomes in the two latest employment status cases to emerge from the Court of Appeal Another two IR35 cases were decided recently, which furthered the cause of HMRC in their pursuit of television and radio presenters when the Court of Appeal found in favour of HMRC in both instances. Kickabout The [...]
Revealed: HMRC now tracking 277 UK businesses it suspects of using tax havens to reduce tax bills May 30, 2022 HMRC is now tracking 277 British businesses it suspects of using ‘tax havens’ to artificially reduce their tax bills in the UK, according to a City law firm. HMRC is concerned that some UK businesses are still avoiding tax in the UK by recording income in countries with zero or near-zero corporation tax. Countries traditionally [...]
Windfall tax is a big risk and Rishi Sunak’s policies may lead to recession, warns former minister May 27, 2022 FORMER Tory leadership candidate Sir John Redwood has warned that the Government’s windfall tax on energy firms is risky and its economic policies may be leading us towards a recession. He said he was opposed to a windfall tax on energy firms as it would affect future investment. “Why don’t I want a windfall tax on the energy [...]
Exclusive: Steep surge in income tax and national insurance as higher taxes bite in cost of living May 26, 2022 The combined amount of Income Tax and National Insurance paid in the last twelve months has soared by 13 per cent to more than £387bn, new figures from HMRC show. The latest data from the taxman comes amidst the growing cost-of-living crisis, the Government is now likely to come under increasing pressure to alleviate the [...]
Govt owes itself £263m in back taxes as Whitehall departments failed to comply with payroll rules May 25, 2022 Due to a failure of Whitehall departments to comply with rules on off-payroll working, MPs have stated that the Government owes itself hundreds of millions of pounds in back taxes. The Commons Public Accounts Committee said it was “not acceptable” that central government was paying out to cover tax owed for individuals who had been [...]
The role of tax in getting to net zero May 23, 2022 | City Talk Susan Cattell explains that tax can be a vital part of the package of measures needed to deliver net zero – but what is needed from the UK Government is a clear overarching tax strategy to support the transition. The UK’s Net Zero Strategy In 2019 the UK put into legislation a requirement to bring [...]
When complex arrangements are really just good-old employment income in disguise May 19, 2022 | City Talk Justine Riccomini explains why it is important for employment tax practitioners to “look through” what appears to be a complex arrangement and see it for what it really is – in this case, a way of paying cash bonuses to employees. Background In Jones Bros Ruthin (Civil Engineering) Co Ltd and Britannia Hotels Ltd v [...]
