Small businesses failed to pay 40 per cent of the corporation tax they owed in 2023-24, new figures have revealed. An HMRC report into the nation’s ‘tax gap’ showed the amount unpaid by small companies rose from £12.3bn to £14.7bn. The gap, the difference between what tax is expected to be paid and what is […]
As tax collection costs continue to rise HM Revenue and Customs (HMRC) has been branded a “lumbering dinosaur.” A report from an influential group of MPs says HMRC’s attempts to transform its services through Making Tax Digital, while generating extra revenue, have imposed hundreds of millions in extra costs on the taxpayer, with more to […]
The government has increased the late payment penalties for taxpayers within its ‘Make Tax Digital’ (MTD) regime. The rises, which cover VAT and income tax, came into effect this month, or whenever an individual or business joins the MTD regime in question. And they come as figures reveal HMRC collected a quarter of a billion […]
Looming April cost increases could force 70 per cent of hospitality businesses to cut staff, new research has revealed. Trade bodies are now calling on the government to work with them and delay employer National Insurance Contributions (NICs) threshold changes so that hospitality can continue to contribute to economic growth. Chancellor Rachel Reeves announced in October’s […]
People selling unwanted items online can continue to do so “with confidence” and without any new tax obligations, HM Revenue and Customs (HMRC) has confirmed. Its reminder came as online platforms started sharing sales data with HMRC from January – a new process that, when announced last year, generated inaccurate claims that a new tax […]
The rise in employers’ National Insurance Contributions (NICs) unveiled in the Budget is undoubtedly a blow to some businesses and, indirectly, to employees. Combined with the increases in the National Minimum Wage and potential costs associated with recent reforms in employment law, this raft of new measures will stretch employer wage budgets. And that will […]
The number of small and medium-sized firms claiming research and development tax credits fell sharply last year, according to new figures. The provisional estimated total number of research and development tax credit claims for the tax year 2022-2023 was 65,690, a fall of 21 per cent, according to HM Revenue and Customs (HRMC). And although […]
There are plenty of myths around self-assessment and who needs to file a tax return before the January 31, 2025 deadline. Here’s some information, courtesy of HMRC, released to help debunk some of the most common ones. Myth 1: ‘HMRC hasn’t been in touch, so I don’t need to file a tax return.”’ Reality: It […]
