Category: <span>HMRC</span>

Coronavirus Update: Tax appeal deadlines extended

HMRC has extended the period available for taxpayers to appeal a tax decision by an additional three months, in light of the current pandemic. Under normal circumstances, HMRC writes to tell individuals if they can appeal, and they usually have 30 days in which to do so. Updated guidance now states that if an individual…




More than 500,000 UK Companies in Significant Financial Distress

509,000 UK companies are in significant financial distress—the highest number ever measured. The coronavirus lockdown has seen the largest quarterly increase in the number of businesses in significant distress since the end of 2017, growing by 15,000 companies. This figure is expected to increase throughout Q2 as COVID-19 restrictions continue. The number of critically distressed…




HMRC Tax Avoidance Winning Streak Continues

If your company is at risk of being taken to court for involvement in tax avoidance schemes then there is a pretty good chance you will lose the case according to current statistics. Between 2016-17 HMRC only lost 3 of the 26 tax avoidance cases it took to the courts with a 22 out of…




90,000 Savers Stop Putting Money Into Pensions Due To Tax

A report in the FT this week revealed that 90,000 savers have stopped putting money in their pensions to avoid a hefty tax bill on pensions worth over 1 million. The news will come as a further blow to anyone hoping for a comfortable retirement and follows a succession of new tax rules that seem…




Further Disappointment For Landlords As Legal Challenge Over Tax Fails

It has been a good 12 months for landlords – particularly those paying the higher rate of income tax – as an attempt to challenge the new tax increase fails. The legal challenge led by Cherie Booth called for a judicial review of the new rules which are seen as unfairly penalising landlords. The new…




Don’t Get Caught Out By New HMRC Bank Details

According to recent newspaper reports, businesses have ended up missing their tax payment deadlines due to the HMRC changing its bank details for payments from overseas. The missed deadlines will have resulted in penalty notices being issued as well as payments bouncing. The issue is affecting businesses that were due to make payments from February…




Biggest Earners Asked Shoulder More Of The Tax Burden

According to data released by the institute of Fiscal Studies (IFS) the number of adults paying tax has fallen dramatically since 2007-08 as the government has passed more of the burden to higher earners. The study shows that only 56% of adults pay income tax in the UK at a time when the government needs…




HMRC’s Digital Revolution Raises Concerns

In its drive to modernise the process of collecting tax returns, the increased digitisation of the process is raising concerns that it will lead to more fines, investigations and even the prospect of submitting multiple tax returns during the year. While the vast majority of the self-employed and landlords will have submitted their tax returns…




Major Job Cuts Planned For HMRC

The saying goes that there are only two things certain in life – death and taxes, but not a job for life at the HMRC as thousands of staff are facing job cuts as a result of cutbacks. 137 local tax offices are set to be closed by 2027 and replaced with regional centres which…




UK Businesses Distress Still Near Record Low

With the economy continuing to grow and a fairly stable outlook in Europe following another Greek bailout, it comes as no surprise that businesses in distress continue to be a rarity. At least this is what can be concluded from the latest Business Distress Index. The index shows that only 35% of UK businesses were…