Government introduces Pension Schemes Bill

The government has introduced the Pension Schemes Bill, which it says will make pensions easier to understand and manage as well as drive better value over the long term. The bill will work to ensure savers get good returns and drive economic investment by requiring defined contribution (DC) schemes to prove they are value for… Read more…

Tax gap estimated at 5.3%

The tax gap estimate was 5.3% for the 2023/24 tax year, according to the latest data from HMRC. The tax gap is the difference between what tax is expected to be paid and actually paid. HMRC collected £829.2 billion in the 2023/24 tax year representing 94.7% of all tax due, leaving £46.8 billion unpaid. However,… Read more…

UK government launches Industrial Strategy

The UK government is aiming to slash energy prices, unlock investment and upskill the workforce in its Industrial Strategy. The government says the Industrial Strategy was developed in partnership with business and includes targeted support for the areas of the country and economy that have the greatest potential to grow. It says it will slash… Read more…

FCA in international crackdown on unlawful finfluencers

The Financial Conduct Authority (FCA) joined forces with eight international regulators for a week of action to combat the risks of finfluencers on social media. Finfluencers are widespread throughout social media platforms. They promote themselves as successful entrepreneurs in luxurious destinations to lure people into paying for their services such as masterclasses to get rich… Read more…

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including: PAYE Settlement Agreement calculations 2024 to 2025 organised labour fraud – the supply of labour through Employment Intermediaries mandating the reporting of Benefits in Kind and expenses through payroll software Spotlight 68 – using prepaid debit… Read more…

HMRC launches new online help for compliance checks

HMRC has launched a new online interactive tool to help guide both businesses and individuals through tax compliance checks. The Interactive Compliance Guidance tool available on GOV.UK provides information to help customers understand: HMRC compliance checks. Why HMRC has requested specific information or documents. How to request extra support due to health or personal circumstances. How to… Read more…