An estimated £5.5 billion was lost due to tax evasion during 2022/23, according to a report published by the National Audit Office (NAO). The NAO stated that ‘significant weaknesses’ in government systems have left the UK ‘too open’ to tax evasion. According to HMRC, 81% of the tax evasion came from small businesses. HMRC said… Read more…

Over half a million young people are yet to lay claim to Child Trust Funds worth an average of £2,212, HMRC has said. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002 and 2 January 2011. Young people… Read more…

The government has announced a crackdown on late payments to small businesses and the self-employed. Late payments cost SMEs £22,000 a year on average, according to Smart Data Foundry, while the Federation of Small Businesses says it leads to 50,000 business closures a year. The government will consult on new laws that will hold larger… Read more…

The thought of arranging for a time when you won’t be here can be an uncomfortable one. Nobody likes to think about death, however, along with taxes, it’s one of the only certainties on which we can rely. One of the questions business owners will ask themselves is what will happen to their companies, after… Read more…

HMRC is failing on the key metrics of responsiveness, ease and accuracy, according to the annual HMRC Charter report. The report reviewed HMRC’s performance against its Charter from April 2023 to March 2024. The survey received over 1,600 responses, with complaints about service levels a recurring theme. ‘Being responsive’ scored the lowest of the Charter… Read more…

HMRC has ‘sent nudge’ letters to crypto investors who it suspects have failed to pay the correct tax on their gains, according to the Chartered Institute of Taxation (CIOT). Many crypto investors are unaware of their tax obligations due to uncertainty over tax rules and limited understanding of the nature of crypto assets. A chargeable… Read more…

HMRC has reduced late payment and repayment interest rates following the cut to the base rate. The Bank of England cut the base rate to 5.0% on 1 August, the first reduction for over four years. This has triggered a cut in HMRC interest rates which are pegged to the base rate. From 20 August,… Read more…

The 5p cut in fuel duty to be scrapped in the upcoming Autumn Budget, according to the RAC. The motoring organisation says that motorists in the UK are ‘not gaining any benefit’ and retailers have failed to pass on lower petrol and diesel prices to drivers. Prime Minister Keir Starmer recently refused to rule out… Read more…

Freelancers want to see Chancellor Rachel Reeves use the Autumn Budget to move towards a fairer, simpler tax system, according to the Association of Independent Professionals and the Self-Employed (IPSE). IPSE’s research found that 80% of freelancers believe that government tax policies, such as IR35, are harming their businesses. Meanwhile, just under half of freelancers… Read more…

The number of self-employed people aged 60 or over has reached a record level, according to analysis by Rest Less. These numbers have increased by over a third in the past decade, totalling 991,432 self-employed people aged 60 or over in 2023. The analysis found that while the number of self-employed workers in their 50s… Read more…