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Latest guidance for employers
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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…
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FCA in international crackdown on unlawful finfluencers
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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…
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UK government launches Industrial Strategy
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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…
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Tax gap estimated at 5.3%
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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…
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Government introduces Pension Schemes Bill
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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…
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HMRC names and shames over 500 employers for failing to pay NLW
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HMRC has named and shamed over 500 UK employers for failing to pay the National Living Wage (NLW) or the National Minimum Wage (NMW). The employers will now be forced to repay over £7.4 million to nearly 60,000 workers who had been left out of pocket. Employers who left nearly 60,000 workers over £7.4 million… Read more…
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Government should take more strategic approach to tax policy, says CIOT
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The government should take a more strategic approach to tax policy, consulting earlier and giving greater thought to the design of the tax system, says Nichola Ross Martin, President of the Chartered Institute of Taxation (CIOT). In her inaugural speech as CIOT President, Ross Martin said that making a success of MTD will need HMRC… Read more…
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HMRC system attack is a timely reminder to keep personal data safe
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Taxpayers are being urged to check their online HMRC account after scammers attempted to defraud the tax authority using individuals’ data and login details. The Low Incomes Tax Reform Group (LITRG) is also reminding people of the importance of being vigilant and taking care of personal data. HMRC recently announced that criminals had targeted the… Read more…
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