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…
HMRC names and shames over 500 employers for failing to pay NLW
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…
Government should take more strategic approach to tax policy, says CIOT
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…
Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2025. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only…
Global economy set for weakest run since 2008, warns World Bank
Heightened trade tensions and policy uncertainty are expected to drive global growth down to its slowest pace since 2008, according to the World Bank’s latest Global Economic Prospects report. Recent turmoil has resulted in growth forecasts being cut in nearly…
HMRC Small firms held back from energy efficiency by upfront costs
Small firms are keen to become more energy efficient, but they are being held back by the high upfront cost of green investment, according to the Federation of Small Businesses (FSB). The FSB has outlined a path to help cut…
Cost of minimum retirement lifestyle has fallen amid lower energy prices
The minimum amount someone needs in retirement has fallen, amid lower energy prices and people’s changing expectations, according to a report from the Pensions and Lifetime Savings Association (PLSA). This year, the cost of a minimum retirement living standard for…
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…
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…
HMRC system attack is a timely reminder to keep personal data safe
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…
