HMRC brought in an extra £4.6 billion in tax revenue last year by using its ‘big data’ system. The tax authority’s Connect system uses data from a wide range of financial sources to analyse tax returns and detect potential evasion.…
New legislation aimed at tackling rogue tax agents and those pushing tax avoidance schemes won’t catch all of those it is aimed at, warns the Chartered Institute of Taxation (CIOT). Instead the measures could make it harder for some taxpayers…
Chancellor Rachel Reeves should use the Autumn Budget to reform the UK’s tax system, says the Institute for Fiscal Studies (IFS). The think tank says this would help Ms Reeves to raise more revenue while limiting the hit to the…
Over 750,000 18-to-23-year-olds have yet to claim their matured Child Trust Funds, according to HMRC. The tax authority says that the accounts are worth £2,242 each on average. Child Trust Funds are long term, tax-free savings accounts which were set…
There is now less than a year until the UK Government introduces Vaping Products Duty (VPD) and vaping duty stamps (VDS) on 1 October 2026. VPD, a new excise duty, will apply to all vaping liquids (or e-liquids) sold or…
The Autumn Budget must sharpen the UK’s competitive edge to stay ahead of the pack in an increasingly dog eat dog world, says the British Chambers of Commerce (BCC). The BCC is calling for immediate action to cut the costs…
The UK must tackle its status as the sick man of the G7 if it wants to grow the economy, warns the British Chambers of Commerce (BCC). Businesses want to see a major shake-up of the UK’s approach to ill-health…
HMRC has resumed its programme allowing direct recovery of money from debtors’ bank accounts. The Direct Recovery of Debts (DRD) policy, which was paused during the Covid-19 pandemic, has restarted in a ‘test and learn’ phase’, the tax authority has…
HMRC has opened up a service for landlords and self-employed to apply for exemption from Making Tax Digital (MTD) for Income Tax phase one. From next April, people who are self-employed and landlords, and declare more than £50,000 of gross…
Failed housing transactions cost consumers and the economy at least £1.5 billion every year, according to research published by Santander. The research says that over 530,000 transactions fall through every year due to the UK’s antiquated homebuying process. The economic…
