Data published by the Office for National Statistics (ONS) has revealed that government borrowing was higher than experts had anticipated in July. Borrowing totalled £1.8 billion in July. Official forecasters had expected a surplus of £500 million - meaning that…
HMRC has urged customers not to ignore Simple Assessment letters for the 2025/26 tax year. HMRC issues around 1.8 million Simple Assessment letters and stated that people should check the figures in their letter against their own records. The letters…
HMRC is warning of scam attempts targeting self assessment taxpayers in the run up to the 31 January deadline. Last year, concerned taxpayers reported nearly 150,000 scam referrals to HMRC. Around half of all scam reports in the last year…
Pension reforms announced by Chancellor Rachel Reeves must unlock growth, according to the British Chambers of Commerce (BCC). Pension megafunds will be created as part of the biggest set of pension reforms in decades. The government says this will unlock…
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…
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…
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…
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…
