Experts Respond to UK Inflation Drop to 7.9% in June
UK inflation has dropped to 7.9%, down from 8.7%, providing a glimmer of hope but still exceeding the Bank of England's target. Experts express cautious optimism, emphasizing the need for a delicate balance to prevent economic challenges amid persistently high...
Fraudulent R&D Tax Relief Claims Account for 20% of Total Claims
Fraudulent R&D tax relief claims have surged to £1.13 billion, prompting HMRC to freeze claims from smaller businesses. The government's compliance approach includes increased staffing, improved guidance, and changes to the claim process to address non-compliance in R&D tax reliefs.
Tax Revenue from Savings Triples, Reaching £3.4 Billion
Rising interest rates and a frozen personal savings allowance contribute to a significant surge in tax charges on savings, prompting calls for ending the allowance freeze to alleviate the burden on responsible savers.
HMRC Plans 30% Reduction in Phone Line Access
HMRC's strategy to decrease phone-based assistance by 30% within two years aims to adapt to growing demand and resource constraints, promoting online services for more efficient and specialised taxpayer support.
£3.6m Company Car Tax Appeal Won Against HMRC
The article highlights a recent Upper Tribunal judgment favoring construction companies, Laing O’Rourke Services Limited and Willmott Dixon Holdings Limited, in a dispute over National Insurance Contributions (NICs) repayment for specific car allowances. Laing's appeal was allowed, HMRC's was dismissed,...
Brace Yourself for HMRC’s New Interest Rates – Highest Since 2001
This article discusses the recent increase in late payment and repayment interest rates to 7.5% and 4%, respectively, following the Bank of England's base rate rise to 5%, with implications for various tax bills and the likelihood of further adjustments...
Service Charge Shock: Leaseholders Stunned by Massive Payment Demands
This article discusses the 8% surge in the average annual service charge, reaching £7.6 billion annually for 5.4 million flat owners in England and Wales, with considerations for variations in charges based on property size and location, and the potential...
£50K Bounce Back Fraud Leaves Two Directors Banned For Years
This article discusses the legal consequences faced by Azmi Shafi Ahmed and George Pinnegar for their involvement in a £50,000 bounce-back loan fraud, resulting in disqualifications from company management.
HMRC Says 300,000 People Yet To Renew Tax Credit Claims
HMRC warns 300,000 people: renew tax credit claims by July 31 through the app or website to avoid payment disruption. Delays may affect future payments, especially with the Universal Credit transition by end of 2024.
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