US judge orders Trump’s accountants to hand over tax records to Senate August 11, 2021 A US judge has ordered Donald Trump’s accountants to hand over some of the former president’s tax records to a House of Representatives committee. District judge Amit Mehta today ruled that Mazars must provide documents related to Trump’s hotel in Washington DC, saying the committee had proved it needed them to evaluate potential legislation and [...]
Londoners pay highest average inheritance tax bill in UK at over £270k August 10, 2021 Londoners pay on average the highest inheritance tax bill in the UK, according to latest official government figures. Data from HMRC shows residents in the capital paid an average of £271,820 in inheritance tax on their estates in 2018/19 upon death. Meanwhile, UK residents paid an average of £209,502 in inheritance tax in the same [...]
How to resolve a tax issue – talk to the experts April 14, 2021 Specialist tax advisers can ensure any tax dispute, enquiry or investigation regarding HMRC is resolved effectively and efficiently, minimising worry, time and cost. The Pannu Tax team has more than 100 years’ combined experience of helping clients resolve all manner of HMRC investigations and disputes. The team consists of former HMRC inspectors who later went [...]
Slap £1.7bn in taxes on private schools to pay for state education, says Keir Starmer September 26, 2021 A Keir Starmer government would slap a £1.7bn tax burden on private schools in order to pay for state education, the Labour Leader has said. The opposition leader told the Sunday Mirror he wanted to see a “rethink” on education and said the pandemic has increased the gap between children of wealthy and poor families. [...]
Half a million UK partners in law firms and accountancies face tax hike in 2022 August 9, 2021 Over half a million sole traders and partners may face higher tax bills than expected next year if a government proposal to change the date businesses report their profits is approved. Experts have said it would generate billions of pounds for the Treasury years ahead of the existing schedule for payments, according to a report [...]
BoJo vs Bezos: Boris Johnson challenges Amazon’s tax record during meeting in NYC September 21, 2021 Boris Johnson discussed the issue of taxation at a New York meeting with Amazon-founder Jeff Bezos. A Downing Street spokesperson confirmed the news, saying that “the prime minister raised the issue of taxation, and hoped progress could be in implementing the G7 agreement on tax,” during a meeting yesterday. Reportedly the Prime Minister pushed for multinational tech companies [...]
Crypto markets reach highest level since May as US tax legislation looms August 9, 2021 Crypto at a Glance The cryptocurrency market yesterday rallied to its highest level since 19 May, hitting a total market cap of more than $1.85 trillion as both Bitcoin and Ethereum made gains. Sentiment has also flipped to greedy for the first time since May, according to the Fear & Greed Index, while the Twitter [...]
Poverty looms for millions of UK families as energy bills climb by £1200, inflation rises and taxes jump 1.25 per cent in 2022 December 29, 2021 Soaring energy bills, inflation and rising taxes are likely to lead to a ‘cost of living catastrophe’ for millions of UK families, an economic think tank warned this morning. The Resolution Foundation (RF) said from next April families would typically face a £1,200-a-year hit to their incomes as the energy price cap is raised and [...]
Stamp Duty Holiday gives UK property market and tax coffers a major boost August 5, 2021 The government has published data confirming that the UK property market has been given a major boost by the Stamp Duty Land Tax (SDLT) holiday. Results for the second quarter of 2021 show that total SDLT transactions jumped 165 per cent compared to the same period last year and are up nine per cent compared [...]
Exclusive: HMRC’s capital gains tax receipts hit record £11.5bn while Budget increase looms October 26, 2021 There has been much speculation around whether Chancellor Rishi Sunak will increase capital gains tax rates during tomorrow’s budget, which could result in business owners and individuals paying significantly more when they come to sell assets. The increase looms despite HMRC receipts from CGT having risen by 62 per cent in the last five years, [...]