Sunak launches fresh attack on Truss’s tax cut plans warning Brits will face higher mortgage payments August 4, 2022 Ahead of the Tory leadership hopefuls next debate in their quest to become prime minister, Rishi Sunak launched a fresh attack on Liz Truss’s plans for tax cuts. The former chancellor said his Foreign Secretary rival in the Tory leadership race would further drive up interest rates, raising mortgage payments, with her plans. His warning [...]
Rishi Sunak under fire for ‘flip-flopping’ on tax after promising to cut VAT on energy bills July 27, 2022 Tory leadership hopeful Rishi Sunak has been accused of “flip-flopping” on tax after pledging to cut VAT on energy bills and interrupting his rival Liz Truss in two debates in recent days. It came after the Tory leadership hopeful unveiled plans to remove VAT from domestic energy bills for a year if the price cap [...]
HMRC in crackdown on tax return mistakes as taxman hands out 80 per cent more penalties July 20, 2022 HMRC handed out 80 per cent more penalties for careless errors made by taxpayers in their tax returns last year, with 89,317 penalties issued in 2021/22, up from 49,701 the previous year. Some of the penalties issued for ‘careless errors’ are likely to be for mistakes made in returns filed during the pandemic. While the [...]
HMRC takes tougher stance towards tax evasion following Covid and war in Ukraine July 19, 2022 The UK government is taking an increasingly tough stance towards tax evaders, according to new analysis from Pinsent Mason, in a sign HMRC is taking an increasingly tough stance towards tax evaders in its efforts to balance the UK’s books, lawyers have said. The number of individual taxpayers charged with tax evasion jumped 11 per [...]
New Chancellor Nadhim Zahawi in spat with Bank of England’s Andrew Bailey: ‘I’m just setting out my stall as prime minister!’ July 12, 2022 Chancellor Nadhim Zahawi insisted this morning it was appropriate for him to set out tax proposals during his Tory leadership race after criticism from Bank of England Governor Andrew Bailey. He told BBC Breakfast this a.m.: “I’m just setting out my stall as prime minister! And I have fully costed these pledges, and I’ll be [...]
£134bn: Biggest rise in tax receipts since 2000 gives chancellor room to make cuts July 11, 2022 The new chancellor of the exchequer may have leeway for tax cuts, after a £134bn spike in so-called ‘stealth ‘ taxes. There was the biggest increase in receipts since the turn of the century over the last 12 months, up to £718bn, representing a 23 per cent increase on the previous year. The rise from [...]
Nadhim Zahawi: ‘I don’t know how rich I am’ July 11, 2022 Tory leadership hopeful Nadhim Zahawi was unable to say how rich he is, but insisted he and his family have never used offshore firms to avoid tax. The Iraqi-born politician who is one of 11 candidates in the race made his comments during an interview with Sky News, as he committed to publish his tax [...]
£330 pay boost for 30m Brits as National Insurance threshold will rise to £12,570 from tomorrow July 5, 2022 Millions of Brits will get a modest boost in their pay packets this month as they grapple with surging living costs, because – from tomorrow – the threshold at which people pay National Insurance (NI) will increase. The UK Government has previously said this will benefit nearly 30m working people with a typical employee saving [...]
After Eamon Holmes, Gary Lineker and Lorraine Kelly, Sky Sports star Alan Parry hit with £356k tax bill: ‘Who will HMRC target next?’ July 5, 2022 Sky Sports presenter, Alan Parry, has had his appeal against a £356,420.37 IR35 tax bill dismissed at a First-Tier Tax Tribunal hearing. Parry was contesting that the contracts his limited company, Alan Parry Productions Limited, held with BSkyB between tax years 2013/14 to 2018/19 reflected an employment relationship, rather than self-employment. But due to the Judge [...]
Londoners owed £40m in council tax refunds July 3, 2022 London households are owed £40m in council tax refunds, new research yesterday revealed. An investigation by Moneysavingexpert.com showed that 862,027 households in England, Scotland and Wales were due a refund in overpaid council tax. With claims worth a total of £150.2m, households that have overpaid their council tax are owed an average of £174 each. [...]