The UK’s 4.3m self-employed workers have been advised to prioritise their tax compliance after official HMRC data shows that the tax authority opened 299,000 tax enquiries last year – a 52,000 jump equivalent to 21% compared to two years before.
Category: Money & Tax for the Self-Employed
Everything you need to manage money and tax as a freelancer or sole trader – from self-assessment to invoicing and cashflow.
HMRC Gives Businesses Extra Week to Prepare for New R&D Information Form
HM Revenue and Customs (HMRC) has announced that the rollout of the new additional information form that is required to support all claims for Research and Development (R&D) tax relief or expenditure credit has been pushed back by seven days.
HMRC says 25% of R&D Tax Relief Scheme Disbursements are Unaccounted For
HM Revenue & Customs has calculated that in the 2020-21 financial year, £1.1 billion was taken due to fraud and mistakes from two separate programs targeting both larger and smaller companies.
HMRC to appeal Gary Lineker IR35 case
After losing the argument over Gary Lineker’s employment status, HMRC plans to appeal the ruling at the Upper Tribunal
Women’s private pensions worth 35% less than men’s in the UK
Women’s private pension pots in the UK are typically worth 35% less than those of their male colleagues by the time they reach 55, according to the first major government study into what has been termed “the great gender pension chasm”.
UKRI hit with £36m IR35 bill, taking non-compliance in public sector to £300m
Non-departmental funding body UK Research and Innovation (UKRI) must pay HM Revenue & Customs (HMRC) £36m in back-dated tax.
Inheritance Tax Receipts raise £600 million in a month
Inheritance tax receipts hit £600 million in April 2023 according to data released by HMRC this morning. This is £100 million higher than in April of the previous tax year.
UK companies overpaid £11.9bn in corporation tax last year
UK businesses overpaid £11.9bn in corporation tax the past year says UHY Hacker Young, the national accountancy group.
Consultation launched into double-taxation of IR35
News that the government has launched a consultation to address the ‘double taxation’ of IR35 under the off-payroll working rules has been universally welcomed.
R&D tax reliefs revamp questioned
Government proposals to streamline the research and development (R&D) tax relief system have been called into question by top 10 accountancy firm Azets.
Bitcoin on track to hit $100,000, says Standard Chartered
Bitcoin could reach $100,000 by the end of next year, an analyst at Standard Chartered has claimed.
Sky Sports presenter loses IR35 appeal in latest high profile case brought by HMRC
Sky Sports tennis presenter has lost an IR35 tax case against HMRC on a technicality.
Almost £180m lost to impersonation scams as 45,000 cases reported
Some £177.6 million was lost to impersonation scams last year, with more than 45,000 cases reported, according to a finance industry trade body.
Farcical loophole sees tax avoidance schemes removed from government’s list
The government has removed two identified tax avoidance schemes from its official list after legislation which allows for a scheme to be publicised only allows it to be made public for 12 months.
Bitcoin price rises above $30,000 for first time since June 2022
A sharp rise in bitcoin prices has pushed the cryptocurrency above $30,000 (£24,118) for the first time since 10 June last year, just before the Celsius crypto lending company froze withdrawals in the run-up to its collapse.
