Apple has suffered a major setback in its long-running tax dispute with the European Union, as the European Court of Justice ruled that Ireland had granted the tech giant “unlawful state aid.”
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.
Hundreds of families caught by seven-year inheritance tax rule as gifts trigger unexpected bills
Increasing numbers of families are facing inheritance tax on gifts given within seven years of a death, as soaring asset prices push more estates over the tax-free threshold.
HMRC recovers £70m in tax crackdown on footballers and agents
HMRC’s tax crackdown on footballers and agents recovers £70 million in 2023, targeting dual-representation contracts and misuse of image rights. High-profile players like John Barnes and Emile Heskey have faced legal action as part of the effort.
HS2 hit with final £6.2 million IR35 bill as IR35 reforms continue to draw criticism
HS2’s latest accounts disclose a £6.2 million IR35 bill, sparking criticism over the effectiveness and financial impact of Off-Payroll reforms in the public sector.
British Business Bank reports £122m loss amid market downturn
The British Business Bank reports a £122 million loss amid a market downturn. CEO Louis Taylor remains optimistic, highlighting long-term growth and new investment plans despite short-term declines.
HMRC reports £4.1 billion loss due to R&D tax fraud
HMRC reports a £4.1 billion loss due to R&D tax fraud since 2020. The issue fuels a financial clash between the current and previous UK governments.
Bank of England cuts interest rates to 5% in first reduction since 2020
The Bank of England has cut interest rates to 5% for the first time in over four years, offering relief to homeowners and families amid high living costs.
Wealthy individuals stockpile tax-free gold and silver coins ahead of Labour’s proposed tax hike
Wealthy savers have been increasingly purchasing gold and silver coins, spurred by concerns over a potential capital gains tax increase by the incoming Labour government.
Taxpayers urged to heed HMRC’s simple tax assessments
Over half a million taxpayers, including pensioners, are set to receive HMRC’s simple tax assessments. Ignoring these could lead to penalties and missed tax deductions, warns Blick Rothenberg.
Women in their 50s face looming pension crisis
Women in their 50s are on the verge of a pension crisis due to substantial caring responsibilities and inadequate retirement savings, according to Catherine Foot, director of Phoenix Insights, a think tank associated with the UK’s largest retirement savings firm.
Watchdog imposes record £48m in fines on audit firms
The Financial Reporting Council issued a record £48.2 million in fines to audit firms, including KPMG, EY, PwC, and Oliver Clive & Co, for major audit failures.
HMRC gains only £14.4m in extra tax from insolvencies since regaining preferential creditor status
HMRC has collected an additional £14.4 million in tax from insolvencies over two tax years up to 2023 since it regained its ‘preferential creditor’ status.
Number of non-dom taxpayers rises 7 per cent, contributing £8.9bn to UK revenue
The number of non-domiciled taxpayers in the UK rose by 7% in 2023, contributing a record £8.9 billion in revenue. With potential changes to non-dom status, ensuring a balanced tax regime is crucial to retaining this significant source of income.
Impending tax hike looms for Americans in the UK following general elections
Discover how the UK general election and upcoming US presidential election might impact tax rates for Americans living and working in the UK.
Safeguarding your wealth: Strategies to navigate potential labour tax changes
Discover effective strategies to protect your wealth from potential future tax changes under a Labour government. Learn about portfolio restructuring, inheritance planning, and other tactics to secure your financial future.
