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.
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.
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.
Uber Faces £1 Billion VAT Showdown with HMRC
Uber, the ride-hailing and food-delivery giant, is gearing up for a significant tax dispute with HM Revenue & Customs (HMRC) over £1 billion in VAT payments.
HMRC Fails to Fine a Single ‘Enabler’ of Offshore Tax Fraud in Five Years
HMRC has not fined any enabler of offshore tax fraud in the past five years, despite possessing landmark powers to impose significant penalties. Critics argue these powers are ineffective without enforcement.
Adrian Chiles Faces £1.7m Tax Bill After Losing Appeal to HMRC
Adrian Chiles, BBC and ITV presenter, faces a £1.7m tax bill after losing an appeal with HMRC regarding his employment status. The 10-year legal battle centres on IR35 rules and could have significant implications for freelancers.
Families Rush to Transfer Property Amid Fears of Labour’s Inheritance Tax Crackdown
Wealthy families are fast-tracking estate transfers to their children amid concerns over potential inheritance tax changes under a Labour government.
British ISA Plans in Limbo Following Sunak’s Election Call
Rishi Sunak’s decision to call an early election has cast uncertainty over key City reform efforts, including the British ISA and the Pisces private market initiative.
