IR35 rules fuel crisis in self-employment It has been suggested that HMRC’s battles with BBC stars over the controversial IR35 rules have contributed to a crisis in self-employment. A survey by the Association of Independent Professionals and the Self-Employed (IPSE) found that one in ten highly skilled freelancers is currently out of work due to the IR35 reforms. More than half […] By yinka developer, 10 April 2024
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Income tax hits £264bn under the Tories Analysis of HMRC data shows that income tax revenues have increased by more than 70% under successive Conservative administrations, hitting £264bn. Then-Chancellor Rishi Sunak froze a number of tax bands in 2021 and since the policy was enacted, income tax receipts have jumped by £49bn. Since 2010, when the Tories took power via a coalition […] By Lisa Brownlow, 10 January 2024
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Government needs to overhaul tax relief system, say MPs Almost £200bn of tax reliefs handed to businesses and individuals each year should come under greater government scrutiny to prevent fraud and abuse, according to a report by the Treasury committee. The report calls for a systematic review of over 1,000 tax reliefs, highlighting the lack of resources at HM Revenue and Customs to monitor […] By yinka developer, 26 July 2023
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HMRC allowed 11,000 Chinese firms to register at one flat The head of HM Revenue & Customs has admitted to the Commons Public Accounts Committee, that it allowed 11,000 Chinese firms to register for VAT at a single residential flat in Wales without checking who lived there. Jim Harra, permanent secretary at HMRC, revealed over 2,350 of the companies that were registered at the address […] By Lisa Brownlow, 27 April 2023
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Labour: No plans to increase CGT Shadow Chancellor Rachel Reeves says Labour has no plans to increase capital gains tax. Asked on BBC Radio 4’s Today programme if Labour would increase the rate, Ms Reeves said: “I don’t have any plans to increase capital gains tax.” She added: “There are people who have built up their own businesses who maybe at […] By Lisa Brownlow, 25 April 2023
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Closure of HMRC unit puts £5bn of taxpayers’ money at risk, warn MPs HMRC’s decision to shut down its Taxpayer Protection Taskforce, which targeted fraudulent and faulty COVID-19 support schemes claims, could lead to £5.1bn of taxpayers’ money being written off, a report by MPs claims. MPs on the parliamentary Public Accounts Committee (PAC) said while the Treasury and HMRC moved quickly to put the schemes providing “essential” […] By Lisa Brownlow, 15 March 2023
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