#hmrc

#hmrc

eBay sellers must register for self-assessment by year-end to avoid severe tax penalties from HMRC.

HMRC reduces late tax payment interest rates to 7.25%, highlighting unfair disparities with only 3.75% interest on refunds.

Self-employed individuals are particularly affected by the unfavorable interest rates from HMRC.

The registration deadline for self-assessment for the 2023/24 tax year is 5th October for those with self-earned income.

Many UK taxpayers prefer to file tax returns online during the festive period to avoid penalties and financial headaches.

5.4 million taxpayers in the UK risk penalties for not submitting self-assessment tax returns before the 31 January deadline.

HMRC reduces interest on late tax payments to 4.75%, but warns taxpayers to remain vigilant ahead of the January self-assessment deadline.

The feasibility of raising £6.5 billion through tax gap closure is questionable due to HMRC's staffing and training limitations.

Specialist agents may contribute to higher non-compliance rates for R&D tax credit claims, necessitating stricter oversight and examination of such submissions.

Gary Lineker's IR35 tax case has been settled, reducing reported liabilities significantly and highlighting ongoing challenges surrounding IR35 compliance.

HMRC has increased its penalties for 'deliberate' VAT errors by 38%, resulting in substantial fines for businesses.

Sutton individuals and businesses have been publicly named for deliberate tax defaults, highlighting issues in tax compliance.

HMRC has launched a disclosure service for companies that overclaimed R&D tax relief, amidst increased scrutiny and and loss of tax revenue.

Tax receipts in the UK have increased by £24 billion, instilling optimism for the government after budget criticisms.

Understanding your tax code is crucial to avoid overpaying or underpaying taxes.

Fiscal drag increases taxpayers' income tax liabilities as wages rise, but the government is projected to need significant funding to address deficits.

The UK Treasury is celebrating record tax receipts due to significant increases in income and corporation taxes for the year 2024.

HMRC will lose significant tax revenue due to 'I'm A Celebrity' filming in Australia instead of the UK. Tax rights now favor Australia.

HMRC should create standardized gift taxation rules to ensure equality among taxpayers, including politicians and media personalities.

Father Christmas may face a substantial tax bill on his sleigh due to HMRC's Benefit in Kind rules and definitions.

HMRC is criticized for failing to combat tax evasion by Chinese companies, harming UK businesses.

There is significant tax evasion within the construction industry, with 24% of tax defaulters being construction firms.

HMRC has significantly increased rewards for tax fraud tip-offs, but has been criticized for their adequacy compared to the scale of fraud.

The UK's tax reporting system lacks transparency and sufficient incentives for whistleblowers, deterring substantial reporting of tax fraud.

Freelancers using Managed Service Companies face significant tax risks and potential liabilities, as HMRC scrutinizes their arrangements.

The HMRC warns freelancers about the risks associated with Managed Service Companies (MSCs), which can lead to significant tax liabilities.

Over 214,000 families in the UK are missing out on thousands in Child Benefits support from HMRC.

Many young adults are unaware of their unclaimed Child Trust Fund accounts, with an average value of over £2,000.

HMRC added nearly 100 non-compliant umbrella companies to its list, signaling a significant rise in tax avoidance schemes.

HMRC's Loan Charge allows contractors to pause settlements pending an independent review, amid concerns of significant financial distress and distressing outcomes for affected individuals.

There are 5.6 million private sector businesses in the UK as of 2023, and HMRC is developing AI tools for tax efficiency.

Self-employment provides flexibility and tax deduction opportunities, but requires careful distinction between personal and business expenses.

Kaye Adams wins her ten-year dispute with HMRC, highlighting issues around employment status and IR35 tax regulations.

Workers must act within six months to top up their state pension by filling gaps in national insurance records before the April 2025 deadline.

Check if owed money from HMRC if over 66, 210,000 people may be affected due to incorrect records.

Home Responsibilities Protection (HRP) helped with state pension, some women are missing credits and may be owed back payments.

HMRC's stricter claim processing has caused a 21% drop in R&D tax credit claims, discouraging innovation among small businesses.

R&D tax relief encourages innovation and economic growth by derisking investment in qualifying R&D projects for UK companies.

Beware of sophisticated scam letters impersonating HMRC, urging businesses to confirm financial information under false pretenses.

Criminals are using convincing tactics to impersonate HMRC, putting citizens at risk of scams.

HMRC regained 'preferential creditor' status, but only collected £14.4m in tax, raising questions about its benefits and impact on smaller creditors.

HMRC collected £14.4 million in additional tax from insolvencies after regaining preferential creditor status.