More than 10,000 payments worth £12.5 million have been made through a new digital service to boost people’s state pension, HMRC has revealed. People have until 5 April 2025 to maximise their state pension by making voluntary National Insurance contributions (NICs)…
Increases to Capital Gains Tax (CGT) at the upcoming Budget would not deter investment into the country, according to the Institute for Public Policy Research (IPPR). The think tank says that low CGT is not an effective way at encouraging…
The Autumn Budget will be a 'pivotal moment' for the new Labour government as it aims for sustainable economic growth, says the Confederation of British Industry (CBI). In its Budget submission, the business group says the task ahead is not…
The government has announced a crackdown on late payments to small businesses and the self-employed. Late payments cost SMEs £22,000 a year on average, according to Smart Data Foundry, while the Federation of Small Businesses says it leads to 50,000…
HMRC has been urged to defuse a tax bombshell threatening online traders, by the Low Incomes Tax Reform Group (LITRG). The LITRG, which is part of the Chartered Institute of Taxation (CIOT), says the tax authority must take action in…
Over half a million young people are yet to lay claim to Child Trust Funds worth an average of £2,212, HMRC has said. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing…
HMRC’s decision to make it easier for taxpayers to file a paper tax return has been welcomed by the Low Incomes Tax Reform Group (LITRG). With less than a month until the 31 October deadline for filing a 2023/24 paper…
The new Growth and Skills Levy must end the ‘cycle of policy failure’ in addressing Britain’s chronic skills shortages, according to the Resolution Foundation. The think tank says the government must get its design and implementation right if it’s to boost…
The government has announced an overhaul of the UK's apprenticeship system. A new growth and skills levy which will replace the existing apprenticeship levy and include new foundation apprenticeships. The government says these new apprenticeships will give young people a…
An estimated £5.5 billion was lost due to tax evasion during 2022/23, according to a report published by the National Audit Office (NAO). The NAO stated that 'significant weaknesses' in government systems have left the UK 'too open' to tax evasion. According…
