#hmrc

#hmrc

HMRC's January 2025 tax receipts reached a record £112bn, primarily driven by a surge in income tax collections.

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.

HMRC's tax receipts are up £11bn compared to last year, suggesting optimistic financial outlook for upcoming fiscal decisions.

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.

Landmark ruling may offer significant inheritance tax relief for families using 'home loan' schemes.

Inheritance tax receipts have increased substantially, reaching £4.3 billion in six months, signaling potential policy changes in the upcoming budget.

Inheritance tax receipts are rising significantly, indicating more estates are becoming liable as housing prices increase.

Current thresholds for inheritance tax have remained unchanged, leading to more estates facing taxation.

Effective estate planning is becoming complex due to shrinking reliefs and rising asset values.

Inheritance tax receipts in the UK have risen to £7 billion, reflecting a growing financial burden on estates.

Brian Robson lost his IR35 case, deemed a 'disguised employee' by a tribunal, leading to a substantial tax bill.

HMRC's increased correction of R&D tax relief claims raises concerns about due process and the potential rejection of legitimate claims.

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

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

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

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.

Over 200,000 people in the UK are missing out on Child Benefit support from HMRC, potentially losing up to £2,200 annually.

Parents must act before the August 31 deadline to avoid losing child benefits for their children aged 16-19 continuing education.

The £1bn additional tax collected from IR35 reforms isn't a sign of success, stakeholders argue.

Businesses are increasingly frustrated with HMRC, citing poor service standards and long wait times impairing trust and efficiency in tax collection.

The UK government aims to simplify tax obligations by removing 300,000 taxpayers from self-assessment, improving efficiency.

HMRC will raise the self-assessment tax return threshold to £3,000, benefiting 300,000 taxpayers by reducing filing requirements.

1.1 million UK taxpayers missed the 31 January tax return deadline, facing potential penalties unless valid reasons are presented.

Over 1 million missed the tax return deadline, risking £100 penalties.

Fine increases for returns filed late, with potential total penalties reaching up to £900.

Rise in Pay by Bank usage boosts HMRC tax payments significantly.

Pay by Bank simplifies tax payment, reducing errors and costs.

Significant growth in transactions prior to self-assessment deadline.

Side hustles are increasingly popular, but they come with tax responsibilities that need to be understood clearly.

eBay sellers may need to file tax returns if they earned over £1,000 in 2023-24.

HMRC is reducing late payment interest but still charges significantly more than it pays on tax refunds.

HMRC has reduced interest on overdue tax payments to 7% following the Bank of England's rate cut, but interest on refunds remains lower.

HMRC faces significant remediation costs, with legacy systems driving up expenses by up to 390%, thus delaying modernization efforts.

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.

Over 44,000 callers were cut off from HMRC, raising serious concerns regarding customer service and call handling efficiency.

HMRC must acknowledge and address ongoing negative customer service feedback from taxpayers and oversight bodies.

Bryan Robson partially won his IR35 tax appeal against HMRC, shedding light on the complexities and implications of IR35 legislation.

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

AI usage in R&D tax claims requires human oversight to avoid HMRC rejection due to quality concerns.

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

HMRC's digital services are insufficient to support taxpayers with complex affairs, leading to significant issues and frustrations.

Tax-related websites often present challenging experiences for users, requiring specific personal information for access.

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.

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.

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.