#hmrc-data

#hmrc-data

Britain's tax wedge, which estimates total taxes on labour paid by employees and employers, minus cash benefits received by working households, increased by 2.45 percentage points last year, the most in the OECD.

There are reasons to be worried and think about the future. But we are able to do something about this. We should be thinking about, well, how do we tip the balance in favour of AI being used in that positive way to help people do their jobs better [rather than replacing them].

The UK unemployment rate fell from 5.2% to 4.9%, driven more by increased economic inactivity, particularly as fewer students sought work.

The FCA's enforcement action targeted unregistered peer-to-peer crypto traders, emphasizing that these operations are illegal and pose significant financial crime risks. Steve Smart stated, 'We will use our powers and work with partners to disrupt them.'

"Fuel use increases significantly at higher speeds, so even a relatively small reduction can result in noticeable savings," he stated. He added that lowering motorway speeds could improve fuel efficiency by around 10%, depending on the vehicle.

Sick days are costing the whole of the UK a lot of money, and that's one of the reasons we're involved in the prevention sprint, to look at ways to try and stop people from becoming ill in the first place.

Preparing and submitting individual income tax returns costs taxpayers more than $91 billion a year, nearly half of which represents the opportunity cost of lost hours spent on tax compliance.

Launching a fund used to be a real test of endurance, with timelines often stretching across many months. The process demanded patience that many ambitious founders found difficult to sustain.

Changes to the UK's IR35 tax legislation will redraw the lines of responsibility between businesses and the freelancers they engage, promising relief for many companies that previously bore the compliance burden.

HMRC said 27,456 taxpayers filed in the final hour before the midnight cut-off at the end of Saturday, after the tax authority kept helplines open and extended webchat services over the weekend in a bid to help late filers. The busiest period for online submissions was between 5pm and 6pm on Saturday. In total, 475,722 people filed on the final day, bringing the overall number of submissions for the 2024-25 tax year to around 11.5 million.

Under current rules, once a business exceeds £90,000 in taxable turnover, it must register for VAT and charge 20 per cent on most goods and services. Registration also brings quarterly reporting requirements and compliance costs, often requiring specialist accounting support.