The Institute for Fiscal Studies (IFS) has come out pushing for tax cuts this year. The think-tank organisation joins Nick Clegg who last week publicly threw his weight behind delivering a higher personal tax allowance – the initial chunk of your wage that isn’t taxed – in a swifter time-frame than the coalition is currently [...]
HMRC has announced an extension to the deadline by which self-assessed tax must be paid. Normally, payments are expected to arrive by the close of today, January 31st, at the latest. However, HMRC has declared an extension to February 2nd, so those who are paying a day or two late won’t be penalised with a [...]
Nick Clegg is to throw his weight behind a move to speed up the promised tax cuts the government is making for lower bracket earners. Currently the personal tax allowance – the initial chunk of your wage that you don’t have to pay any tax on – stands at £7,475. That has been raised £1,000 [...]
The government has decided that it won’t move on the 50% tax rate which was introduced by Labour back in 2010. Initially David Cameron had indicated that the higher tax rate was supposed to be a temporary measure, and that the government would move to cut it back. However, according to an article in the [...]
British Airways has warned that a decision by the UK government to go ahead and raise the Air Passenger Duty (APD) by 8 percent beginning in April 2012 and to make it applicable to business jets that weigh 5.7 tonnes or more along with other passenger jets wil mean that hundreds of fewer jobs will [...]
Doctors and dentists are the latest professionals targeted by HM Revenue & Customs (HMRC) in an attempt to recover unpaid taxes. HMRC will send letters to 2,500 doctors and dentists soon warning them that legal action will be taken against them if they do not pay the taxes they owe within three weeks. The letters [...]
UK taxpayers could have access to their tax records online, the government has proposed. The idea is part of a plan to make the tax system easier to understand and use, letting taxpayers know in more detail exactly what they are paying in taxes. As part of the proposed system, taxpayers could also be sent [...]
Prime Minister David Cameron made comments in a radio interview on Friday indicating that he has no inclination to support scrapping the 50 percent income tax bracket, as has been called for by some business leaders and others who say that cutting taxes on the wealthiest Britons will stimulate economic growth. The remarks came after [...]
The government will close a loophole in rules on the value added tax, ending the exemption from the VAT for items imported from offshore locations that are valued at less than £15. The decision from Chancellor George Osborne will mean that items like DVDs and CDs imported from locations such as the Channel Islands will [...]
HM Revenue & Customs (HMRC) has yet another group of UK citizens who might owe taxes in its sights, in a continuing effort to increase tax revenues in the UK. This time, HRMC is pursuing wealthy tax evaders who own property overseas, with those who are worth between £2.5 million and £20 million are being [...]
