HMRC

The list below is a collection of articles that refer to, mention or discuss HMRC.

Taxpayer Who Owed No Tax Must Pay Late-Filing Penalties

taxes

The courts have backed HM Revenue & Customs for a second time for imposing thousands of pounds of self-assessment late-filing penalties on a  taxpayer who owed no tax. Barry Edwards had argued HMRC was unfair to him by asking for penalties and interest when his tax returns showed he had no tax to pay. Before … Read more

Categories Tax

Scam Alert As Fraudsters Blitz UK Taxpayers

scam

Taxpayers can expect to be hit by a slew of scam messages purporting to offer refunds over the coming weeks. HM Revenue & Customs warns that the scammers tend to hit every spring because they know tens of thousands of taxpayers are sent their self-assessment refunds at this time of year. Investigators expect taxpayers to pick … Read more

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SEIS – A Guide For Entrepreneurs

SEIS

The Seed Enterprise Investment Scheme concept gives entrepreneurs a direct way of raising money for start-ups other than the banks. Devised by former Chancellor of the Exchequer George Osborne in 2012, the measure was a response to the closed doors banks were showing business borrowers in the wake of the global financial  crisis that hit … Read more

New Offshore Tax Avoidance Warning As Data Sharing Starts

The net is closing on expats and taxpayers with offshore accounts and investments who have not declared their interests to the tax man. Financial advisers who has referred a client to an overseas financial institution or to pointed them towards offshore advice or services must declare the information to HM Revenue & Customs by the … Read more

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UK Tax Crack Down On Cryptocurrency Investors

The UK tax man is planning to crack down on investors who fail to declare profits from cryptocurrency on their self-assessment returns. HM Revenue & Customs has revealed guidance is on the way for investors and their advisers. The focus will be on ‘exchange tokens’ or cryptoassets like Bitcoin and Ethereum and how to treat … Read more

Pension Freedoms Can Lock Savers Into Paying More Tax

Pension freedoms could cost retirement savers almost £20 billion in income tax over the next decade. But how much each saver pays could vary widely depending on how they decide to access their money, says a study by the Pensions Policy Institute. The PPI says 54% of defined contribution pension pots accessed under pension freedoms … Read more

40,000 Whistleblowers Tip Off HMRC Tax Dodger Hotline

The tax man may not pick up the phone as quickly as most taxpayers would like but whistleblowers seem to have no problem getting through. HM Revenue & Customs has revealed more than 40,000 callers clamouring to tip them off about tax cheats got in touch last year. That’s double the number of calls logged … Read more

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Everyone’s Paying More Tax Now Than In The Past 50 Years

Taxpayers are paying the government more money now than they have paid in the past 50 years, according to a new study. Tax has reached a 49-year high, says the Taxpayer Alliance, a lobby group that monitors tax and government spending. In 2018, taxes will make up 34.3% of the country’s gross domestic product (GDP), … Read more

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HMRC Chasing Expat Contractors For Unpaid Tax

The British tax man is asking foreign governments to chase down expats working overseas who have failed to pay the right amount of tax. Almost £6 million was raised for HM Revenue & Customs by foreign tax authorities in 2017. This was triple the amount raised from British expats in 2016 and a huge increase … Read more

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Watch Out For Phishing Scammers Posing As The Tax Man

Online crooks have put thousands of fake web sites online to scam millions of pounds from taxpayers on both sides of the Atlantic. HM Revenue & Customs warns fraudsters are forever coming up with ways to rip-off taxpayers. In the past 12 months, HMRC has taken 20,750 malicious web sites offline– an increase of 29% … Read more

Categories Tax