Household tax bills to climb by £3k by 2027? Analysis by the Resolution Foundation suggests the Budget will raise household tax bills by £3,000 on average by 2027, with tax as a share of the economy set to be at its highest level since 1950. This is based on estimates that the tax burden will rise to 36.2% of GDP by 2027. Warning that […] By Lisa Brownlow, 17 November 2021
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HMRC builds war chest in battle against tax avoidance HMRC will be given an extra £292m in funding over three years to tackle tax avoidance and evasion, the Government has announced. There will also be legislation giving the tax office powers to seize the assets of foreign firms promoting tax avoidance through UK-based entities. HMRC will be able to target the UK associates of […] By Lisa Brownlow, 11 November 2021
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Self-Employment Income Support Scheme – Action Needed HMRC is writing to individuals who have received grants under the Self-Employment Income Support Scheme but have yet to fully complete a self-assessment tax return for 2019/20. The letter details the action claimants need to take. To be eligible to claim a grant under the Self-Employment Income Support Scheme (SEISS) individuals must have been trading […] By Lisa Brownlow, 2 November 2021
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Tax rises needed to tackle the health and social care crisis The Institute for Fiscal Studies has warned that the £12bn tax rise is only sufficient to fix the immediate shortfall faced by the health service as it emerges from the Covid pandemic. The IFS said that the health and social care levy – set at 1.25% on top of National Insurance, and due to take […] By Lisa Brownlow, 1 November 2021
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Tories become the party of tax hikes A YouGov survey has found 64% of respondents thought the Tories would raise taxes if they won the next election, but only 56% said that Labour would. The poll came as Tony Danker, the chief executive of the CBI, said the Labour Party was looking “better on business taxes” after Rachel Reeves, the shadow chancellor, […] By Lisa Brownlow, 26 October 2021
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NI hike will inflict “terrible” toll on health and social care workers NHS and care workers will be hit with a £900m tax bill following Boris Johnson’s increase in National Insurance Contributions, which were designed to fund improvements in social care and help the NHS recover following the pandemic. A report from the House of Commons library argues the tax hike will inflict a “terrible” financial toll […] By Lisa Brownlow, 13 October 2021
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