£35 billion tax lost! HMRC data shows that the amount of tax lost in Britain through non-payment, avoidance and fraud has increased to £35bn. The tax gap – the difference between the Revenue’s expected income and actual receipts – is estimated to have increased by £2bn in the 2019/20 financial year compared to the 12 months before. HMRC says […] By Lisa Brownlow, 28 August 2021
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Governments must set tax rules, Bezos tells Johnson Speaking after a meeting with Jeff Bezos in New York on Tuesday, Boris Johnson said he’d urged the Amazon boss to make his company pay more tax in the UK. “What I did say to him was that we in the UK feel very strongly that the internet giants need to be making their fair […] By Lisa Brownlow, 28 August 2021
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HMRC recoups record £4bn in lost taxes Data from HMRC examined by tax insurance investigation firm PfP show investigations and compliance work by HMRC saved £4bn in taxes from being lost in the last quarter, nearly double the £2.2bn for the same period last year. PfP said the increase in the amount of taxes saved will be due in part to the […] By Lisa Brownlow, 28 August 2021
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National insurance contributions and dividend tax rates will increase by 1.25% from April 2022 The Prime Minister has confirmed that rates of national insurance are to be increased to pay for the impact of the coronavirus pandemic on the NHS and to address the long-standing funding gap for health and social care. From 1 April 2022, there will be a temporary 1.25% increase in class 1 (employee) and class […] By Lisa Brownlow, 28 August 2021
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Tax campaigners call for “pandemic profit levy” Tax Justice UK has issued a fresh call for a windfall tax on companies that profited from the pandemic, or from economic changes accelerated by COVID-19. A report from the campaign group shows six firms raised their profits by a total of £16bn over the last financial year. Robert Palmer, executive director of Tax Justice […] By Lisa Brownlow, 28 August 2021
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HMRC probes 153 people suspected of aiding tax evasion HMRC has confirmed it is investigating 153 suspected enablers of tax evasion, including unregulated tax advisers and a Law firm says that with HMRC’s Fraud Investigation Service having been given additional resources to recruit more staff, the number of investigations into tax fraud enablers is likely to increase. Adam Craggs, head of tax disputes at […] By Lisa Brownlow, 28 August 2021
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