Category: Accountancy

Loan charge letters sent to taxpayers – MPs on APPG said ‘these demands, that have come without warning, are for very significant and life-changing (and in most cases clearly unaffordable) sums

HMRC clawed back £33m in unpaid tax from landlords – HMRC targeted almost 5,500 landlords last year and recovered £33m in unpaid tax, as the authority re-prioritised its activities following the end of covid restrictions

One in five taxpayers will pay 40% tax by 2027 – will reach 7.8m, nearly four times higher than during the 1990s when only wealthiest earners were caught by higher rates of #tax – reducing earning potential

Company failures fall 31% in April – The number of company insolvencies decreased by 31.8% in April 2023 to a total of 1,685 compared to March’s total of 2,471

Use of AI will free up time for advisory work as 45% of accountants plan to invest in AI – ‘makes routine, repetitive tasks that provide little in the way of personal development opportunities more efficient

HMRC staff strike at two sites in Newcastle and East Kilbride – 18 days strikes at call centres affecting employer helpline, construction industry scheme (CIS), student loans unit, PAYE registrations and sick pay. Next strikes 15-19 May

Bank of England raises interest rate to 4.5% – warns that inflation will take longer to fall with it unlikely to go below 5.1% until 2024

HMRC pauses MTD for income tax pilot as programme delayed until 2026 – only 115 taxpayers signed up to first trial shows FOI Now digital reporting delayed until 2026, HMRC will review most effective way to run a future trial

Businesses turn to short-term staff amid economic uncertainty – UK businesses are shifting to temporary workers amid lingering economic uncertainty and rising costs, shows the latest KPMG and REC jobs report

HMRC sitting on £11.9bn in overpaid corporation #tax for 2022-23 – HMRC will not automatically refund corporation tax and businesses must reclaim any overpayment themselves