The latest estimate of the tax gap shows that missing taxes are approaching £46.8 billion, with some 5.3% of total taxes going unpaid. These figures are for 2023/24. HMRC will be particularly concerned that small…
HMRC suffers from too much interest
Taxpayers relying on HMRC to sort out the tax due on interest are given a warning. As had often been noted over the last few years, one of the strategies adopted by successive governments to…
What might spark a CGT bill?
With basic rate taxpayers now facing doubling capital gains tax (CGT) rates, and with the exempt amount a quarter of its previous level, it is no surprise that considerably more CGT is being paid to…
From new year to year end – time to keep a tax-planning resolution?
As 2025 gets under way, it is once again the time of year to start considering your tax year-end planning. The early months of the year are the time to undertake year-end tax planning. Unsurprisingly,…
The Autumn Budget – a brave new tax world
Chancellor Rachel Reeves’ first Budget was a significant one in all senses. “…this Budget delivers a large, sustained increase in spending, taxation, and borrowing.” So said the Office for Budget Responsibility (OBR) in the first…
Capital gains tax receipts
Raising tax rates is a traditional government strategy to increase tax receipts for HMRC, but this may not be the case for capital gains tax (CGT). This is because taxpayers generally have more control over…
Will increased capital gains tax (CGT) mean less tax gets paid?
Capital gains tax: a minority sport? The Labour Party’s 2024 manifesto said, ‘We will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.’ The absence of any comment on…
Thoughts for buy-to-let owners selling up
While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6 April 2024, the vast majority of landlords who sell up are facing…
Buy-to-let owners selling up
While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6 April 2024, the vast majority of landlords who sell up are facing…
Interest rate rises fuelling increased tax take
The Bank of England base rate increase is impacting on the government’s tax takes, with more taxpayers paying tax on savings income due to higher interest rates. Increased mortgage rates are contributing to rocketing capital…