We all know about the problems faced by families trying to make ends meet as prices soar, but high inflation also creates challenges for anyone trying to hold on to their life savings. Yesterday’s solutions to managing inflation may leave a hole in your finances unless you act quickly.
The latest tax receipts figures published by HMRC show a significant increase in the income tax and National Insurance received by government in April 2022 compared to the same period over the last ten years. We all know that we are paying more tax but there remains a lot of confusion about the rate of tax people are paying. We break down the figures to highlight what is driving this record tax take.
The UK is facing a cost-of-dying crisis with escalating funeral costs, but a recent tax case may help to reduce the financial strain. A tribunal has ruled that a VAT exemption for installing burial vaults in graves can apply to the services of a building contractor and is not, as HMRC believed, restricted to funeral directors and cemeteries.
As he prepares for retirement, RSM VAT partner Jim Burberry wonders if the next generation of indirect tax advisors will be working on environmental taxes on space junk?
As HMRC requests more and more information to be disclosed in a format that is easy for bots to interrogate, it seems evident that it is looking to adopt a more focussed approach to closing the tax gap and making more efficient use of its limited resources. However, its latest changes may lead to far more than additional form-filling for some taxpayers, so, its “barely audible” announcement seems unfair in this context.
With average house price increases in the UK showing little signs of slowing, many first-time buyers hoping to use their Help to Buy ISA savings may find their first home is out of reach.
By undertaking a comprehensive capital allowances reform consultation with taxpayers and advisors, the government has a great opportunity to super-charge UK business investment and drive forward growth. But will it take the opportunity to be bold enough to help the UK catch up with its international competitors?
As record-breaking inflation and the dividend tax rise threatens the investment returns available on traditional asset classes, could ‘passion assets’ attracting tax exemption be the answer for some investors looking at higher risk investments to get a return?
Individuals and businesses who take goods out of the UK in their luggage for repair overseas should read the customs rules, or risk having their goods seized for smuggling when they are brought back.
The crypto market has suffered huge losses in recent weeks with some coins now standing at less than 10 per cent of their market peaks in the year to 5 April 2022. It spells disaster for those who have made an income from crypto activities in the last year, rather than capital gains, as they could now be facing financially crippling tax bills that they are unable to meet.