Tax Saving Accountants

Miliband Calls for HMRC To Be Independently Reviewed

Momentum is currently growing for an independent review of HMRC, after Paul Aplin (Chairman of the tax faculty committee at the Institute of Chartered Accountants in England and Wales) suggested that HM Revenue and Customs be reviewed in an effort to improve its current performance. Labour leader Ed Miliband has committed to an independent review […]

Tax Saving Accountants

HMRC Will Waive £100 Fine for Late Tax Returns

The HM Revenue and Customs confirmed. Those who are filing late tax returns have now been let off the £100 fine. The Daily Telegraph received news of the development from a leaked memo. It may affect almost 900,000 people. Despite applause from taxpayers, the effectiveness and legality of the fine waiver is currently being queried. How […]

Tax Saving Accountants

Britain’s Renegotiation with the EU to include Tax Credit Changes

Sajid Javid, business secretary, said that limiting the rights of migrants from the UK to claim benefits is a huge part of the renegotiation of the UK’s relationship with the EU. The tax credit changes would mean that EU migrants could no longer receive the £700 pounds they usually receive in tax credits, which is […]

Tax Saving Accountants

Budget Deficit is Narrowing after Boost from Duties and Taxes

The public sector budget deficit in Britain was helped by lower interest bills on the government debt as well as a decrease in Whitehall spending in April. Government Borrowing & Spending Dropped The Office for National Statistics recently said that government borrowing was down almost 27 percent at £6.8b from the previous year. The budget […]

Tax Saving Accountants

No Need for High-End Buyers to Worry About Mansion Tax

Buyers who were worried by a potential mansion tax set to go ahead under the Labour party are expected to return to the higher-end property market after the recent election results. The so-called “mansion tax” would’ve meant that those who owned properties worth more than £2 million or more would have been taxed 1%.  Threatening […]

Tax Saving Accountants

Miliband to Tax Foreigners, Help British First-time Buyers

Ed Miliband has recently promised to help British first-time buyers, while favouring local ownership and scrapping the levy on some purchases. He also plans to raise taxes for foreign property investors in the even that the UK labour Party gets elected in May. This will mean that first-time buyers can avoid stamp duty as long […]

Tax Saving Accountants

Report Reveals UK Tax Burden 18% Higher than Global Average

The UK tax burden as a share of the economy is close to a fifth higher than world averages, which may impede growth and stifle entrepreneurship, a new report has claimed. Tax revenue is 32.9% of the GDP, compared to 27.8% which is the worldwide average. This makes the tax level in the UK several […]

Tax Saving Accountants

Labour Planning a Crackdown on “unfair tax breaks”

The UK Labour Party has promised to crack down on unfair tax breaks, which are used by private-equity and hedge funds, in an attempt to win over voters before the election in May. Labour has also reiterated its plants to introduce a levy for bankers’ bonuses, which would see funds going towards a youth employment […]

Tax Saving Accountants

Parties are Clashing on Top Tax Rate for Election 2015

Both parties are clashing on top tax rate, and Labour recently called on the Conservative Party to promise not to lower the top income tax rate if it wins the election. George Osborne responded by saying he had no plans to do so, but also refused to completely rule the move out. In 2013 the […]

Tax Saving Accountants

UK Annual Tax Returns To Be Phased Out Within 5 Years

George Osborne, Britain’s Chancellor of the Exchequer recently announced on March 18 during his Budget 2015 speech, that annual tax returns will be phased out within five years. Digital Tax Accounts Instead, HM Revenue and Customs (HMRC) the United Kingdom’s tax regulator, will be making it much easier for a new company to register and […]

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