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Comments Off on Capital gains tax receipts climb 3% to record-high

Capital gains tax receipts climb 3% to record-high

Capital gains tax receipts climb 3% to record-high

HMRC collected a record of £9.9 billion from capital gains tax receipts in 2019/20, according to official statistics published last month.  The tax authority said this was 3% up on the previous tax year’s receipts, but the number of taxpayers paying tax on their gains fell 6% to around 265,000. Most of the liabilities collected … Continued

Comments Off on 1 in 5 UK employers consider making redundancies

1 in 5 UK employers consider making redundancies

1 in 5 UK employers consider making redundancies

A minority of UK employers could be about to cut jobs, due to the withdrawal of the furlough scheme and rising costs. The scheme, which has protected around 11.6 million jobs since the start of the pandemic, will close on 30 September 2021. The Government currently pays 60% of a furloughed worker’s wages and employers … Continued

Comments Off on National Insurance contributions rates ‘poised to increase’

National Insurance contributions rates ‘poised to increase’

National Insurance contributions rates ‘poised to increase’

The Government could be set to raise National Insurance contributions (NICs) by 1% for both employers and employees, a report has claimed.  The Times claimed senior ministers have agreed to increase rates to raise an extra £10 billion a year for the National Insurance Fund. This would initially be used to reduce NHS waiting lists, … Continued

Comments Off on Deadline approaches for fifth and final self-employed grant

Deadline approaches for fifth and final self-employed grant

Deadline approaches for fifth and final self-employed grant

The self-employed have until the end of the month to apply for the final grant available via the self-employed income support scheme (SEISS).  Everyone who is eligible for the last SEISS grant should have received a personal start date from HMRC in recent months. These gave self-employed taxpayers a date from which they can apply … Continued

Comments Off on Pensions tax traps catch out thousands more savers

Pensions tax traps catch out thousands more savers

Pensions tax traps catch out thousands more savers

The number of savers who breached the annual allowance and the lifetime allowance increased in 2018/19, according to government statistics. Figures from HMRC show 34,220 people reported saving more in their pension pots than the £40,000 annual allowance in 2018/19, triggering total tax charges worth £817 million. The amount of people who exceeded their annual … Continued

Comments Off on Treasury seeks feedback on business rates revaluations

Treasury seeks feedback on business rates revaluations

Treasury seeks feedback on business rates revaluations

Business rates revaluations in England could take place every three years, following the launch of a recent consultation.  The latest consultation forms part of a comprehensive review into business rates in England, with a report due to be published in the autumn. Business rates are similar to council tax for business properties in England. They … Continued

Comments Off on Employer costs increase as furlough scheme winds down

Employer costs increase as furlough scheme winds down

Employer costs increase as furlough scheme winds down

Employer contributions towards furloughed workers’ wages have increased again, as the furlough scheme prepares to close for good on 30 September 2021.  Officially introduced at the start of the pandemic in March 2020, the scheme has supported around 11.6 million jobs in the UK to date at a cost of £66 billion. For most of … Continued

Comments Off on Lower stamp duty land tax threshold in place until October

Lower stamp duty land tax threshold in place until October

Lower stamp duty land tax threshold in place until October

The stamp duty land tax-free threshold in England and Northern Ireland reduced last month, as the tax holiday introduced in July 2020 began to be phased out.  The first cliff edge for residential property buyers came and went on 30 June 2021, marking the end of a three-month extension announced on 3 March 2021. Buyers … Continued

Comments Off on UK tax incentive ‘fails to deliver extra R&D spending’

UK tax incentive ‘fails to deliver extra R&D spending’

UK tax incentive ‘fails to deliver extra R&D spending’

The UK’s research and development (R&D) tax credit system is failing to prompt companies to increase spending and could prove a “costly failure”, a report claims.  The Centre for Business Research (CBR) said aggregate business expenditure on R&D in the UK is as much as 15% lower than it was before the scheme was introduced … Continued