by Simon Watkins | Feb 12, 2025
Tax evasion cost UK taxpayers £5.5bn in 2022-23, with 81% from small businesses – up from 66% in 2019-20 Prosecutions for tax evasion down 54% since 2018-19 Phoenixism cost the exchequer at least £500 million in 2022-23 HMRC lacks a specific strategy for...
by Simon Watkins | Feb 10, 2025
A National Audit Office report released today focuses on the administrative cost of the tax system. The report finds that HMRC’s costs of administering the tax system increased by 15% (£563 million) between 2019-20 and 2023-24. The report focuses on several...
by Claire Aston | Feb 5, 2025
Over 1.1m of UK taxpayers miss the deadline for submitting their self-assessment return deadline for 2023/24 of 31 January 2025 Automatic £100 late filing penalty automatically due, rising to £300 if the return remains outstanding by end of April Penalty is charged...
by Claire Aston | Jan 30, 2025
Photo credit: Sky News The Labour government’s recent announcement at Davos of changes to their (non UK domiciled) ‘non-dom’ policy marks a significant retreat from one of their few concrete tax commitments. Speaking at the World Economic Forum, Chancellor...
by Claire Aston | Nov 6, 2024
Significant increase in interest charged on late paid tax of 1.5 percentage points, reaching 8.75% from April 2025 expected to exacerbate debt problems for those already struggling to pay £1.1bn of additional revenue expected over 5 years, nearly half from income tax...
by Claire Aston | Oct 30, 2024
Photo credit: HM Treasury The hype is over at last, but the package of Budget measures is quite a mixed bag! TaxWatch welcomes the targeting of reliefs for inheritance tax and phasing out of business asset disposal relief for CGT, as these were both poorly targeted...