Hmrc

In a move set to benefit younger and less wealthy investors, HM Revenue & Customs (HMRC) has reversed its position on fractional shares in Individual Savings Accounts (ISAs).

The number of people expected to pay dividend tax in the 2024/25 tax year has almost doubled since 2021/22, a Freedom of Information request from AJ Bell has revealed. Just under £18 billion is set to line Treasury coffers for this tax year alone, with nearly 3.6 million taxpayers subject to t

HMRC has cancelled a record 36,000 late self-assessment penalties last year, a 70% increase from the previous year. This surge coincides with HMRC's customer service hitting an all-time low, with long wait times for taxpayer assistance. Many appeals cited HMRC service issues as a "reasonable excuse"

Glasgow-based SMEs have been urged to ensure compliance with the national minimum wage (NMW) amid a local crackdown by HMRC. Scotland's largest city is one of the locations being specifically targeted by the tax authority, and businesses found guilty of non-compliance will be ordered to pay NMW arre

Tax expert Stuart Petrie discusses the heightened scrutiny and increased enforcement efforts by HM Revenue and Customs (HMRC), emphasising the importance of taking any enquiries seriously, the methods used for tax recovery, and the benefits of voluntary disclosures to mitigate penalties and liabilit

HM Revenue and Customs (HMRC) has awarded Capgemini a contract worth up to £574 million to manage its legacy tax systems until 2029. Extending the French professional and IT service firm's involvement with HMRC, the new contract covers the enterprise tax management platform (ETMP) and enterpri

HMRC has made significant changes to the process for updating VAT registration details. Aberdeen-based chartered accountants firm Hall Morrice is advising businesses that, effective from today, any requests to change VAT registration details must be made using the VAT online account.

HMRC has failed to fine any enablers of offshore tax evasion in the five years since landmark powers were introduced to do so, an investigation has revealed. Despite UK government claims that the laws would "create a level playing field" and potentially raise millions in fines, figures obtained by T

Thousands more taxpayers moved to Scotland than left each year in the period after Scottish Income Tax was brought in, new HMRC research has found. The study, looking at movement within the UK over 12 years, found a steady increase in net migration of taxpayers in the five years from when the tax wa

A substantial number of Scottish businesses could potentially miss out on vital research and development (R&D) tax relief by failing to meet new requirements to pre-register their intention to make a claim, a tax expert has claimed. According to Gemma Monaghan, Azets partner and national head of

HM Revenue and Customs (HMRC) has backtracked on plans to shut its self-assessment telephone helpline for half the year after facing intense backlash. The tax authority had announced the line would close between April and September, directing taxpayers online instead. However, less than 24 hours lat

The UK government is set to enlist private debt collectors to pursue individuals and companies owing up to £4.3 billion in unpaid taxes, as part of a major crackdown spearheaded by HM Revenue and Customs (HMRC). Under Chancellor Jeremy Hunt's proposals, debt collection agencies will be contrac

Scottish salmon has been named as the UK’s top food export in 2023, following the publication of annual HMRC figures.

HMRC has garnered £1 billion in additional revenue through investigations into underpaid landfill tax over the past five years, with a £281 million collected in the last year alone, according to law firm Pinsent Masons. Landfill tax is imposed on waste disposed of in landfill and is desi

More than 1.1 million UK taxpayers have failed to meet the January 31 self-assessment filing deadline, resulting in a 10% increase from the previous year, as reported by HM Revenue & Customs (HMRC).