Today’s The Day – Self-Assessment Tax
Midnight on January 31 is the deadline for people to fill in their Self-Assessment tax returns online but around 1.5 million people in the UK have still not done so.
Midnight on January 31 is the deadline for people to fill in their Self-Assessment tax returns online but around 1.5 million people in the UK have still not done so.
The Organisation for Economic Co-operation and Development have recently suggested that rules designed to close tax loopholes used predominately by technology companies are not viable, due to the ever-growing digital presence within large parts of the economy.
Figures out last week revealed that the introduction of the Employment Allowance in April and the Government’s pledge to cut employers’ National Insurance contributions (NICs) will save nearly £5.5 billion per year for employers by the end of the Parliament, the equivalent of around £200 per employee.
Giving evidence to the Treasury Select Committee earlier this week, the Chancellor George Osborne claimed to have started a ‘quiet revolution’ in the way people think about tax by cutting corporation tax to one of the lowest jurisdictions in the western world.
According to a report from the Public Accounts Committee (PAC), around £55bn a year is being lost to taxpayers through fraud, error and unpaid taxes, with £13.2bn written off in 2011-12 due to error and fraud.
A House of Lords Committee has urged MPs to use their clout to stop a tax on financial transactions in 11 European countries from harming the City of London and potentially undermining the single market.
In his Autumn Statement delivered yesterday (December 5) the Chancellor, George Osborne, unveiled “the largest ever package of measures” on tax, aimed at slashing tax evasion and avoidance.
According to a recent report, investors and property owners across the UK are missing out on billions of pounds worth of unclaimed tax relief on commercial property.
The tax on the super rich who try to dodge stamp duty by making their residential purchases through overseas companies, which was announced in last year’s Budget, is starting to take effect.
New research from the think tank Policy Exchange has found that property taxes in the UK are the highest in the world, equating to 4.1 per cent of GDP, or £70bn, whereas the average in the developed world is just 1.8 per cent.
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