Fiscal drag will push 55,000 working parents into the childcare tax trap, according to new analysis by the Centre for Economics and Business Research
Revealed on Thursday, the Chancellor’s new plan to ‘restore stability’ and ‘build long-term prosperity’ will involve billions of pounds of tax rises and spending cuts.
It comes at a time when many households are already struggling with higher prices and falling real incomes. So what does the Autumn Budget mean for you and your family?
Her Majesty’s Revenue and Customs (HMRC) has brought fresh impetus to its crackdown on tax avoidance schemes, issuing a £1 million fine for one promoter and ‘naming and shaming’ four additional schemes.
Hyrax Resourcing Ltd received a £1 million fine for promoting a tax avoidance scheme that paid contractors through loans rather than taxable income.
HMRC have moved the deadline for online self-assessment filings from 31st January to 28th February 2022.
The HGV driver shortage is wreaking havoc on UK supply chains. It’s estimated that Britain needs an extra 100,000 HGV drivers and the shortage is resulting in long queues at petrol pumps and missing stock on supermarket shelves.
Inflation and frozen tax bands mean that more than one million people will pay the higher rate of tax by 2027, new figures released by HMRC show.
The tax authority is forecasting that 1.13 million people will be pulled above the 40% tax threshold by 2027/28, as wages rise quickly and tax bands stay at the same level.
Liz Truss’ new Chancellor Kwasi Kwarteng dropped an IR35 bombshell today, announcing he would reverse off-payroll (IR35) reforms in the Public and Private sectors from April 2023.
The significant, and generally unexpected announcement means it will be up to individual contractors to decide whether they are inside or outside IR35, with no input from their clients.
Kwarteng said reversing the reforms is aimed at taking complexity out of the tax system.
Business groups have called on the Chancellor Rishi Sunak to delay a planned increase to National Insurance amid rising prices and a slowdown in recruitment activity.
Make UK, which represents 20,000 manufacturing firms in the UK, called the £12bn tax boost ‘illogical and ill-timed’. They argued that April’s 1.25 percentage point increase to the tax on employees and employers should wait until the economy is on a firmer footing.
Last week the Chancellor of the Exchequer, Rishi Sunak revealed the Autumn 2021 budget.
We’ve created a summary to highlight the elements most relevant for you.
Read on to learn what’s changing.