Hmrc

Increased HMRC activity could be causing the recent rise in Scottish company liquidations, according to an Aberdeen insolvency specialist. New figures from Creditsafe showed 141 new Scottish administrations and liquidations in May – the highest number since December 2022 when 142 cases were re

HMRC has revealed plans to to eliminate most outbound post to taxpayers as part of a significant cost-cutting measure aimed at saving £50 million by the end of the current Parliament. Under the new plans, the tax authority will cease sending all letters except for those that directly generate

Organised criminals have accessed the records of approximately 100,000 taxpayers, leading to an estimated £47 million loss for HM Revenue and Customs (HMRC). The breach, which occurred last year, was not a direct cyber attack on HMRC's systems but rather the result of multiple sophisticated ph

Adopting electronic invoicing should be voluntary for both UK businesses and the public sector, according to leading global accountancy body ACCA (the Association of Chartered Certified Accountants). Responding to a HMRC consultation – Electronic invoicing: promoting e-invoicing across UK busi

Mortgage approvals for UK homebuyers fell for the third consecutive month in March, signalling a potential market slowdown, according to the Bank of England. Falling by 800, approximately 64,300 mortgages for house purchases were approved – a key indicator of future borrowing activity.

Inheritance Tax (IHT) receipts reached a record £8.2 billion in the 2024-25 tax year, up from £7.5bn previously, HMRC has revealed.

Sole traders and landlords with qualifying income exceeding £50,000 will face a significant change in tax reporting from next year, with the mandatory implementation of Making Tax Digital (MTD) for Self Assessment. Under the new system, affected individuals must maintain digital records using

A recently published letter from HM Revenue and Customs (HMRC) provides insight into the interactions between HMRC and the newly established Office of Trade Sanctions Implementation (OTSI) and on investigations and enforcement of the UK’s trade sanctions regime, writes Stacy Keen. Between 2021

Official figures have revealed a significant shift in income tax contributions, with more UK adults over 70 paying tax than those under 30, according to official government figures. Treasury data for 2022-23 shows 5.45 million over-70s paid income tax, compared to 5.23 million under-30s. This revers

HM Revenue & Customs (HMRC) is set to replace Barclays with Bank of Scotland-owner Lloyds Banking Group in a significant government banking contract, ending a ten-year agreement. The move, worth £99 million to Lloyds, comes as HMRC awards a new £334m, 12-year contract to a consortium

A tax officer who embezzled thousands of pounds from His Majesty’s Revenue and Customs (HMRC) to pay off her mortgage and settle other debts has been jailed for two years. Joanne Connell, 37, used her position in the bankruptcy team and knowledge of the HMRC computer self-assessment system to

HM Revenue and Customs (HMRC) is facing criticism from a cross-party group of MPs for its handling of tax evasion, who have warned that the true cost of tax dodging is likely far greater than HMRC's estimated £5.5 billion for 2022-23. The Commons Public Accounts Committee's (PAC) report highli

The National Audit Office (NAO) has warned that the UK's increasingly complex tax system is adding hundreds of millions of pounds to administration costs for both the government and businesses.

Over 11.5 million taxpayers successfully filed their self-assessment tax returns by the deadline last Friday, according to HMRC. However, an estimated 1.1 million individuals missed the cutoff, potentially leading to £110 million in late filing penalties alone.

HMRC collected a record £6.3 billion in inheritance tax over the nine months to the end of December 2024, according to new figures. Inheritance tax receipts reached £6.3bn from 5 April to 31 December 2024, marking an 11%increase on the £5.7bn received in the same period in 2023.