Historically, Westminster has been more reliant on government funding because of its low tax take. But the Government has stripped back its funding over the next four years from £219m to £119m. Combined with an expected rise in costs, demand for services and inflation, the council believes it will be left with a £160m shortfall
New figures from HMRC show 30,440 people reported breaching their pension annual allowance during the 2024/25 tax year, up from 24,950 a year earlier – a jump of 22%. The total amount contributed above the limit also soared from £505 million to £672 million, an increase of 33% in just 12 months. The figures are
HMRC introduced the rules in April to collect more data on business owners as part of its mission to close the tax gap. Small businesses account for 62pc of the UK’s £59.2bn in uncollected tax. But the ATT said HMRC’s published guidance on the rules could cause confusion for business owners. In its notes accompanying
Wednesday 05 August 2026 6:00 am | Updated: Tuesday 04 August 2026 2:56 pm Marianna Hunt is back to answer your burning personal finance questions Got a question for our expert? Email asktheexpert@cityam.com Fidelity personal financial specialist Marianna Hunt is back on hand to answer your burning questions, and today a reader is looking to avoid
HMRC has issued a fresh warning to parents The charge depends on the income of the higher-earning partner(Image: ArtistGNDphotography via Getty Images) Millions of mums and dads are being cautioned they could face an unforeseen tax demand. HM Revenue & Customs (HMRC) has issued a new warning reminding households that breaching the £60,000 earnings threshold
Children are not allowed both a Junior ISA (JISA) and a Child Trust Fund but many parents may not realise that they are making this mistake 11:50, 03 Aug 2026Updated 12:02, 03 Aug 2026 Children cannot have both a JISA and Child Trust Fund Parents who have opened a savings account for their child are
On Tuesday 4 August, a government consultation quietly closes. On Friday 7 August, more than 860,000 sole traders and landlords must file their first Making Tax Digital quarterly update. The deadline made the news. The consultation did not. It should have, because the consultation is the point of the deadline. For years, HMRC assured the
Governments are told that public services must shrink because money is tight. Yet a new Tax Justice Network report says that countries could capture an extra $500bn a year without raising corporate tax rates. The answer is to tax multinational profits where real economic activity happens – known as unitary taxation. No new profit is
Fresh HMRC statistics show pensioners paid £29.8 billion in income tax in 2024/25, up from £21.1 billion in 2022/23 – a rise of more than 40% in just two years. At the same time, the cost of pension tax relief has also surged, climbing from £47.8 billion to £60.4 billion over the same period –
Mr Neidle, a tax lawyer and founder of Tax Policy Associates, told the Holyrood Sources podcast this week that ministers never consulted TAG before raising the top rate of income tax to 48p, a decision his own analysis suggests cost Scotland £22 million in lost revenue, rather than raising money as intended. It emerged earlier