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The Latest Breaking News from HMRC

Former top Treasury adviser warns that HMRC plans to track personal finances with AI

Exclusive: Dr Chris Wales, who was a member of Gordon Brown’s Council of Economic Advisers for more than six years, has sounded the alarm over how artificial intelligence will be used to track people’s income and expenditure without their knowledge

The Independent UK

Scottish firm goes into liquidation owing £175k after being caught smuggling tobacco

A SCOTTISH businessman has been banned from directing companies after attempting to smuggle tobacco hidden in furniture into the UK ...

The National (Scotland)

Returning from the UK? What to know before transferring your pension

Thousands of Indian professionals returning from the UK often leave their pension untouched, facing risks due to misunderstandings of HMRC rules and product choices. Ignoring this vital asset incurs inflation and regulatory costs. Currently, a strong pound, cooler Indian equity markets, and favourable annuity rates present a unique opportunity for…

The Economic Times

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BlueCrest says UK no longer a serious place to do business after court loss

On Wednesday, the firm lost a roughly four-year legal battle about how payouts for hedge fund traders should be taxed.

Evening Standard

Mapped: What the average asking price buys across Britain

What buys a five-bed house in Scotland may only get you a studio flat in parts of London, analysis reveals

The Independent UK

Home sales jumped by 17% annually in May – HMRC figures

Housing market activity fell a year earlier following stamp duty changes.

Evening Standard

Banks join taskforce to reunite young people with £1.6bn unclaimed savings

The Government announced the new taskforce after finding that more than 750,000 accounts are unclaimed, holding £2,200 on average.

Evening Standard

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Scottish energy firm fined £500,000 for breaching Russia sanctions

A Scottish energy firm has been fined more than £500,000 for breaching Russia sanctions regulations

The National (Scotland)

Petrofac pays £569,000 to HMRC for breaching Russia sanctions rules

The energy services business was investigated by HMRC after self-reporting breaches that occurred in 2022 and 2023.

Evening Standard

HMRC scheme that wrongly cut child benefits did not ‘adequately consider’ impact, report finds

NAO inquiry follows suspension of payments after erroneous records that claimants had emigrated

The Guardian - UK

Do new Isa rules mean I have to pay tax?

Changes due to take effect next year for stocks and shares Isas have become become clearer, prompting concern

The Guardian - UK

Newcastle hit with demand for £3.2m over ‘deliberate’ failure to pay tax on transfers

Newcastle United FC have been hit with a demand for £3.2m from HM Revenue and Customs over a ‘deliberate’ failure to pay tax

The Guardian - UK

HMRC names and shames 12 Scottish firms for dodging tax

A DOZEN Scottish businesses and individuals have been named and shamed in a new list of "deliberate tax defaulters" ...

The National (Scotland)

HMRC Could Take Money Directly From Bank Accounts to Recover £2 Billion in Tax Debts

HMRC is reinstating its Direct Recovery of Debts powers to recover unpaid taxes. Safeguards protect vulnerable taxpayers, and communication with HMRC is key to avoiding enforcement action.

International Business Times UK

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International Business Times UK

Holding Cash in a Stocks ISA? You Could Soon Face a 22% Tax Charge

The new 22% tax on cash interest in stocks and shares ISAs from April 2027 affects savers and investors. Learn about the implications of HMRC's reforms and who will be impacted.

The Guardian - UK

‘A total, utter nightmare’: small businesses on Brexit, 10 years on

Cheesemakers, farmers, exporters and wine merchants say red tape, lack of vision and rising costs mean they have stopped trading, sold up or retired early

International Business Times UK

HMRC ISA Tax Changes Could Open New First-Time Buyer ISA to Over-40s

The UK Treasury proposes a First-Time Buyer ISA for adults over 18, replacing the Lifetime ISA. It offers a 25% government bonus without withdrawal penalties, reflecting changing homeownership trends.

The Independent UK

Rachel Reeves announces new 22% tax on interest from cash in stocks and shares ISAs

Rules will be introduced to prevent people subscribing up to £20,000 cash in a non-cash Isa and leaving it there long-term, earning tax-free interest

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Evening Standard

22% charge aims to stop Isa savers getting around new rules from 2027

HM Revenue and Customs said several rules will be introduced to ensure the policy achieves its objective.

Evening Standard

HMRC faced £59.2bn shortfall from unpaid taxes in 2024-25, figures show

The tax gap was estimated to be 6.4% in the 2024-25 tax year, higher than the year before.

The Independent UK

Small businesses behind two-thirds of Britain’s £59 billion tax shortfall

HMRC says tax evasion accounted for 12 per cent of last year’s tax gap

Evening Standard

State pension boost for some grandparents as thousands apply for credits

The credits are designed to help people below state pension age build up their state pension rights and can plug national insurance gaps.

The Independent UK

Thousands of grandparents get state pension boost for helping with childcare

The credits are designed to help people below state pension age build up their state pension rights

The Independent UK

A guide to Making Tax Digital for small business owners

Businesses now need to keep digital records and submit updates using compatible software throughout the year

International Business Times UK

71,000 Graduates Given Wrong Student Loan Balances After HMRC Error: Who Gets a Refund?

Approximately 71,000 UK graduates received incorrect student loan balances due to errors by the Student Loans Company and HMRC. Affected borrowers will have their balances corrected without needing to take action.

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