HMRC raised £2.9 billion in inheritance tax receipts between April and the end of August 2022, according to new figures released today. This is a £300 million increase from the same period the year before. Under UK law, inheritance tax is paid at 40% on assets valued above a certain threshold. Currently around one in […]
Figures out today show that HMRC raked in another £2.4 billion in inheritance tax receipts in the three months to July 2022. This is £300 million more than in the same period last year. Liz Truss and Rishi Sunak have both suggested they would review inheritance tax rules as Prime Minister. This could mean scrapping […]
A whopping £51 billion in credit card, overdraft and personal loan debts will be accrued by consumers who are struggling to meet the upcoming tax deadline. This comes as nearly half of self-assessment tax payers struggle to keep up with payment dates, with the next payment due at the end of July likely to take […]
Higher central bank interest rates will trigger a wave of corporate defaults as companies struggle with higher borrowing costs and the threat of a global recession, fund managers have warned. A quarterly survey of global money managers said that company defaults were set to climb from very low levels during the pandemic as monetary policy […]
Nadhim Zahawi, the new chancellor of the exchequer, has called for a review of the UK’s corporate tax policy in a clear hint that a rise from 19p to 25p due next year could be reduced or scrapped. Zahawi, who took up the post on Tuesday evening after Rishi Sunak’s resignation, said he wanted to […]
There seems to be a prevalent belief in the business community that to advance and expand your business, it is essential to have external investment. Raising money, whether through venture capital, seed funding, or angel investment, is taken by many founders to be the default route for growing their companies, but it is certainly not […]
The Government could be forced to pay a compensation bill as big as the entire defence budget if a legal challenge launched today over the rejigging of the retail prices index succeeds. Analysts estimate that the Treasury could in theory be forced to pay compensation of as much as £40 billion to holders of index-linked […]
The battle for customers is increasingly heating up in the UK banking scene with one major current account provider now offering 5 per cent interest on balances up to £1,500 for the first 12 months. Nationwide Building Society previously offered 2 per cent fixed for 12 months on balances up to £1,500 on its FlexDirect […]
Monzo is likely to press ahead with its crypto investment plans despite the current crash in the market, its co-founder said today. Speaking at Financial Times Live event, Jonas Templestein, co-founder of the London-headquartered challenger bank, said that the recent crash in the crypto market “probably…hasn’t affected our plans” and the firm would continue to […]
HMRC collected a record £157.2bn from VAT bills in in the last tax year, a 55 per cent jump on the £101bn collected in 2020/21, after businesses were forced to make up for VAT payments they deferred during the pandemic. Accountants have said that HMRC’s VAT income has risen sharply after the rate of VAT paid […]