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This quarter we consider the National Audit Office report on the quality of HMRC service. It highlights some serious shortcomings particularly in their dealings with individuals' personal tax affairs which could have resulted in overpayments of tax.
With reductions in the rates of capital gains for most types of assets we consider the way in which the new rates will be applied.
Another new tax rate to consider is the Savings Allowance. This applies a 0% tax rate for up to £1,000 of a basic rate and £500 of a higher rate taxpayer's income. The new rules have meant generally a change to the way in which interest is paid from net of the basic rate of tax to gross.
We also review the possible implications of Brexit and in particular areas of taxation which may be affected over the coming years.
The Office for Tax Simplification has been considering the closer alignment of tax and National insurance. We consider their proposals to simplify this complex system.
The Pensions Regulator has issued some exceptions for directors under pensions auto enrolment. We look at the circumstances where the exceptions could apply.
In other articles we consider two areas for businesses, one concerning the tax deductibility of parking fines. A recent case illustrates the point that these fines are rarely deductible. We also report on recent guidance on business cyber security.
Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we would welcome your feedback.
06 Feb 2024
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
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