Personal Tax

Think tank urges for single 30% income tax rate

A new single income tax rate of 30 per cent should replace and abolish eight different taxes, a report by a Government think tank has said.

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Confusion over PPI compensation and tax liability

Individuals receiving compensation for mis-sold payment protection insurance (PPI) are unaware they may be liable to pay tax on awarded payments, after HMRC clarified its position on PPI and taxation.

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Millions of taxpayers in line for early tax refund

HMRC has confirmed that more than three million tax refunds are to be sent out as of next week - two months earlier than previous years - due to an earlier review of the amount of tax paid for 2011/12 via the Pay As You Earn (PAYE) system.

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Tax tests for contractors criticised

HMRC has come under fire over the release of new guidance for contractors and freelancers on the complex tax legislation IR35.

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HMRC campaign deadlines approach for electricians and online traders

The deadlines for HMRC's latest tax campaigns for electricians and online traders are approaching.

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Scotland Act 2012 given Royal Assent

Scotland is to be handed new powers in setting its own rate of taxes and legislation after the Scotland Bill was given Royal Assent.

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12,000 sent incorrect tax penalty notices from HMRC

HMRC has apologised to more than ten thousand people who were wrongly sent penalty notices after it believed they had failed to file self assessment tax returns.

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HMRC apologises for slip in contact centre service

HMRC has apologised after callers were unable to get through to call centres in the days following the Easter weekend, blaming 'extremely high levels of calls' from taxpayers.

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Treasury report criticises Budget reforms and quantitative easing

The Government should do more to warn savers about the effects of 'loose' monetary policies, including quantitative easing (QE) and low interest rates, which have damaged pension savings; a Treasury Committee report on the Budget has found.

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Treasury figures reveal extent of tax avoidance

Six per cent of the UK's wealthiest individuals earning more than £10 million pay less than 10 per cent in tax, widely speculated figures released by the Government have revealed.

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