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1 week ago | 
accountancydaily.co | Will Drysdale
The Prime Minister paid over 35% in income tax in the 2024 tax year, while his deputy paid an effective rate of 25%Downing Street has published a summary of Keir Starmer, Rachel Reeves and Angela Rayner which details the salaries of each of the Labour Party members, and any additional income.
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4 weeks ago | 
accountancydaily.co | Will Drysdale
Inflation has fallen from 3% to 2.8% for February but big price rises are baked in for April meaning any relief will be short lived and half the data was not analysed yetThe unexpected fall could give Rachel Reeves a modicum of comfort as she faces her first Spring Statement speech and was just below economists’ predictions. New predictions from the Office for Budget Responsibility (OBR) show inflation will hit a peak of 3.8% in July, then not returning to the 2% target until at least Q2 of 2026.
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1 month ago | 
accountancydaily.co | Will Drysdale
Taxpayers facing the high income child benefit charge will no longer have to do a tax return from this summer as HICBC will be deductible through PAYE earningsFrom August 2025, employed individuals earning over £60,000 and falling under high income child benefit charge (HICBC) will be able to report their family’s child benefit payments through a new HMRC online service.
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1 month ago | 
accountancydaily.co | Will Drysdale
The Russian subsidiary of top six law firm Herbert Smith Freehills has been given a £465,000 penalty for breaching Russian sanctions due to ‘human error’ after self-reporting to the OFSIThe penalty was imposed by the Office of Financial Sanctions Implementation (OFSI) against the Moscow subsidiary of the firm, which operates as Herbert Smith Freehills (CIS) LLP.
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1 month ago | 
accountancydaily.co | Will Drysdale
The government plans to halve the total of 20,000 credit cards given to civil servants to clamp down on ‘wasteful spending’ and told senior staff to take disciplinary actionCabinet Office minister Pat McFadden has accused users of 20,000 procurement cards issued to civil service staff of ‘wasteful spending’, cancelling the majority of the cards after the annual spend has quadrupled in just four years.
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1 month ago | 
accountancydaily.co | Will Drysdale
GDP dropped by 0.1% in January after nearly half a percent growth in December as the Spring Statement edges closer The accounting sector was one of the only positive growth areas in January, growing by 12.4% on the month to £4.1bn, which saw the services sector grow by 0.1% overall. This may come as no surprise as January is notoriously a busy month for accountants, but compared to January 2024, this January was up by 4.7% (£3.8bn in January 2024).
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1 month ago | 
accountancydaily.co | Will Drysdale
The head of HMRC’s digital operation told delegates how HMRC plans to ratchet up investment in IT services at a co-hosted event from the ICAEW and CIOT at Chartered Accountants HallDaljit Rehal, chief digital and information officer at HMRC was the key speaker at a session on Optimising Digitisation in the Tax Administration with added input from Jonathan Athow, director general of customer strategy and tax design at the 20 Years of HMRC event.
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1 month ago | 
accountancydaily.co | Will Drysdale
Civil service jobs are at risk as PM Sir Keir Starmer urges staff to use artificial intelligence to improve efficiency and shuts down NHS EnglandThe size and efficiency of government departments is under increasing scrutiny, as the government tries to cut costs and search for growth. especially after the number of civil servants has grown by more than 130,000 people since the end of the pandemic.
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1 month ago | 
accountancydaily.co | Will Drysdale
Changes to IR35 off-payroll working rules affected 120,000 contractors and raised an additional £4.2bn in tax in just four yearsHMRC figures showed the clampdown in IR35 raised around £4.2bn in additional tax, National Insurance contributions (NICs), and apprenticeship levy payments with the average person affected paying £10,000 more in tax. From April 2017 the this impacted the public sector, then the private sector from April 2021.
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1 month ago | 
accountancydaily.co | Will Drysdale
Pop star Harry Styles, and one time member of One Direction, has been given strike off notices for three companies he owns for failure to file accountsCompanies House has issued first gazette notices for the compulsory strike off of Erskine Records Ltd, HSA Publishing Ltd and Pleased As Holdings Ltd, companies where Harry Styles is a director.
