Monday and Tuesday 'lost' to taxman
Wednesday morning at 9.31am is the time UK workers stop generating money for the Treasury's coffers and begin to earn for themselves, according to new research.
Wednesday morning at 9.31am is the time UK workers stop generating money for the Treasury's coffers and begin to earn for themselves, according to new research.
Link: ‘Tax freedom’ a day later
The calculation that Monday and Tuesday are ‘lost to the tax man’ is the brainchild of a new pressure group called the TaxPayers’ Alliance, christened the ‘Tax-O-Meter’.
The group also claimed a further 12 minutes would be spent on the taxman’s time by next year.
The idea is the latest bid to provide people with a tangible sense of their contribution in an era of ever more complicated taxation. It follows ‘Tax Freedom Day’, which calculated that people’s tax burden was the equivalent of all their earnings up to 2 June.
Gabriel Stein, a member of the TaxPayers’ Alliance advisory council, said: ‘The Treasury hates Tax Freedom Day because it makes the level of taxation understandable to people without PhDs in Economics. They will also hate the Tax-O-Meter because it will remind hard-working taxpayers every week how high their tax burden is.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article