The explosion in 'tax refuseniks' has encouraged speculation that a tax amnesty will be introduced in next week's Budget, according to online tax advisory service, virtuallyanywhere.co.uk.
According to a spokesman: ‘Self-Assessment problems are mounting as the new tax system is increasingly seen as a licence for tax evaders. This has encouraged speculation that there may be a limited tax amnesty introduced in the forthcoming budget.’
The advisory service said Revenue figures confirm that 1.2m taxpayers missed the 31st January deadline for filing 1998/9 tax returns, bringing the total of taxpayers who have ignored filing deadlines since self assessment was introduced in 1996/7 to more than 3m.
With some 350,000 returns still outstanding for 1997/8 and earlier, there is evidence of an increasing number of ‘tax refuseniks’ opting out of the system, the spokesman added.
The numbers you crunch tell a story. Your expertis...
24yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC 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