The bankers’ bonus tax has raked in more than £3.4bn, the taxman has
thought the clampdown would raise £550m, but HMRevenue & Customs
confirmed the haul in its latest update for the UK’s tax receipts.
The government promised the banking industry that the levy, which demanded
50% of bonuses above £25,000, was a one-off.
However, deputy prime minister Nick Clegg has threatened a second emergency
tax on bank bonuses if bankers award themselves “unjustified” payouts in the
approaching bonus season.
The sum collected from bonuses is close to half of the £7.7bn HMRC collected
in UK VAT receipts during August.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...