Company directors who attempt to “sidestep” their tax liabilities by forcing their company into insolvency will face tougher penalties from next year.
Making Tax Digital (MTD) was launched in April 2019 for VAT. Now, hundreds of thousands of VAT-registered businesses who are above the VAT threshold of £85,000 are recording and reporting their accounts digitally to HM Revenue & Customs (HMRC).
According to the latest research from the Post Office, just under half (46 per cent) of workers have never checked their personal tax accounts.
Self-employed taxpayers may be failing to claim on average £1,687 in tax-deductible expenses, a new report has revealed.
Bankers and insurance brokers face a bigger income tax burden than ever before, accounting for more of the Governments largest source of tax revenue than any other industry.