Category: tax
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UK jobless rate edges higher as Reeves’s tax rise stalls hiring
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Unemployment rates rose in the UK while the number of job vacancies fell to their lowest level in more than three years, suggesting employers have pulled back on hiring after Chancellor Rachel Reeves’ October budget raised National Insurance contributions. New figures from the Office for National Statistics (ONS) show the…
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Businesses using AI to file R&D tax claims risk HMRC rejection
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Businesses that rely heavily on artificial intelligence (AI) to prepare their research and development (R&D) tax claims could find their claims rejected by HMRC if the process lacks human oversight. That’s the warning from Blick Rothenberg, a leading audit, tax and advisory business. The government’s recently announced AI Opportunities Action…
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How Tax Debt Is Divided During a Divorce
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A woman is going through a divorce and is considering splitting tax debts. SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. Dividing tax debt during a divorce depends on when the debt was incurred, state laws, and other factors. Responsibility for back…
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Vanguard to pay $106 million in SEC accord after saddling investors with big tax bills
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Written by Chris Prentice and Jonathan Stempel (Reuters) – Vanguard Group will pay $106.4 million to settle U.S. Securities and Exchange Commission charges alleging it failed to disclose important tax information about its popular target-date funds, leaving hundreds of thousands of ordinary investors on the hook for inflated tax bills.…
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Vanguard to pay $106 million in SEC accord after saddling investors with big tax bills
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Written by Chris Prentice and Jonathan Stempel (Reuters) – Vanguard Group will pay $106.4 million to settle U.S. Securities and Exchange Commission charges alleging it failed to disclose important tax information about its popular target-date funds, leaving hundreds of thousands of ordinary investors on the hook for inflated tax bills.…
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Nvidia in advanced talks in Israel over new tax benefits
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Leading global technology companies, led by Nvidia, are currently in advanced talks with the Israeli Ministry of Finance regarding innovative tax arrangements in Israel, Globes has learned. In the talks, chip giant Nvidia proposed a unique arrangement — raising Israel’s tax rate to 9% on activity, a move that could…
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Supermarket giant Morrisons backs farmers as inheritance tax row lands blow to Starmer
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In a setback for Prime Minister Sir Keir Starmer, one of Britain’s largest supermarkets has announced its public support for farmers opposed to the government’s planned inheritance tax (IHT) reforms. Sophie Throop, head of farming at Morrisons, posted a video message on X (formerly Twitter) declaring the retailer’s solidarity with…
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Rachel Reeves weighs a ‘hotel tax’ as treasury battles to fill funding gap
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Britons and foreign visitors may soon find themselves paying a “hotel tax” on every night they stay, under Treasury proposals designed to shore up the public purse as borrowing costs continue to rise. The potential tax, part of “modeling exercises” being carried out by officials, mirrors tourist taxes in countries…
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New tax checks on side hustles like eBay and Vinted risk confusion over different reporting periods
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HM Revenue & Customs is stepping up its scrutiny of “side hustle” earnings, requiring online platforms such as eBay, Vinted and Airbnb to provide information on users’ 2024 income by the end of this month. However, concerns have been raised that the discrepancy between the UK tax year (April to…
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Firms slash jobs at quickest rate in four years following budget tax hikes
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Companies shed jobs at the fastest pace in four years last month after rising staffing costs and growing uncertainty from the fall budget dented confidence, according to the latest S&P Global data. Excluding pandemic-era figures, the decline in headcount was the steepest in more than 15 years, with nearly a…
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UK manufacturing chills as tax rises stifle demand
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Looming tax rises and persistent cost pressures are sending a ‘winter chill’ into Britain’s factories, as new data reveals the weakest growth in the manufacturing sector in 11 months. The final global Purchasing Managers’ Index (S&P) for December fell to 47 – down from 48 in November and below the…
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5.4 million yet to file self-assessment tax returns, warns HMRC
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Millions of people across the UK are at risk of penalties after HMRC revealed that 5.4 million taxpayers have yet to submit their self-assessment tax returns. With the January 31 deadline fast approaching, HMRC has urged anyone who has not yet applied to do so immediately to avoid hefty fines.…
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HMRC calls on businesses to come clean about accidental R&D tax overclaims
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HM Revenue & Customs (HMRC) has introduced a new disclosure service for companies that inadvertently overstated research and development (R&D) tax relief and failed to amend their returns. The move underscores the Government’s intensified crackdown on abuse of the scheme, which is said to have cost the Treasury more than…
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Shops and restaurants brace for record employment tax surge after Reeves’s budget raid
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Retailers and hospitality businesses are seeing an unprecedented rise in employees’ tax bills this year, due to Chancellor Rachel Reeves’ decision to increase employers’ National Insurance contributions coupled with the minimum wage rising above inflation. New figures compiled by the Center for Policy Studies (CPS) show that the annual cost…
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Tesla only EV in Israel to raise prices after tax hike
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The wave of car price hikes began in Israel, after the Knesset approved changes to the car tax at the last minute. After increasing the purchase tax on electric cars from 35% to 45% and reducing the ceiling on tax benefits, car importers publish updated price lists for 2025, which…
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Online traders face crucial HMRC deadline as eBay sellers risk large tax bills
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Leading audit, tax and business advisory firm Blick Rothenberg has warned that eBay sellers and other online traders could face significant tax demands if they fail to register for self-assessment by the end of the year. Under new reporting rules, platforms such as eBay must provide HMRC with details of…
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High street job losses climb to 170,000 amid rising tax burdens
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The UK’s struggling high streets have lost nearly 170,000 retail jobs this year – the biggest annual toll since pandemic lockdowns in 2020 – as stores face higher taxes, rising costs and weak consumer spending. Figures from Altus Group and the Center for Retail Research (CRR) reveal a 42 per…
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Over 4,000 Brits tucked into their tax return on Christmas Day
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New figures from HMRC have revealed that more than 40,000 individuals found time between a turkey dinner and lodging their 2023-24 self-assessment tax return over the festive period. While many were eating leftover Christmas food or gathering around the television, 4,400 people submitted their returns online on Christmas Day itself.…