#hmrc

#hmrc

The tax collection department says that around 758,000 young adults have yet to claim their child trust funds, worth 2,240 on average. These funds are long-term, tax-free savings set up for every child born between 1 September 2002 and 2 January 2011. The government deposited 250 in each, with those in low-income families or in local authority care receiving an additional 250. Young people can take control of this account at 16 and withdraw funds when they turn 18.

HM Revenue & Customs has relaunched a controversial scheme giving it the power to take money directly from people's bank accounts - including cash Isas - if they repeatedly fail to pay their tax bills. Under the Direct Recovery of Debts (DRD) programme, banks and building societies will be forced to hand over cash owed to the taxman from anyone with debts of at least £1,000. Taxpayers will be allowed to keep a minimum balance of £5,000 to cover essentials,

Rayner said in a statement on Wednesday she had taken legal advice when she bought a 800,000 flat in Hove, which suggested she was liable to pay standard stamp duty, but had then sought further advice from a leading tax counsel after headlines about the arrangement. She learned that the initial advice had been inaccurate and she was liable to pay additional stamp duty.

A huge proportion of the tax gap is attributable to small businesses (60% or approx. £. Sole traders do not have to register with Companies House and it is likely that plenty fly under HMRC's radar. Even small businesses which are companies, although they need to be registered at Companies House, have significant exemptions in the level of detail that they are required to submit in terms of their accounts.

HMRC's Wealthy and Mid-Size Business Compliance team is targeting 'rich' UK individuals, impacting business owners making £200k or owning properties worth £2m.

"It is clear from HMRC's explanation that the crime against HMRC was only possible because of earlier data breaches and cyber attacks."

The investigations by His Majesty's Revenue and Customs (HMRC) concluded between 2015 and 2022, revealing over 7.4 million owed across the UK.

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