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A VAT questionnaire for ghosts and moonlighters

A VAT questionnaire for ghosts and moonlighters

HMRC’s Hidden Economy Teams (HETs) search for individuals and businesses who illegally evade tax and VAT as ‘ghosts’ and ‘moonlighters’. Ghosts operate unseen in the hidden economy until HMRC track them down, whilst moonlighters can often be known to HMRC and may be declaring one source of income, but hiding another. HMRC has produced a […]

Inheritance Tax Surge

Inheritance Tax Surge

 Inheritance Tax receipts surge The latest official figures from HMRC show total inheritance tax receipts are up by 6% to £11.2bn on the same time last year and are rising faster than at any time since 2010. NFU Mutual said IHT receipts have risen by over 20% in the first four months of the tax […]

Average UK family’s tax bill hits £25k

A study by the Tax Payers’ Alliance has determined that the average household contributed £24,781 in tax in the financial year 2016/17, a rise of £1,500 on the year before. John O’Connell, chief executive of the TaxPayers’ Alliance, commented: “With the tax system more complicated and opaque than ever, it’s time for fundamental reform to […]

Happy Tax Freedom Day!

Happy Tax Freedom Day!

Summer is here and at long last we have reached Tax Freedom Day ! The Taxpayers Alliance and Adam Smith Institute has calculated how much of the year the average taxpayer needs to work in order to contribute their share of the total tax burden before we can start earning for ourselves. This year, it […]

The £1.85trn debt black hole

The £1.85trn debt black hole

The government is currently sitting on a £1.85trn “hidden debt time bomb”, much of which is due to public pension liabilities, according to free-market think tank the Adam Smith Institute. Out of £1.3trn in liabilities owed by public-sector pension schemes, 93% are currently unfunded – meaning that instead of putting money aside today to cover […]