Government announces help for those in tax reclaim debacle
The UK government has today stepped forward to confirm that those sent tax demands for figures under £300 will have them waived and those owing larger figures will have three years to pay it back in full. This comes after a number of Conservative, Labour and Liberal Democrat MPs stepped forward to suggest that those on lower incomes were set to suffer the greatest hardship because of problems with records at HM Revenue and Customs.
This comes on the same day that it was revealed that over 17 million additional tax discrepancies have yet to be addressed which could result in yet more tax demands in the short to medium term. Aside from the fact that the UK government has been starved of billions upon billions of pounds these tax demands come at a time when many people in the UK are literally living from hand to mouth. The UK government has very little in the way of funding to offer additional support but will be forced to offer further assistance if the situation deteriorates further.
This will further strengthen the UK government's demands for a simplification of the UK taxation system, something which the conservative party has been very much in favour of for some time.
Share this..
Related stories
EU ruling does not bode well for Lloyds and Royal Bank of Scotland
EU regulators have today confirmed that Dutch bank ING will need to down size its balance sheet in order to take account of state aid which was received when the company was in dire straits. This comes at a time when Lloyds bank and Royal Bank of Scotland are awaiting a ruling on UK government state aid and any potential reduction in the size of the businesses and any asset disposals.
Read More
How long we will we have to pay for the credit crunch?
Tomorrow's budget will be a shock for many in the UK with the public-sector budget set to be slashed and taxes set to increase across the board. We have all seen the headlines, we have all heard the doom and gloom from the experts but tomorrow will be a very different day, when reality kicks in and we realise that we will be paying for the credit crunch for many years to come. It is difficult to a...
Read MoreTax avoidance adding to UK tax rate
The Treasury has announced that the basic rate of tax could be cut by 2p if people paid the tax they were obliged to. In many cases it is thought that everyone else picks up the tab when the wealthy avoid their obligations. Such avoidance is within the laws of the UK tax rules in many cases, and exploits loopholes that allow individuals to pay a minimum amount of tax on earnings. An example of...
Read MoreBudget Headlines : From April 2009 child tax credit up £20
From April 2009 child tax credit up £20...
Read MoreDavid Cameron opens up UK government books
David Cameron has opened up UK government books to the public today in a statement which will horrify the vast majority of the UK population. It is estimated that the UK sovereign debt will touch £1.4 trillion over the next five years which equates to £22,000 for every citizen in the country. If this isn't bad enough the government is also predicting that annual interest charges on the massive d...
Read More