Personal tax

Tax laws need to be reformed so that they are open, transparent and pose less of a burden to smaller businesses and entrepreneurs.

Plans by HM Revenue and Customs (HMRC) to upgrade the IT system that is used to handle PAYE tax and national insurance details could result in temporary interruptions to the service.

HM Revenue and Customs (HMRC) is to launch a new campaign aimed at reclaiming the tax payable on undeclared funds kept in offshore accounts.

People are experiencing increasing delays in the time it takes for refunds of overpaid taxes to be made, it has been claimed.

The economic downturn looks set to reduce dramatically the proportion of people who pay income tax at the 40 per cent rate.

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