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The Latest Breaking News from Tax Return

Rachel Reeves hikes fines for paying tax returns late

About 1.1 million people missed the deadline to file their self-assessment tax return in 2024, according to HMRC.

The Independent UK

Side hustles: threshold for having to fill in UK tax return to triple to £3,000

Change affecting up to 300,000 people does not mean they will pay less tax and may not happen, in theory, until 2029

The Guardian - UK

When does the new financial year start and what does it mean for businesses?

Increased labour costs are incoming but there’s more for SME owners and sole traders to be aware of

The Independent UK

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Good news: Latest data shows you might get a bigger tax refund this year

The average time between filing and receiving a tax return is 21 days, according to an analysis of this year’s tax data

The Independent UK

Hollywood’s go-to celebrity tattoo artist pleads guilty to not reporting over $600,000 to the IRS

‘Winter admitted in court today that he knew he was required to report all his income but wilfully lied about it on his tax returns’, stated the DOJ

The Independent UK

Influencers have trouble figuring out their tax obligations − and with good reason

The Internal Revenue Service hasn’t issued comprehensive guidance on how the estimated 27 million Americans earning income as influencers should report their income and expenses on their tax returns. That’s leaving people who either make a living or supplement their income by endorsing products and services on social media platforms…

The Conversation

Tax refund loans can provide quick cash, but there's also risks

Tax refund loans provide fast cash while you wait for the rest of your refund, but tax preparation costs can outweigh the benefits.

Chicago Sun-Times

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Do US Expats Need to File Taxes? Here's What the IRS Requires

For many Americans living abroad, the question of whether they need to file US taxes can be confusing. Unlike most other countries, the United States taxes its citizens based on citizenship rather than residency.

inkl

HMRC issues £900 fine warning over tax returns after interest cut

HMRC has cut the interest rate on late payments in response to the Bank of England's recent base rate cut

Evening Standard

Why You Should Take Extra Care With Your Tax Return

You can minimize your tax bill and avoid unwanted attention from the IRS by watching out for common errors and oversights.

Kiplinger

Does Australia Tax Lottery? An Analysis of the Receivables and Tax Treatment

I have some good news for all the Australians who like to play the lottery. If you are lucky enough to win big in Australia, then you get to keep all of your winnings. There is no tax on lotteries in Australia.

inkl

It’s tax time, and that means you might be receiving new or unfamiliar IRS 1099 tax forms. Our guide explains them all.

Have you received a 1099 tax form that you don’t understand? Our guide describes the basics of the nearly two dozen different 1099 forms used to report income to the IRS.

Fortune

Can't pay your taxes? Here's what to do

While it’s tempting to avoid your tax bill, that will make your situation much worse

Salon

Over 1 Million Britons To Pay At Least £100 Penalty To HMRC For Missing Tax Returns Deadline

HMRC also notes that there are additional penalties for paying late—5% of the tax unpaid at 30 days, 6 months, and 12 months.

International Business Times UK

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Evening Standard

11.5m taxpayers file returns on time but 1.1m face charge after missing deadline

Thousands of people submitted their tax return with just minutes left to go before the deadline, according to HM Revenue & Customs.

Evening Standard

Rachel Reeves unaware former chancellors had published tax returns

The Chancellor had initially ruled out publishing her tax returns, but has now said she is ‘very happy’ to do so.

The Independent UK

Rachel Reeves will publish tax return in U-turn hours after refusing to do so

Chancellor said after delivering speech on growth she had no plans to release her tax returns

Evening Standard

Rachel Reeves will publish a tax return after saying she had no ‘plans to do so’

A Treasury spokesperson indicated that Ms Reeves will publish details on her finances.

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news in one place.

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The Independent UK

Rachel Reeves refuses to publish tax return

The Chancellor said she had no plans to release information on her personal finances, but Downing Street confirmed the Prime Minister would.

The Independent UK

Mistakes to avoid on your tax return as Martin Lewis issues warning over delays

The Money Saving Expert founder cautions against leaving it until the last moment - and over child benefit allowances

The Conversation

England’s maths teacher recruitment problem is set to worsen

Everyone should leave school with a solid understanding of maths. Decent mathematics literacy is a hugely important skill in many aspects of life. We need it when budgeting for a weekly shop, asking for a pay rise and completing a tax return.

Fortune

How to file your taxes online

The IRS begins accepting your 2024 tax returns today, and there are more e-filing options than ever before.

Kiplinger

Tax Season 2025 Is Here: Key IRS Changes to Know Before You File

Tax deductions, tax credit amounts, and some tax laws have changed since you filed your last federal income tax return.

The Independent UK

3.4m people have until end of January to file tax returns

Around 8.6 million people have already filed their 2023-24 tax return, HMRC said.

The Independent UK

Do I need to declare bitcoin and other cryptocurrency profits on a self assessment tax return?

If you’ve sold NFTs, dabbled in doge or got paid in bitcoin, it all needs to be accounted for with HMRC

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