In the news: February 2025

‘There are many young people who are not aware they have a Child Trust Fund. Their parent or guardian may not have taken up the government’s offer when they were born, but HMRC would have opened an account on their behalf.’

Joanne Walker, CIOT’s Low Incomes Tax Reform Group, quoted in Daily Express, 15 November

‘The Association of Taxation Technicians revealed last year that 16,000 student loan holders have been overcharged hundreds of pounds because the self-assessment system could not tell the difference between payroll benefits and PAYE income.’

Daily Telegraph, 25 November

‘Analysis by the Chartered Institute of Taxation suggested a worker earning £25,000 or less would be only £5.41 better off as a result of the changes. Those earning more than £30,318 will get an extra £14.51, meaning they pay £28.27 less in income tax if they live elsewhere.’

The Times, reporting on the Scottish Budget, 4 December

‘Freezing the higher, advanced and top rate thresholds is likely to mean that fiscal drag brings more people into these bands as wages rise.’

Sean Cockburn, chairman of CIOT’s Scottish technical committee, in the Daily Mail on the Scottish Budget, 4 December

‘Despite the country’s tax gap falling to a historic low of 4.8% in 2023-24, HMRC has struggled to meet customer service needs, ICAEW and the Chartered Institute of Taxation said following the publication Wednesday of a six-week study on the tax authority’s customer service performance.’

Bloomberg Tax, 12 December

‘The key thing is making sure you keep really good records. It’s also just making sure you set aside enough money for tax, so when you come to pay the tax at the end of the year you’ve got some money to pay for that.’

Helen Thornley, ATT Technical Officer, offering advice on BBC Radio 4’s Money Box to those with ‘side hustles’

‘I think the key message for taxpayers is not to panic – selling some unwanted Christmas gifts or clothes the kids have grown out of is unlikely to mean they have tax to pay.’

Emma Rawson, ATT director of public policy, in the Daily Telegraph on reporting rules for online selling platforms, 2 January