Welcome to the July 2025 Newsletter from Walsh & Co
The Low Incomes Tax Reform Group (LITRG) has urged taxpayers to check their HMRC online account following an attempt by fraudsters to make false tax refund claims. HMRC is contacting those affected with information on how they can regain access to their accounts.
HMRC system attack is a timely reminder to keep personal data safe
Taxpayers are being urged to check their online HMRC account after scammers attempted to defraud the tax authority using individuals' data and login details.
The Low Incomes Tax Reform Group (LITRG) is also reminding people of the importance of being vigilant and taking care of personal data.
HMRC recently announced that criminals had targeted the online tax accounts of nearly 100,000 taxpayers to try to make false tax refund claims.
In some cases, HMRC has said that criminals gained people's login credentials and made use of existing online tax accounts. But, in others, they gained personal data that enabled them to set up new online tax accounts via the Government Gateway.
HMRC has locked down the compromised accounts as a precaution. It is writing to those affected with details on how they can regain access to their accounts.
Joanne Walker, Technical Officer at LITRG, said: 'HMRC has confirmed that it was the victim of online scammers who tried to defraud it of money using the details of individual taxpayers.
'While HMRC says this attack has not resulted in any tax-related financial loss for individual taxpayers, it is a timely reminder that fraud is an ongoing threat.'
IN THE NEWS
Tax gap estimated at 5.3%
The tax gap estimate was 5.3% for the 2023/24 tax year, according to the latest data from HMRC.
Click here for the full story
Third of businesses planning job cuts due to NI rise
Research carried out by market research firm Censuswide has revealed that a third of business owners are planning to cut jobs as a result of rising employer National Insurance Contributions (NICs).
Click here for the full story
Global economy set for weakest run since 2008, warns World Bank
Heightened trade tensions and policy uncertainty are expected to drive global growth down to its slowest pace since 2008, according to the World Bank's latest Global Economic Prospects report.
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Economists warn tax hikes likely in the autumn
Following the 2025 Spending Review, experts have warned that Chancellor Rachel Reeves will have to raise taxes in the Autumn Budget to fill a shortfall of up to £23 billion.
Click here for the full story
FCA in international crackdown on unlawful finfluencers
The Financial Conduct Authority (FCA) joined forces with nine international regulators for a week of action to combat the risks of finfluencers on social media.
Click here for the full story
ESSENTIAL TAX DATES FOR JULY
5 July
Deadline for applying for a PAYE Settlement Agreement for 2024/25.
6 July
Deadline for forms P11D and P11D(b) for 2024/25 to be submitted to HMRC and copies to be issued to employees concerned.
Deadline for employers to report share incentives for 2024/25.
14 July
Due date for income tax for the CT61 period to 30 June 2025.
19 July
Class 1A NICs due for 2024/25.
PAYE, Student loan and CIS deductions due for the month to 5 July 2025.
PAYE quarterly payments are due for small employers for the pay periods 6 April 2025 to 5 July 2025.
31 July
Second payment on account 2024/25 due.
QUOTE OF THE MONTH
'Hardworking people across the UK deserve their pensions to work as hard for them as they have worked to save, and our reforms will deliver a huge boost to future generations of pensioners.'
Liz Kendall, Work and Pensions Secretary, commenting on the government's introduction of the Pension Schemes Bill, which it says will make pensions easier to understand and manage as well as drive better value over the long term.
ON OUR WEBSITE
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