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Tax News

Gone phishing - 75,000 fake tax refund emails reported

HM Revenue and Customs (HMRC) is warning taxpayers to be on their guard against fraudulent phishing emails, after almost 75,000 fake emails were reported to the taxman over the last six months.

Chancellor abolishes 55% tax on pension funds at death

People with defined contribution pension savings will no longer have to worry about their pension savings being taxed at 55% on death.

Families urged to review life insurance

An urgent review of life insurance policies is being called for after the figures from HM Revenue & Customs (HMRC) revealed bereaved families are being hit with unnecessary Inheritance Tax (IHT) bills totalling up to £216 million.

Get your tax up to date during Second Incomes amnesty

Following the launch of HMRC’s latest tax amnesty, a Leicester-based accountant is encouraging those with a second, undeclared income to make contact with HMRC now in order to minimise penalties later on.

UK families get second chance on tax credits thanks to strike action

UK families who have yet to renew their tax credits should make the most of the deadline extension HMRC has given them after the Public and Commercial Services Union announced strike action, says ACCA (the Association of Chartered Certified Accountants).

Families in the UK unaware of tax breaks that could benefit children

UK families could be using simple tax breaks to save for their children in the future, but many parents are not aware of how they could be saving on tax, says ACCA (the Association of Chartered Certified Accountants).

Tax credits claimants warned over scam emails

Tax credits claimants are being warned about scam or “phishing” emails sent out by fraudsters in the run-up to the 31 July renewal deadline.

12.5 million paying “too much tax” on savings and investments

More than one in every four adults in the UK (26%) are paying too much tax on savings and investments, says financial services provider NFU Mutual.

Self-employed still miscalculating their tax

The self-employed spend up to six months* of their working lives dealing with tax matters such as calling HMRC, sifting through receipts and trying to work out what are classed as allowable expenses, according to new figures.

Beware of Budget tax trap on pension withdrawals

The Budget announced unprecedented flexibility and choice in how people can use their pension savings in the future. From April 2015, people over 55 can choose to withdraw their pension savings as they wish, although this will be subject to their marginal rate of income tax in that year.

Tax takes a 30 per cent bite out of pensioner income

The average retired household pays out 30 per cent of its annual income in a combination of direct and indirect taxes, according to new analysis of Government data by Prudential.

Tax Freedom Day - could we be celebrating earlier?

Andy Zanelli, head of retirement planning, AXA Wealth, comments on calculations from the Adam Smith Institute that show the average UK tax payer will hand HMRC 148 days of their salary in tax payments.

Taxpayers won’t notice two day tax freedom bonus

The majority of UK taxpayers won’t notice the fact that Tax Freedom Day, calculated each year by the Adam Smith Institute as the day UK taxpayers stop paying the government taxes and start earning money for themselves, is two days earlier than in 2013, says ACCA (the Association of Chartered Certified Accountants).

Charity issues guide to help taxpayers pay the right amount

From this week, HM Revenue & Customs (HMRC) are starting to issue tax reconciliations to millions of employed taxpayers and pensioners for 2013/14.

Government to take direct action to recover tax and tax credit debts

The government is consulting on proposals to recover tax and tax credit debts from businesses and individuals that are able but are actively refusing to pay what they owe.