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.
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 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).
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 are being warned about scam or “phishing” emails sent out by fraudsters in the run-up to the 31 July renewal deadline.
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.
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.
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.
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.
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.
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).
From this week, HM Revenue & Customs (HMRC) are starting to issue tax reconciliations to millions of employed taxpayers and pensioners for 2013/14.
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.
As the fifteenth anniversary of ISAs approaches, the next tax year’s annual ISA allowance of £15,000 is likely to encourage savers and, with interest rates remaining low, stocks and shares ISAs are looking increasingly attractive.
The UK bingo industry has welcomed last week’s Budget tax cut and announced plans to reinvest the savings in jobs and revitalising the sector.
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