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Tax News

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.

Tips to spring clean your finances for new tax year

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.

Budget bingo tax cut to create and save hundreds of jobs and revitalise industry

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.

Employers urged to file Pay As You Earn returns

More than 70,000 employers are being urged to send employees’ Pay As You Earn information in real time or face penalties, HMRC has announced.

New TaxFacts app from Legal & General

Legal & General has announced the launch of a free to download tax app for smart phones and tablets.

Small businesses urged to cash in with simpler accounting

Small businesses are being urged to consider a scheme that allows them to be taxed on money that flows in and out of their business, rather than using full accounting rules.