Tax News
Deadline looms for tax returns
The 31 January deadline is fast approaching for anyone who hasn't sent in their tax return to HM Revenue & Customs (HMRC).
ISA investors pay an unnecessary £80 a year to the taxman
The IMA has revealed that investors using their full ISA allowance to invest in a property fund pay £80 a year in unnecessary tax, which they would avoid in a tax-efficient fund.
Use those valuable tax breaks this year, says Fidelity
With UK taxes at such high levels, as savers and investors we owe it to ourselves now more than ever to get the full benefit from available tax breaks this year.
Tax Freedom Day will be 30 May 2011
Britons will work for 149 days to pay their taxes in 2011, according to respected free-market think tank the Adam Smith Institute. Every penny earned in the UK between January 1 and May 29 will be taken by the taxman to support government expenditure.
New Year tax return reminder
If you still haven't sent in your tax return to HM Revenue & Customs (HMRC), you need to act quickly to avoid a £100 penalty.
Brits to avoid spending in New Year due to VAT rise
Seven out of 10 Brits will be reconsidering making big purchases next year, such as buying a car, because of the 2.5% VAT increase that comes into effect on 4 January 2011, according to research from price comparison site Gocompare.com.
HMRC Twitter brings in the New Year
HMRC has begun trialling the use of Twitter, in the lead up to the 31 January Self Assessment deadline, with the username @hmrcgovuk.
Know your overseas shopping limits
If you are planning an overseas holiday in the New Year or spending your Christmas money buying goods online from non-EU websites, you need to know how much you can buy without paying import duty or VAT.
VAT surprises highlighted this Christmas
Before the VAT increase hits on January 4 2011, ICAEW is advising us what we do and do not pay VAT on this Christmas.
Get ready for the VAT rise
Businesses are being urged to get ready for January's VAT rise. The standard rate of VAT goes up from 17.5% to 20% on Tuesday 4 January 2011.
Charities missing out on nearly £900 million
Registered UK Charities are losing out on nearly £900 million due to people failing to donate tax-efficiently. Research from unbiased.co.uk, the professional advice website, shows that donors are not making the most of tax breaks and as a result are wasting millions that could be going towards good causes.
VAT is a mystery to one in five Brits
Almost a fifth of the population (18 per cent) don't know what VAT stands for, let alone understand how to budget for the forthcoming VAT rise this January, according to a survey conducted by national charity Citizens Advice.
December tax return alert
HM Revenue & Customs (HMRC) is urging anyone sending their tax return online for the first time to get registered now, in good time before the 31 January deadline.
Student festive helpers could get tax free income gift
Students who work as Santa's helpers, ice rink supervisors and shop gift wrappers are being reminded today that they may not have to pay tax on the income they receive over the festive season.
Government tax avoidance clampdown
David Gauke, Exchequer Secretary to the Treasury, has announced a number of changes to legislation to tackle tax avoidance. Some of these changes will take immediate effect.