Tax
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.
What you need to know about inheritance tax
Inheritance tax has hit the news recently. With house prices rising, thousands may be stung with tax bills as more and more people enter the inheritance tax bracket for the first time.
Don’t be caught out by inheritance tax due to property price rise
Significant rises in the property market over recent years are pushing many people – perhaps unwittingly – into larger inheritance tax bills, according to Towry, the wealth adviser.
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.
London and South East pays majority of UK inheritance tax
Estates liable for inheritance tax in the UK in 2010-2011 faced a bill of nearly £166,000 on average, according to new analysis of HMRC data by Prudential.
Don’t forget to spend after you’ve saved
After a lifetime of saving for their future and with rising long-term care costs, it is not surprising that many reach retirement and continue to focus on protecting their finances, instead of enjoying their money.
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.