Personal Tax

Latest news

Image for hmrc owed ps238m after law firm collapse

Tax | HMRC owed £2.38m after law firm collapse

Conveyancing law firm Alexander Grace Law went bust in June following a winding up petition from HMRC due to a £2.38m unpaid tax bill and further debts of £4.3m

9 Oct 2023

Tax | 250k taxpayers filed self assessment return early

Almost 250,000 people filed a self assessment tax return in the first week of the tax year, up by 100,000 since 2018

6 Oct 2023

Tax

Personal Tax

Tax Planning

Image for claims about private equity tax position nonsense says hmrc

Tax | Claims about private equity tax position ‘nonsense’, says HMRC

HMRC has strongly rejected claims by the Good Law Project that private equity managers have not been paying enough tax on their earnings, describing them as ‘nonsense’

6 Oct 2023

Tax

Personal Tax

HMRC

Image for national living wage increase minimum ps11

Tax | National living wage to increase to minimum £11

The Chancellor has told delegates at the Conservative Party conference that he plans to increase the hourly national living wage to at least £11 from next April

2 Oct 2023

Tax

Personal Tax

Politics

Image for 5 october deadline register self assessment tax returns

Tax | 5 October deadline to register for self assessment tax returns

Taxpayers who have earned non PAYE income during the last tax year need to register for self assessment by 5 October

2 Oct 2023

Tax

Personal Tax

Tax Compliance

Image for sentiment abolish inheritance tax grows

Tax | Sentiment to abolish inheritance tax grows

More than half of the public support the idea of abolishing inheritance tax completely, despite the tax only impacting 27,000 estates a year

2 Oct 2023

Tax | High tax burden sees government raise extra £100bn

The government will raise upwards of £100bn more in tax revenues next year, equivalent to around £3,500 more per household

29 Sep 2023

Tax | Tax returns for self employed: tips and advice

Les Roberts, business comparison expert at Bionic explains what small businesses need to keep in mind when completing self assessment tax returns

28 Sep 2023

Tax

Personal Tax

Tax Compliance

Image for qa tax sparing relief bank interest foreign savings account

Tax | Q&A: tax sparing relief for bank interest on foreign savings account

In this week’s Q&A, Stuart Farmer, apprentice tax advisor at Croner-I, explains that a UK resident in receipt of interest payments from saving account in India may not be liable for tax due to double taxation agreement

26 Sep 2023

Tax | Sunak to consider cutting inheritance tax

The UK government is reportedly considering a cut to inheritance tax (IHT) ahead of the next general election, despite being forecast to raise around £7.2bn in 2023/24

25 Sep 2023

Tax | How to reclaim emergency tax on pension drawdowns

HMRC has issued guidance on how to claim back a refund in the current tax year on an overpayment of tax when a pension has been flexibly accessed

22 Sep 2023

Tax | Tax take up nearly £20bn this year

HMRC collected a total of £60.7bn in tax in August 2023, marking a £19.8bn hike on last year’s six-month performance, with inheritance tax continuing to fill Treasury coffers

21 Sep 2023

Tax | Horizon postmaster payments exempt from inheritance tax

Compensation payments for victims of the Horizon accounting scandal will be exempt from inheritance tax

20 Sep 2023

Tax | Two weeks to register for self assessment tax returns

HMRC is reminding anyone who is new to self assessment for the 2022 to 2023 tax year to register with HMRC by 5 October or face penalties

19 Sep 2023

Tax | Tax on biggest polluters could raise £12.6bn a year

Higher taxes on the UK’s biggest polluters such as fossil fuel companies, frequent fliers and super yacht owners could have raised up to £12.6bn last year, claims Oxfam

18 Sep 2023

Tax

Business Tax

Personal Tax

Image for inheritance tax added hmrc performance dashboard

Tax | Inheritance tax added to HMRC performance dashboard

Inheritance tax has been included on HMRC’s service dashboard for the first time, while marriage allowance claims are taking at least three months to deal with

14 Sep 2023