Personal Tax

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Tax | Tax planning tips: self assessment returns

Freeagent CEO Roan Lavery provides some handy tips for preparing an annual self assessment tax return to avoid an automatic penalty if the submission is late

23 Dec 2022

Tax | HMRC agent phone lines restricted to ‘complex’ enquiries

HMRC has warned accountants and tax agents that it will only be able to deal with ‘complex’ phone enquiries about self assessment during January

21 Dec 2022

Tax | Accountants blame lack of testing for MTD delay

The decision to delay the rollout of Making Tax Digital for income tax until 2026 could signal complications with the reporting system and lack of effective trials

20 Dec 2022

Tax | Higher rate child benefit charge raises £416m

Over 373,000 taxpayers paid high income child benefit charge, raising £416m, down from £437m the previous year

16 Dec 2022

Tax | Scottish Budget raises tax for higher earners and second home owners

After the Scottish Budget was delayed following a leak to the BBC, John Swinney announced tax rises for higher earners and second home owners

15 Dec 2022

Tax | IFS warns of inheritance tax loophole

The current tax system is allowing people to use their pension pots to avoid inheritance tax and should be changed to allow the government to collect more tax, claims the IFS

15 Dec 2022

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Personal Tax

Pensions

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Tax | HMRC ramps up tax enquiry activity

HMRC continues to increase enquiry activity into tax compliance returning to pre-pandemic levels, if not beyond

13 Dec 2022

Tax | Record £50m in taxes paid via HMRC app

More than 50,000 taxpayers have used the HMRC app to make £50m in self assessment tax payments since February, HMRC has revealed

9 Dec 2022

Tax | One in four set to pay 40% tax rate

Another 742,000 workers could become 40% taxpayers next year due to the tax threshold freeze, pulling nearly a quarter of taxpayers into higher rate tax

8 Dec 2022

Tax | Taxpayer wins HMRC dispute over higher rate child benefit

A taxpayer has won a case at the Court of Appeal over HMRC’s use of discovery assessments to assess whether the higher rate child benefit charge was payable

8 Dec 2022

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Personal Tax

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Tax | Avoid the tax traps when giving money to children

As the cost of living crisis intensifies, shoring up the financial future of your children and other young family members has never felt more important but beware the tax traps, explains Alice Haine, personal finance analyst at Bestinvest

6 Dec 2022

Tax | £100k loan from pension scheme was 'contrived' tax avoidance

The anti-tax avoidance advisory panel has issued an opinion explaining that an unauthorised payment from a registered pension scheme was actually tax avoidance

5 Dec 2022

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Personal Tax

Tax Compliance

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Tax | Director faces £2m tax bill over royalty payments

A director has lost an appeal at a First Tier Tribunal (FTT) after failing to meet an appeal deadline regarding income tax payments

1 Dec 2022

Tax

Personal Tax

Case Reports

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Tax | Taxpayers to lose £391m in unclaimed HMRC deposits

Nearly £400m in ‘unallocated’ deposits from taxpayers using a certificate of tax deposit (CTD) scheme are at risk of being confiscated by HMRC

1 Dec 2022

Tax | Tax avoidance schemes lead to £400m in lost tax

HMRC has confirmed that £400m a year was lost as a result of the use of marketed tax avoidance schemes, particularly through disguised remuneration, with Tamworth in Staffordshire the worst offender

30 Nov 2022

Tax | Threshold freeze equivalent to 3.5% tax hike

The government’s deep freeze on income tax thresholds will see some workers’ tax bills rise by the equivalent of a 3.5% hike in the headline rate of tax

25 Nov 2022

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Latest news

Tax | Tax planning tips: self assessment returns

Tax | HMRC agent phone lines restricted to ‘complex’ enquiries

Tax | Accountants blame lack of testing for MTD delay

Tax | Higher rate child benefit charge raises £416m

Tax | Scottish Budget raises tax for higher earners and second home owners

Tax | IFS warns of inheritance tax loophole

Tax | HMRC ramps up tax enquiry activity

Tax | Record £50m in taxes paid via HMRC app

Tax | One in four set to pay 40% tax rate

Tax | Taxpayer wins HMRC dispute over higher rate child benefit

Tax | Avoid the tax traps when giving money to children

Tax | £100k loan from pension scheme was 'contrived' tax avoidance

Tax | Director faces £2m tax bill over royalty payments

Tax | Taxpayers to lose £391m in unclaimed HMRC deposits

Tax | Tax avoidance schemes lead to £400m in lost tax

Tax | Threshold freeze equivalent to 3.5% tax hike