With just a couple of weeks to go before Halloween, the Institute of Chartered Accountants in England and Wales (ICAEW) has urged taxpayers to avoid any unwanted frights this holiday season. Continue reading
HM Revenue & Customs (HMRC) has this week opened a pilot scheme for Making Tax Digital (MTD) for VAT – the first phase of the Government’s digital tax reporting overhaul. Continue reading
Recently, there has been a sharp increase in tax inspectors taking control of goods to settle bills with companies who cannot afford to pay with cash. Continue reading
Those who run their own business or receive Child Benefit and are required to submit a tax return for the first time are being reminded to register for self-assessment before 5 October 2018. Continue reading
In recent weeks, estate agents, surveyors, researchers and more have all called on the Government for reforms to Stamp Duty Land Tax (SDLT), amid concerns that the levy is increasingly having a negative impact on the market. Continue reading
New figures published in the press this week reveal that HM Revenue & Customs (HMRC) is increasingly cracking down on perceived Inheritance Tax (IHT) avoidance by targeting estates it believes have undervalued residential properties. Continue reading
HM Revenue and Customs (HMRC) collected £5.47 billion in extra tax in 2018 through fraud investigations – approximately seven per cent more than the amount collected the previous year (£300 million). Continue reading
From this week, workers are set to benefit from the Government’s new Help to Save scheme, which rewards savers with an extra 50p for every £1 saved.
The launch of the scheme follows a successful eight-month trial, in which 45,000 workers saved over £3 million.
The scheme is open to UK residents who are entitled to Working Tax Credit or Child Tax Credit payments, as well as those claiming Universal Credit who have a household or individual income of at least £542.88 for their last monthly assessment period.
Savers can deposit a maximum of £2,400 over a four year period, resulting in a maximum bonus of £1,200.
The benefits of saving into the account include choosing when and how much you should deposit into the Help to Save account (from £1 to £50 a month). Likewise, the funds can be withdrawn after just two years, although withdrawing early could affect the size of your bonus.
Workers interested in opening a Help to Save account can do so between 12 September 2018 and September 2023, using the Government’s digital platform or HMRC app.
Commenting on the announcement, John Glen, Economic Secretary to the Treasury, said: “Savings shouldn’t be a luxury, they are an essential part of planning for the future. But for some, putting away even a tenner each month can be a tough habit to get into.
“Whether you’re saving up to take the family on a much-needed holiday, or to take the next step in life, Help to Save is designed to make saving possible for every hardworking person in this country.”
The Treasury has announced that it will continue to charge Class 2 National Insurance Contributions (NICs) despite promising to scrap the tax from April 2018. Continue reading
Written warnings have been received by UK taxpayers, with HM Revenue & Customs (HMRC) intending to crack down on undeclared income. Continue reading