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
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 Likewise, the funds can be withdrawn after just two years, although withdrawing early could affect the size of your bonus.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
The number of calls to the UK tax authority’s fraud hotline doubled last year, with more than 40,000 tip-offs from informants claiming they are aware of someone they know not paying their taxes. Continue reading
The latest official data reveals that HM Revenue & Customs (HMRC) collected £12.47 billion in Stamp Duty Land Tax (SDLT) in the year to the end of July. This is up from the £12.44 billion brought in during the same period the previous year. Continue reading
Businesses trading internationally can now use the first iteration of the new Customs Declaration Service (CDS). Continue reading
A new survey has found that over half of landlords in the UK feel optimistic about the buy to let sector despite a raft of regulatory and tax changes introduced in recent years. Continue reading
The UK financial services (FS) sector paid a record high of £14.6 billion worth of corporation tax (including Bank Levy) in the last year, up 24 per cent from the £11.8bn paid during the 2015/16 financial year according to industry figures. Continue reading
The Association of Accounting Technicians (AAT) has called on the Government to rethink its proposals to reform Rent a Room tax relief, amid concerns that the changes would result in “unnecessary complexity.” Continue reading