Personal tax

Tax / Self assessment scam warning

With just a week to go until the 31 January tax self assessment deadline, scammers posing as HMRC are using various scams to try to defraud people, ICAEW has warned

Tax / High income child benefit charge hits basic rate taxpayers

The Low Incomes Tax Reform Group (LITRG) is calling for the high income child benefit charge (HICBC) threshold to rise to avoid it hitting basic-rate taxpayers for the first time in April

Tax / HMRC penalties double in six months

The value of penalties HMRC is imposing on taxpayers each month shot up in the last six months, following the lull in compliance activities during the first lockdown, according to analysis by tax investigation insurance specialist PfP

Tax / Call for HMRC to extend self assessment deadline

ACCA has added its voice to calls for HMRC to extend the deadline for self-assessment tax returns on January 31, with the professional body warning that failure to do so could land millions of hard-hit entrepreneurs with fines totalling £250m

Tax / Filling in your self-assessment forms: useful tips

As the self assessment tax deadline approaches, Jamie Morrison, partner and head of private client at HW Fisher, sets out tips and advice for taxpayers

Tax / HMRC: tax returners spread £69m with Time to Pay plan

Almost 25,000 self assessment taxpayers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1m, HMRC has revealed

Tax / Rulings in favour of HMRC hike pension tax liability

Zigurds Kronbergs, tax writer at Croner-i, examines two recent pension tax cases which went against claimants, Clark at the Court of Appeal and Sippchoice at Upper Tribunal, both deemed to break pensions tax rules under Finance Act 2004

Tax / UK business ill-prepared for IR35 rule changes

With just three months to go before off payroll tax rules come into effect for the private sector, half of UK firms that hire contractors are not prepared for the changes, according to research by IR35 Shield

Tax / Covid judged ‘reasonable excuse’ for late SA returns

Taxpayers who fail to submit their self assessment return by the 31 January deadline because of difficulties caused by Covid will be able to claim this as a ‘reasonable excuse’ to overturn a late filing penalty, HMRC has confirmed

Tax / Tax systems that attract the rich

In recent weeks there has been much commentary related to how taxes will need to rise to pay for the cost of borrowing arising as a result of the pandemic. Rachel de Souza, tax partner at RSM, assesses the options

Tax / HMRC: less than a month to file tax return

Around 5.4m taxpayers have less than a month (25 days) to complete their self assessments ahead of the 31 January deadline

Tax / Richest 1% hold almost a quarter of UK wealth

The UK’s wealthiest 1% of households hold almost £800bn in assets official statistics show, raising their share of household wealth to 23%, according to the Resolution Foundation

Tax / 2,700 taxpayers file returns on Christmas Day

Over 2,700 taxpayers took time out from their Christmas Day festivities to go online to file their self assessment tax return, HMRC has revealed

Tax / HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

Tax / Tax updates 2020 part 1: personal

In a round-up of the biggest personal tax stories of the year, we look at all the non-coronavirus news, including a potential wealth tax, CGT charges on second home sales, ‘deliberate’ errors, fall in IHT receipts, buy-to-let tax hikes and pension tax relief admin discrepancy
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