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Personal Tax

HMRC warns universities to protect students from tax scams

The tax authority has written to UK universities advising them to warn first-year students about tax scams sent by fraudsters to steal students’ money and personal details.

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Record inheritance tax take for HMRC

HMRC collected a record sum of £5.4 billion in inheritance tax (IHT) during the 2018/19 tax year, according to figures released by the tax authority.

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One in ten employees ‘do not receive a payslip’

Almost 10% of UK employees are not receiving payslips, while one in 20 are missing out on their legal holiday entitlement, according to think tank the Resolution Foundation.

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HMRC advisory fuel rates for company car users from 1 September 2019

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2019 cutting standard 1400cc plus mileage rates by 1p per mile to reflect lower fuel costs

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Third of tax credit claimants need to renew by 31 July deadline

HMRC is urging taxpayers to renew tax credits as there are just six days to go before the 31 July 2019 deadline, otherwise payments will stop

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Women ‘save just a third of amount men do’ for retirement

Research carried out by the Pensions Policy Institute (PPI) has suggested that, by the time they come to retire, women have saved just a third of the amount that men have for later life.

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Treasury plans one-year tax break for zero-emission company cars

The government plans to remove company car tax for newly registered zero emission models for one year from 2020 to offset the impact of the Worldwide harmonised Light vehicles Test Procedure (WLTP)

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Many working parents eligible for tax-free childcare this summer

Working parents could ease this summer's childcare costs by using a Tax-Free Childcare (TFC) account that's worth up to £2,000 a year for each child.

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HMRC ramps up tax credit renewal reminders

HMRC has issued a reminder that taxpayers must renew their tax credits by 31 July, or risk having their payments stop, as part of a concerted campaign to ensure individuals take action

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Millennials living in ‘relative poverty’, according to think tank

A report published by think tank the Resolution Foundation has suggested that 22% of 'millennials' - those born between 1981 and 2000 - are living in 'relative poverty'.

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Changes to restriction rules on corporation tax relief released

HMRC has finally published guidance for businesses and tax agents about changes to the restriction rules on corporation tax relief for some acquisitions of goodwill and relevant assets

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HMRC refunds £1.8m child benefit tax penalties

HMRC has made £1.8m in refunds to nearly 5,000 taxpayers as a result of cancelling ‘failure to notify’ penalties in high income child benefit charge (HICBC) cases, on the grounds they had a reasonable excuse

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HMRC cracks down on fake phone calls spoofing taxman

HMRC has deployed new defensive controls to protect abuse of its phone lines in a bid to put an end to fraudster’s spoofing the tax authority’s most recognisable helpline numbers

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Are you paying the right amount of Tax? (1)

It’s dull, and difficult to understand, but checking your tax coding and ensuring that HMRC take the correct tax is important, say accountants Brearley and Co.

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Prosecutions top 1,000 as HMRC focuses on tax evasion by individuals

The government launched 1,007 prosecutions against individuals for tax evasion offences last year, as the HMRC clampdown on tax evaders intensified

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HMRC advisory fuel rates for company car users from 1 June (1)

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2019 increasing the majority of mileage rates by 1p per mile to reflect higher fuel costs

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Majority unaware of gifting rules and inheritance tax

Only one in four people making financial gifts are aware of the risks of inheritance tax (IHT), highlighting the risk of unexpected tax bills for gifters for non-compliance

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Pension benefits rules set to align with younger partner

The government is overhauling the date couples can receive pension age benefits so they will only be payable when the second person in the couple reaches retirement age, rather than the eldest as now

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Young people targeted with phone tax scams

HMRC is warning young adults who may have less experience of the tax system to be especially vigilant about tax refund scams via smartphone, as fraudsters ramp up activity after the self assessment season

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GCHQ spies pass cyber crime info to HMRC

British intelligence officers are sharing time critical secret information ‘in a matter of seconds’ with HMRC and a range of financial institutions in a bid to fight cyber crime.

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