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Personal Tax

Your financial New Year’s resolutions

Creating some financial New Year's resolutions is a good way to help ensure that you are on course for a successful and profitable year ahead.

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Beware of HMRC calls – genuine or not!

There has been much publicity of late concerning people receiving what have turned out to be “scam” calls from someone pretending to be from HMRC. But calls should be ignored whether they turn out to be fake or not, says Tax Manager, Andrew Cowe.

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File your tax return and relax over Christmas!

It’s never fun to sit down and deal with your tax affairs, but getting your self-assessment return out of the way now is advisable

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Christmas bonus for millions of workers

Millions of employees in the service industry could collect an early Christmas present from HM Revenue and Customs (HMRC).

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More than 5 million customers are using HMRC’s Personal Tax Account

The Personal Tax Account (PTA) was launched in December 2015 and gives customers a one-stop shop for all of their tax information. It gives customers the flexibility to access HMRC’s services at a time that suits them as the service is available 24 hours a day, 7 days a week.

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Government unveils changes to probate fees

The government has unveiled significant changes to probate fees, which could result in owners of high-value properties paying nearly £6,000 more.

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Student loans – repayment threshold rises by 2.9%

The government has increased the loan repayment thresholds for student loans by 2.9% and confirmed the introduction of a postgraduate loan system deductible from PAYE effective April 2019

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Inheritance Tax reaches record levels

Inheritance tax (IHT) receipts hit a record high of £5.2bn last year, according to new statistics published by HM Revenue & Customs, and taxpayers should plan well in advance to ensure they don’t swell the government’s coffers at the expense of their loved ones.

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1.2m first-time buyers open Help to Buy ISAs

Since the launch of the Help to Buy ISA in 2015, 146,753 property completions have been supported by the scheme with 67% of first-time buyers being between the ages of 25 to 34, according to recent statistics from HMRC

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Property owners missing out on £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income

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Official data reveals ‘record amount’ of inheritance tax collected by HMRC

Official figures have revealed that HMRC collected a ‘record amount’ of inheritance tax (IHT) in the 2017/18 tax year, read about it here.

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Accountants slam Rent a Room test

Accountants have criticised government plans to introduce a rule that means the owner has to be living in the property in order to qualify for tax relief for renting out a room in their house

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More than a million people still to need to renew their tax credits

There’s less than one week to go to the 31 July tax credit renewal deadline and HMRC is urging over a million customers yet to renew to do it online today because this is the quickest and easiest way.

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Taxation to termination payments changing

Changes to the treatment of termination payments made to departing employees have been in effect from this April.

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£20bn fund for NHS will raise taxes warns OBR

In its latest Fiscal Sustainability Report (FSR), the Office for Budget Responsibility (OBR) has warned that tax rises or spending cuts will be required

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‘Record amount’ of tax collected by HMRC

A ‘record amount’ of tax has been collected by HMRC, official data has revealed HMRC collected a total of £605.8 billion in taxes in the year to April 2018.

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PAYE Code notices delayed

HMRC is warning employers of problems with its online PAYE service, which include failure to supply employers with this year’s P9 tax code notices

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UK pensioners ‘pay an average annual tax bill of £3,500’, research reveals

An analysis carried out by insurer Royal London has revealed that the average annual tax bill for taxpayers over the state pension age totals £3,522.

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‘Ask Alexa’ for tax credit information

HMRC is offering three million taxpayers the opportunity to ask Alexa, Amazon’s virtual home assistant, for help in renewing their tax credits/

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Over one million couples fail to claim marriage allowance

Over a quarter of eligible married couples have failed to take advantage of the tax break since it was introduced.

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