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Personal Tax

Inheritance tax ‘unnecessarily complicated’, states AAT

The Association of Accounting Technicians (AAT) has stated that inheritance tax (IHT) is ‘unnecessarily complicated’ and ‘widely misunderstood’.

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HMRC crackdown on scam websites saves £2.4m

HMRC has revealed it has saved the public over £2.4m by tackling fraudsters that trick the public into using premium rate phone numbers for services that HMRC provide for free

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HMRC advisory fuel rates for company car users from 1 June

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2018 reflecting the upward trend in forecourt fuel prices for higher emission cars

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Are you paying the right amount of tax?

It’s dull, it can be difficult to understand, and a hassle to correct when it’s wrong. But checking your tax coding notice and ensuring that HMRC are only taking from you the correct amount of tax is extremely important.

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HMRC spend on debt collectors increases

In a bid to close the tax gap and chase up recalcitrant taxpayers, HMRC has ramped up spending on private sector debt collectors by 62% in the last year to reach £39m, compared to £24m in 2016

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HMRC to delay MTD for individuals

HMRC has acknowledged that its digital transformation programme has not ‘all been smooth sailing’ and says the need to refocus priorities to meet the demands of Brexit mean it will delay plans to introduce more digital services for individuals

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Changes coming into effect in the new tax year

The 2018/19 tax year starts on 6 April 2018, and along with it some changes to tax and business legislation will come into effect. Here, we outline some of the key measures.

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Auto Enrolment Changes from April 2018

Millions of workers who are auto-enrolled into pensions will see deductions from wages increase when they receive their April wage slip.

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High Income Child Benefit Tax Charge

ACCA is warning that the new tax year sees a key development with child benefit and is urging couples to look closely at the small print of what it describes as ‘confusing and complex’ rules regarding payments to high income earners.

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Surprise extension of childcare voucher scheme

Political pressure has seen the government backtrack on plans to abolish the salary sacrifice employer childcare voucher (CCV) scheme following the introduction of its new tax-free childcare option

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Taxpayers with overseas interests must disclose unpaid tax by September

Taxpayers who know or suspect that they have unpaid tax relating to overseas assets, income or activities need to act before the deadline of 30 Sept 2018.

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70% of individuals ‘unaware of inheritance tax nil-rate band’

Research has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band.

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Chancellor calls for review of inheritance tax

The Treasury is calling for a review of inheritance tax (IHT), stating that it is too complicated and needs simplification for the 3% of estates affected

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Simple assessments to hit doormats shortly

AAT is alerting the first tranche of individuals who will be taken out of the current self assessment regime to the key elements of the process.

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Significant Number of Workers ‘Missing Out’ On Employer Pension Top-Ups

Many UK workers pay a standard percentage of their wage into a pension, and their employer contributes as well. Many are missing out, read more here!

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Insurance cost set to rise as a result of increase in insurance premium tax

Millions of individuals in the UK have been warned that their insurance premiums are set to rise as a result of an increase in Insurance Premium Tax.

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