Tax | Finance

Don't be caught out by inheritance tax

Kevin Dean, CEO of AXA Wealth International, believes inheritance tax planning is still of utmost importance despite many believing it has become less of an issue. He warns: "don't be caught out."

More help with housing costs for working families

More than 200,000 working families will gain about £1000 a year, thanks to new rules around Housing and Council Tax Benefits, making them an average of £20 a week better off.

YouTube warning to offshore tax dodgers

Offshore tax dodgers are being warned they have one final chance to come clean, or face the consequences, in a hard-hitting YouTube video launched today by HM Revenue & Customs (HMRC).

Some HMRC help in the postal dispute

The deadline for filing paper tax returns for 2008-09 is 31 October 2009, otherwise a penalty is chargeable.

Don’t fine taxpayers caught by postal strike urge tax bodies

The Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT) are calling on the Government not to issue fines to people whose tax returns are delayed by the postal strikes and miss the 31 October paper return deadline.

How to make tax less taxing

As the effects of the recession rumble on, the mantra of ‘every little helps' has become more important than ever. Yet despite this, millions of Brits are losing money by making unnecessary gifts to the taxman - simply through poor financial planning. Research from Unbiased.co.uk, the professional advice website, reveals four out of five people (81%) admit to doing nothing to reduce their tax payments, amounting to an overall tax wastage of over £10 billion in 2009, according to Unbiased.co.uk's latest Tax Action report.

Just days left to file your Paper Tax Return

If you're planning on filing your 2008/09 tax return on paper this year, there are just a few days left to send it to HM Revenue & Customs (HMRC) by the 31 October deadline.

Over 468,000 mums-to-be get cash boost in first six months

Over 468,000 mums-to-be have benefited from the new Heath in Pregnancy Grant - worth £190 - since it was launched in April 2009.

Record number of tax refund scam emails reported

A record 83,000 scam emails offering fake tax refunds were reported to HM Revenue & Customs (HMRC) in September.

The taxman wants to top up your wages

Many people who are entitled to a cash increase in their income are missing out simply because they assume they are not entitled to Working Tax Credit (WTC), HM Revenue and Customs (HMRC) said today.

Offshore tax disclosures go online

HMRC's offshore disclosure scheme goes online from 1 October making it easier than ever to settle unpaid offshore tax on beneficial terms. The New Disclosure Opportunity (NDO) enables those with unpaid taxes arising from offshore accounts or assets, to disclose them and settle any tax liabilities at a guaranteed fixed penalty rate that for most people will be 10%.

Legal & General enhances Inheritance Tax offering

Legal & General has enhanced its Inheritance Tax (IHT) offer with a competitive re-price of its Whole of Life Protection Plan.

Getting educated about tax

Full time students pay income tax just like everybody else but research from HM Revenue & Customs (HMRC) reveals that more than half of the UK's 2.3 million university students don't realise this.

Teachers urged to look into Tax Matters

With schools across the country getting ready for the new school year, HM Revenue & Customs (HMRC) is urging teachers to log onto its new, free online resource for teachers - Tax Matters.

New tax guide now available from Zurich

Zurich, in conjunction with Pearson Education, has launched the latest edition of its annual Tax Handbook.

Warning for offshore tax dodgers in HMRC podcast

Anyone with undeclared offshore tax liabilities who fails to come forward under the New Disclosure Opportunity (NDO) faces an increased risk of prosecution, HMRC's Permanent Secretary for Tax, Dave Hartnett, warns in a new podcast launched today.

Seven arrests in carbon credit investigation

HM Revenue & Customs (HMRC) officers investigating a £38 million suspected VAT fraud swooped in early morning raids today.

Banks to disclose all offshore account information to HMRC

The Tax Chamber of the First-tier Tribunal have today ordered over 300 banks to give details to HM Revenue & Customs (HMRC) about their customers who hold offshore accounts.

Workers miss out on tax breaks

UK employees will miss out on a staggering £171 million of tax breaks this year, by failing to utilise the most tax-efficient employee share schemes, reveals Unbiased.co.uk, the professional advice website.

Offshore disclosure initiative launch

HM Revenue & Customs (HMRC) has confirmed the details of a new disclosure initiative that will allow people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate.

Help with tax credit overpayments

A new guide written for the man or woman in the street aimed at enabling them to challenge tax credit overpayments is published today.

Brits failing to claim tax credits

Failure to claim all available tax credits will cost UK taxpayers over £4.2 billion in 2009/2010, according to research by Unbiased.co.uk, the professional advice website. Both pension and child tax credits are seeing millions fail to claim their allowances, resulting in huge overpayments.

HMRC warns of ‘real risk’ from scam emails

Criminal gangs are targeting taxpayers with thousands of scam emails offering bogus tax refunds. The online attacks, known as ‘phishing', have peaked during July leading to increased reports of fraud to HM Revenue & Customs (HMRC).

Final reminder on tax credit renewals

With the 31 July deadline for renewing tax credits claims only a few days away, HM Revenue & Customs (HMRC) has issued a final reminder - fail to renew and your payments will stop.

July tax credit reminder

Families and individuals currently receiving tax credits are being reminded that they need to renew their claims by 31 July - otherwise their payments could stop.

It's tax credit renewal time

HM Revenue & Customs (HMRC) has issued an important reminder to tax credits claimants - make sure you renew your claim by 31 July, otherwise your payments could stop.

Mums urged - renew your tax credits now

Mums currently receiving tax credits are being urged to renew their claim by 31 July, otherwise their payments could stop.

Tax freedom day falls on 14 May this year

With only 16% of British adults feeling their tax burden is fair, taxpayers can this week raise a bittersweet toast to Tax Freedom Day, the notional point in the calendar year when we stop working for the taxman and start working for ourselves. Tax Freedom Day falls 19 days earlier than last year, on 14 May 2009, but Unbiased.co.uk, the professional advice website, is urging individuals to take tax action in order to bring their personal Tax Freedom Day forward.

Brits wasting £2.2 billion in inheritance tax

UK taxpayers are wasting billions of pounds due to poor IHT planning according to annual research by Unbiased.co.uk, the professional advice website. The research shows that the overall amount of unnecessary inheritance tax payments will total £2.2 billion this year. The amount of wasted IHT payments has risen by 16% per cent compared to 2008 equalling an increase of £314 million.

Two thirds file tax returns online

A record number of taxpayers filed their self assessment tax returns online this year, HM Revenue & Customs (HMRC) revealed today.

Landlords - don't forget your tax return

Paragon Mortgages, the leading specialist provider of residential mortgages to professional and investor landlords, has urged landlords to ensure that they meet the deadline for filing their tax return.

Parents missing out on childcare cash entitlement

As the recession begins to bite, money worries are amongst the biggest concerns for parents across the UK - yet many remain unaware that they could be entitled to thousands of pounds from the Government to help with childcare costs.

Inefficient giving costs charities nearly £1 billion

UK charities missed out on nearly £1 billion in donations last year - £101 million less than the previous year - as a result of tax-inefficient giving by generous donors.

New initiatives to tackle International tax avoidance

The influence of the global economic downturn on the tax avoidance industry was one of the key issues for leaders of the Joint International Tax Shelter Information Centre (JITSIC) in Kyoto.

Brits bemoan ‘rising' tax burden but take no action to lighten the load

Ahead of this year's Budget, research from Unbiased.co.uk, the professional advice website, reveals that just 16% of UK adults feel their tax burden is "fair", but four out of five (81%) admit they have done nothing to reduce the amount of tax they pay this year.

Only half of Brits intend to leave an inheritance to their families

16 million Brits believe the recession has reduced the wealth they intend to leave their families, according to a new study from Lincoln Financial Group.

UK’s tax waste mountain grows to a record £10 billion

British taxpayers will waste over £10 billion in unnecessary tax in 2009, according to the latest Tax Action report from Unbiased.co.uk, the professional advice website. The amount of tax wasted through poor financial planning will increase by £700 million in 2009 compared to 2008, amounting to the highest ever wastage since Unbiased.co.uk's campaign began 17 years ago.

£1 billion cashflow boost to business

Over 60,000 businesses have agreed time to pay tax arrangements with HM Revenue & Customs (HMRC) totalling more than one billion pounds.

HM Revenue & Customs interest rates

Interest rates charged on late payments and paid on overpayments for corporation tax quarterly instalment payments (QIPs) and also early payments of corporation tax not due by instalments have now been cut, HM Revenue & Customs (HMRC) confirm.

Council tax tops table of most hated taxes

Brits resent having to pay council tax as one of their three most resented taxes in 2009, according to new research by Unbiased.co.uk, the professional advice website. Almost half (43%) of UK adults listed this as one of their top three most hated taxes, knocking off fuel duty from the top of the table in 2008. Fuel duty now sits in 3rd place, with 38% of people resenting this.

Cost of confusion sees families hit harder by Inheritance Tax

Confusion could be costing British families thousands of pounds according to new research. The study reveals one in five (21%) of those likely to be liable for Inheritance Tax (IHT) have no idea they will have to pay the death duty.