Charlene Young, pensions and savings expert at AJ Bell, looks at how gift aid works and how to claim. She says: “Recent figures showed that the cost of living crisis hasn’t dented the generosity of the great British public, as they donated almost £14 billion to...
Tax
CGT landscape set for transformative shift as advisers grapple with 260,000 individuals entering scope for first time
Written by Simon Harryman, Senior Business Development Director at Ingenious The landscape of Capital Gains Tax (CGT) is undergoing a transformative shift that demands a fresh approach from financial advisers. Progressive increases in the CGT Annual Exemption...
5.2 million of over 55s don’t know if their estates will be taxed
A quarter (25%) of over 55s - equivalent to 5.2 million - do not know if their estates will get charged inheritance tax, new research by Canada Life reveals. Despite inheritance tax only presently affecting around 4% of estates, almost three in 10 UK adults (28%)...
Businesses to pay THOUSANDS more in National Insurance for young workers who receive minimum wage rises
Employers paying a young workforce the minimum wages will have to pay thousands more when the hourly rates increase in April despite the National Insurance (NI) cut also coming into effect. The cut to NI and minimum wage rises coming into effect from April mean young...
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What can we expect from the Budget in a General Election year? Accountants BDO share analysis
In what could be the last major fiscal statement before the General Election, all eyes will be on what giveaways and policy measures the...
Has the chancellor been handed the means for Budget tax cuts? AJ Bell
Danni Hewson, head of financial analysis at AJ Bell, has commented on the latest UK public sector finances. She said: “The numbers seem...
A quiet fiscal event for pensions with tax tinkering to dominate – Broadstone Spring Statement Preview
Complex consultations and General Election on the horizon could deliver quiet budget for pensions industry State Pension triple...
Parents unaware they’ll be hit with tax for their children’s savings
Only a fifth of parents understood how tax on their children’s savings interest works Another fifth of parents incorrectly thought the...
Less than 1% of Capital Gains Tax paid through HMRC’s Real Time Service
On the 31st January deadline to pay any reported Capital Gains Tax (CGT) bills, new Freedom of Information data collected by Quilter, the...
Five top tax return tips as 31 January deadline looms
Last year HMRC saw over 800,000 people file their tax return on deadline day, with 36,000 doing so in the hour before midnight. With just...
HMRC opened 1,091 of its most serious tax investigations in a year
HMRC opened 1,091 serious tax investigations in the last year (March 31, 2023), says multinational law firm Pinsent Masons. These probes –...
90,000 taxpayers fined for tax return errors last year
Ahead of the January 31 self-assessment deadline, national accountancy group UHY Hacker Young warns individuals to double check their...
HMRC could be in line for a windfall if people don’t file their tax returns on time
HMRC could be in line for a windfall in 2024 if people don’t file their tax returns on time, accountancy and business advisory firm BDO...
Inheritance tax take on course for annual record as April-December receipts rise 7.5%
HM Revenue and Customs has revealed that inheritance tax receipts for April to December 2023 were £5.7 billion, which is £0.4 billion...
IHT raises £5.7 billion in Q1-Q3 – up 8% on last year as another record-busting year beckons
HMRC’s latest update on Inheritance Tax (“IHT”) receipts show that £5.7 billion was collected through Q1-Q3 of the 2023/24 Financial Year...
HMRC issues new warning to crypto users over tax obligations
HMRC has today issued a new warning to crypto users that they may have to file a Self Assessment tax return before the 31 January deadline...
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