Latest News

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More than three-quarters of women in the UK (77%) have no idea about how much pension money they will need in order to have a comfortable retirement, while seven out of ten do not know if they have enough to stop working. A study conducted by Good...
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Around one in six people in the UK may have paid more to HM Revenue and Customs than they needed to due to making errors in their self-assessment tax returns. A study by Which? found that 16% of people said they had made a mistake on their return that...
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Many people approaching pension age may risk exhausting their wealth by failing to buy a suitable annuity because they underestimate how long they will need to draw an income once they retire. Research by the Institute for Fiscal Studies (IFS) has warned...
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Juventus superstar Cristiano Ronaldo has agreed a deal with a Spanish court that will see him pay an €18.8 million (£16.6 million) fine after admitting to tax evasion.  The deal, agreed in advance with prosecutors, also includes a 23-month...
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The Insolvency Service has urged people to be wary of pension scams, after revealing almost 3,750 people have been targeted by companies closed down for pension misuse since 2015. It has applied for winding up orders for 24 companies after they were found to...
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Anyone considering making voluntary contributions to National Insurance (NI) in order to fill in gaps in their contribution record in order to boost their state pension should do so before April 6th in order to take advantage of favourable rates, pensions...
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The government has finalised the date on which changes to benefits for mixed age couples will come into force. From May 15th the system is changing so that for mixed age couples, the transition from working age benefits to pension age benefits takes places...
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It is not too late to act for people who have yet to fill in their online tax return ahead of the January 31st deadline, but they should seek help if they are struggling to complete the form otherwise they will be fined, the Low Incomes Tax Reform Group...
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HM Revenue and Customs is launching a crackdown on international firms attempting to dodge the Diverted Profits Tax (DPT). It has offered an amnesty via its 'profit diversion compliance facility' to companies that are liable for the tax to pay up now...
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Taxpayers who could find they are liable for tax charges on child benefit have been advised to take action swiftly to ensure they have notified HM Revenue and Customs to avoid being hit with a penalty charge. The tax system now recoups some of the benefit...
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The long-awaited ban on cold-calling pension scheme holders has come into effect, making it illegal to spontaneously ring people about their schemes. The measure has been introduced in a bid to curb pension fraud, as cold-calling is one of the most common...
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HM Revenue and Customs (HMRC) has published data on the taxation of crypto-assets, such as the Bitcoin and Ethereum cryptocurrencies. The advice states that it does not see these as cash, but rather as utility, security or exchange tokens. However, tax may be...
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GP practices are set to face a large hike in pension contributions under plans being considered in a government consultation on the NHS pension scheme. This disclosed that draft amendments to the scheme would involve the employer contribution rate rising from...
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Serious issues like tax might seem to be the kind of thing to forget about on Christmas Day, but new figures from HM Revenue and Customs (HMRC) have indicated that a rising number of people have opted to fill in their online returns on December 25th. By...
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Foreign Secretary Jeremy Hunt has set out his ideas for a post-Brexit Britain that follows Singapore's low-tax model. Writing in the Mail on Sunday, Mr Hunt said the city state managed to plug into "the international economic grid" by slashing...
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The government has issued advice for Britons living in the EU regarding the pension and benefit rights if the UK leaves without a deal in March. It confirms that Britons living in the EU would still get a state pension, and the government is committed to...
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The UK's banks now account for one eighth of the corporation tax collected by the Treasury, according to new figures produced by UK Finance. The amount collected from banks in 2017-18 was £36.7 billion, up 13.6% year-on-year. This equated to 5.4% of...
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The Road Haulage Association (RHA) has warned against higher taxes on the sector, after Shadow Treasury Minister Clive Lewis called for increased levies. The taxes, suggested by Mr Lewis to the Commons Finance Bill Committee, would be aimed at increasing the...
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The Low Incomes Tax Reform Group (LITRG) has criticised the absence so far of any detailed guidance from HM Revenue and Customs (HMRC) about VAT exemptions. Most VAT-registered businesses are set to be subject to new rules to keep digital records and use...
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Former BHS boss Dominic Chappell has been fined £50,000 plus £73,900 in costs for breaching pensions law, due to his failure to provide The Pensions Regulator with information it requested on the firm’s collapse. The failure of the retailer...
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Actor Rupert Grint is contesting a tribunal ruling that has denied him a tax refund worth £1 million. The challenge against a previous tribunal's decision in 2016 to back HM Revenue and Customs (HMRC) in its decision to refuse him a change of...
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The difference in the level of tax paid by higher earners in Scotland and those living elsewhere in the UK has been increased by the Scottish Budget. Finance Secretary Derek Mackay declared that "now is not the time" to cut taxes for the better off...
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People living in Scotland on higher incomes have been advised to take advantage of the tax breaks available to them to counterbalance the decision to freeze the thresholds for intermediate, higher and top rates of tax. NFU Mutual said this decision makes it...
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The boss of a Bolton-based construction supplies firm has been disqualified from acting as a company director for seven years for his failure to declare all his company's tax liabilities. Roman Bogdan Piotrowski became the sole Director of RBT Dryliners...
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The rate of pay growth in the UK has risen to 3.3%, but this may not have a huge impact on income tax receipts, as analysis by the Resolution Foundation has revealed increases have been concentrated at the bottom end of the labour market. Responding to the...