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HMRC Dawn Raids Increased By 34% in Five Years

HMRC has been conducting more dawn raids in the last five years, increasing from 449 in 2011-2012 to 669 in 2016-2017. The increase has been part of HMRC’s efforts to suppress on white collar tax evasion.

Once they have obtained a warrant, HMRC usually carry out the search of a property where they suspect tax evasion have occurred. They can… Full article

Find Your Long Lost … Pension

The Pension Tracing Service is a useful resource service for savers concerned about forgotten pensions. A million people have now used the free government service in order to track down their lost pension savings.

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The service has links to more than 320,000 pension-scheme administrators which you can use to search for your forgotten pension. You can search by using the name of… Full article

Tax Refunds From HMRC Have Been Delayed

Taxpayers who have been waiting for refunds of their overpaid tax have been hit by delays. People who are due a repayment have been posting on a social media site that they are still waiting weeks after applying for a rebate online.

It is believed that this is a cause of HMRC struggling to cope with the high levels of… Full article

Save On Your Care Costs

The average cost of staying in a care home is around £30,000 a year and many won’t be able to rely on the state to pick up the bill. Alongside with this, is the increase in ageing population and longer life expectancy. This means that you might end up facing some hefty bills in your later life. However, if you… Full article

Research and Development Incentive

How Business Can Reap The Rewards Of Innovation

In 2000, a UK tax legislation was introduced in order to encourage businesses to increase investment in innovative activities. This UK tax legislation is the R&D tax relief that offers significant benefits for business advancing science and technology. This will help organisations to significantly reduce their corporation tax bill or generate tax… Full article

Tax-Free Rental Income

The government’s Rent-a-Room scheme allows you to earn up to £7,500 per year tax free by letting out furnished accommodation in your home. You don’t have to do anything as you will be automatically exempted from tax on your rental income.

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You can also opt in to the scheme at any time if:

Tax-Free Life Insurance

Life Insurance offered by employers is considered an employee incentive as it provides peace of mind that their families will have some financial assistance if they were to die. However, one problem with Life Insurance is that it gives rise to a taxable benefit-in-kind.

 

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The tax-efficient alternative for this problem would be to look at paying for a Relevant Life… Full article

Rangers Tax Case To Have Substantial Consequences For Football And Business

The Rangers tax case regarding the remuneration of Rangers Football Club employees through an employee benefit trust between the tax years 2001/02 and 2008/09 has been ruled in favour of HMRC by the Supreme Court on 5 July 2017.

The case involved a remuneration trust set up by the club under which employees received loans that were not subject to… Full article

HMRC To Go Through Those Capitalising On Summer Sports Events

As Wimbledon commences alongside with other summer sporting events, HMRC is looking to scrutinise those who has undeclared income from websites such as Airbnb.

The rise of the website Airbnb has provoked opportunities for residents living nearby major sporting events to offer short-term lettings as they seek to capitalise. As a result, HMRC is keen to ensure that the income… Full article

Tax-Free Holidays For Your Family

Your employer can pay for two trips per tax year for your spouse and children when you have to work abroad for a continuous period of at least 60 days without any charge to tax on the costs arising on you.

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If necessary, you should delay or bring forward a trip to be able to make the most out of… Full article