The number of employees signed up to auto-enrolment pensions has reached 7.5m based on the figures from Association of British Insurers. However, the low level of contributions by employees and employers is still too small to provide adequate future pension cover. The premium income has also increased to £13.4bn in 2016 from £1.3bn in 2015…. Read more »
Posts By: ilyas Patel
End of Traditional Tax Return Confirmed By HMRC
The new simple assessment system is designed to end the traditional tax return process. Taxpayers who usually provide information under the self-assessment will no longer need to do so. This is because the returns will now be pre-populated with existing data that HMRC holds. This option will apply to two groups starting from September 2017:… Read more »
Tax Free Profits On Property
7 Things You Need To Know Rent-A-Room – Rent-a-Room Relief that lets you receive £7,500 in rent, each year tax-free. It applies if you rent out furnished accommodation in your own home. This includes landlords, bed & breakfasts, and guest houses. The income limit covers everything that you charge your tenants as part of the rental service including… Read more »
Increase Your Child Benefit Through Pension Contributions
Working families that are under the higher tax bracket are missing out on up to £171m a year by failing to recognise the connection between their pension contributions and their child benefit. A parent of a family who earns more than £50,000 a year faces a high income child benefit charge of 1% of their… Read more »
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… Read more »
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. 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… Read more »
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… Read more »
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… Read more »
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… Read more »
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. You can also opt in to the scheme at any time if: you… Read more »