The End of the Tax Return

April 15, 2015 by TIna

Category: Tax & Uncategorized

The Government (HMRC) intends to modernise the tax system, with tax returns being replaced by digital tax accounts for millions of individuals and businesses. Each taxpayers’ details will be in one place, just like an online bank account, so they can register for new services, update their information and understand quickly what they need to pay — without ever having to complete a tax return again. By early 2016, five million small businesses and the first ten million individuals will have access to a secure, personalised digital tax account. By 2020, more than 50 million individuals and small businesses will have a secure, personalised digital tax account. The need for millions to complete a tax return will be gone and the tax system will be simplified for millions more.

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HMRC boasts record level of additional tax after avoidance crackdown

June 19, 2014 by TIna

Category: Tax & Uncategorized

HMRC has revealed a dramatic jump in its revenues thanks to its recent measures aimed at clamping down on tax avoidance schemes. During the course of the tax year 2013/2014, HMRC claims that it has generated an extra £23.9 billion in tax; a staggering figure, especially considering it puts them £1 billion ahead of a target set by the Chancellor, George Osborne.

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Are you in an Inheritance Tax Hotspot?

May 05, 2014 by TIna

Category: Tax & Uncategorized

Estates liable for Inheritance Tax in the UK in 2010-2011 faced a bill of nearly £166,000 on average, according to new analysis of HMRC data by Prudential. The study, based on the latest publicly available regional data on tax receipts, shows that in the 2010-2011 tax year, inheritance tax was paid on around 15,600 estates with a total bill of £2.6 billion.

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Hints and Tips for the Tax Year End

February 27, 2014 by TIna

Category: Tax & Uncategorized

As always, the end of the tax year is an important date in anyone’s financial planning calendar. In most cases, tax allowances end with the tax year: making the best use of them while they are available can mean a big difference to the eventual returns from your savings and investments.

We have therefore put together some hints and tips which will hopefully guide your financial planning as the end of the tax year approaches – but as always, if you have any questions on any of the points below don’t hesitate to get in touch with us.

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