The tax man is about to crack down on pension savers who have failed to report that they have breached the annual allowance. HM Revenue & Customs has fired a warning shot to retirement savers to bring their records up to date when filing their self-assessment tax returns by January 31, 2020. “We know that … Read more
A hush-hush tax probe is underway to stop wealthy investors avoiding inheritance tax with family investment companies. HM revenue & Customs set up a special unit to investigate family offices a year ago. The FICs are believed to manage more than £1 trillion in assets which are escaping IHT by exploiting legal loopholes. The main … Read more
Expats will soon collect their coding notices from the tax man, but what does the strange jumble of numbers and letters mean? Recently, tax codes have changed depending on which country in the UK where someone lives. For expats, the tax coding will appear on a Form P60 from HM Revenue & Customs which lets … Read more
The British government is working with partner airlines to bring thousands of stranded travellers back to the UK. Foreign Secretary Dominic Raab has set aside £75 million to help pay for the airlift involving British Airways, Virgin and EasyJet. He is also calling for international collaboration between government and airlines to get marooned travellers to … Read more
Millions of Australian superannuation savers are set to pick up a surprise cash payment from the taxman. Around 2.6 million saving for retirement in a superannuation scheme qualify for the tax windfall. Savers with account balances of less than AUS$200 will see the refund in their bank accounts. But savers with between $200 and $6,000 … Read more
Venture capital trusts are sweeping up more money from investors as the opportunity to stake savings in other tax efficient investments dries up. In 10 years, VCT investment has surged by 375% to £731 million as tax changes have knocked other investments, such as pension saving and buy to let. VCTs back small, new companies … Read more
Workplace pension transfer values are still falling, according to new data. The number of retirement savers transferring out of their direct benefit pensions is also dwindling, according to figures from monitor XPS Pensions Group. The average transfer value of a pension in June was £240,800 – down from £241,500 at the end of May and … Read more
Adding these six saving hacks to your investment tool kit could make all the difference to when you start a comfortable retirement. The aim is to help you shift from someone who spend, spend, spends on stuff to a saver who hangs on to their money by making sensible financial decisions. No one is advocating … Read more
Staying connected online is vital for expats – so where are the countries with the best digital services? Expat group InterNations has polled thousands of expats around the world to find the best – and worst – connected countries. The results are published in the report Digital Life Abroad. Expats were asked to rate the … Read more
The Seed Enterprise Investment Scheme (SEIS) is a great way of saving tax for anyone paying at the highest rates. The generous tax breaks wrapped around SEIS are what makes the investment so attractive. But like any investment, the best returns come with the greatest risks, and SEIS is no different even though the government … Read more