Income

The list below is a collection of articles that refer to, mention or discuss Income.

Most People Really Do Find Tax Too Taxing

Few people understand tax and how the rules impact the money in their pockets, according to new research. Out of 2,000 people quizzed about tax, the average score out of 30 was just 10.6 – while half of those taking the quiz scored less than 10. The lowest scores came from the youngest people asked … Read more

Categories Tax

How Tax Planning Can Backfire For Property Partners

Property cost

Forming a limited liability partnership is a popular tax planning strategy for landlords – but there must be a sound commercial reason for doing so. Making the move to avoid tax is not enough because of strict General Anti Avoidance Rules (GAAR) that let HM Revenue & Customs unwind the changes to reclaim wrongly claimed … Read more

Pension Savers Pay £433m Too Much Tax

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Thousands of over 55s have overpaid millions in tax after drawing money from their retirement savings under flexible access pension rules. The mandarins at HM Revenue & Customs resolutely refuse to change the rules, which has left taxpayers fuming for paying too much income tax which they then have to claim back. Although HMRC says … Read more

We All Worked 149 Days This Year Just To Pay Our Tax Bills

taxes

Taxpayers worked 149 days in 2019 just to earn enough to pay their taxes – but from May 30 onwards, all the money they earn belongs to them. This was the latest date Tax Freedom Day has fallen in the year since 1995, says financial think-tank the Adam Smith Institute. Every year, the institute crunches … Read more

Categories Tax

Taxpayer Who Owed No Tax Must Pay Late-Filing Penalties

taxes

The courts have backed HM Revenue & Customs for a second time for imposing thousands of pounds of self-assessment late-filing penalties on a  taxpayer who owed no tax. Barry Edwards had argued HMRC was unfair to him by asking for penalties and interest when his tax returns showed he had no tax to pay. Before … Read more

Categories Tax

Scam Alert As Fraudsters Blitz UK Taxpayers

scam

Taxpayers can expect to be hit by a slew of scam messages purporting to offer refunds over the coming weeks. HM Revenue & Customs warns that the scammers tend to hit every spring because they know tens of thousands of taxpayers are sent their self-assessment refunds at this time of year. Investigators expect taxpayers to pick … Read more

Categories Tax

Taxi Drivers And B&B Owners Are Worst Tax Evaders

taxes

If you pay your taxes in full and on time, you will be horrified to know that one in five taxpayers deliberately lie about how much they earn. New research points the finger at the type of person most likely to evade their taxes. More than a fifth of taxpayers ‘under report’ their taxes – … Read more

Categories Tax

What’s Best For Savers – A Pension Or ISA?

If you have some extra cash savings ready for investing at the end of the financial year, what’s best – a pension or an ISA? Both offer tax-efficient saving, but deciding which one offers the best benefits is tough. Pensions and ISAs are not either/or investments, but different ways to reach the same goal. Few … Read more

Tax Deadline Day Looms For UK Crypto Investors

If you are a British cryptocurrency trader, the deadline day for tax filing is fast approaching, but do you know if you have any profits to declare – and if so how to declare them? The answer is probably no as cryptocurrency is a fiendishly complicated market with fluid rules and boundaries. A cryptocurrency is … Read more

UK Tax Crack Down On Cryptocurrency Investors

The UK tax man is planning to crack down on investors who fail to declare profits from cryptocurrency on their self-assessment returns. HM Revenue & Customs has revealed guidance is on the way for investors and their advisers. The focus will be on ‘exchange tokens’ or cryptoassets like Bitcoin and Ethereum and how to treat … Read more