Tax

In addition to the latest headlines on tax changes and developments, the Money International tax writers are also providing the tips, deadlines and scams you need to know to make the most of your finances. News includes information on the latest FACTA developments from the USA, HMRC from England, and other updates from leading financial centers. We’ll also keep you informed on sanctions and developments taking place within smaller countries – so you can understand the nuances which shape the tax landscape. In essence, we provide you with the breaking tax news you need to understand how to protect and grow your wealth – wherever you are in the world. Updates and analysis on the latest tax news, including economic advancements, FATCA and HMRC developments and general international tax information. Including the best methods of tax efficient saving and earning, and any important changes to legislation.

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

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Too Much Tax Leads To Expats Returning US Passports

Red tape and the long arm of the US Internal Revenue Service are forcing one in five American expats to consider giving up their passports. In the first three months of this year, 1,018 Americans renounced the citizenship, and 250 of them blamed US taxes as the trigger for their action. The details come from … Read more

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Watchdogs Ban Tax Firm’s Misleading Ads After HMRC Complaint

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Advertising watchdogs have banned financial advisers from marketing a scheme that claims to save stamp duty of up to 60% when buying a home. HM Revenue & Customs complained about the claims on the web site of CDP Tax and Wealth Ltd trading as Fiducia Wealth & Tax. The web site said: “Calculate Stamp Duty … Read more

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

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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

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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

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Scam Alert As Fraudsters Blitz UK Taxpayers

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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

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Millennials Have Unrealistic Hopes For Inheritance

Millennials relying on an inheritance to help them buy a home have an unrealistic outlook, according to a new survey. Researchers found one in seven young adults were waiting for an inheritance before they reached the age of 35, even though the usual age to receive an inheritance is between 55 and 64 years old. … Read more

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New Offshore Tax Avoidance Warning As Data Sharing Starts

The net is closing on expats and taxpayers with offshore accounts and investments who have not declared their interests to the tax man. Financial advisers who has referred a client to an overseas financial institution or to pointed them towards offshore advice or services must declare the information to HM Revenue & Customs by the … Read more

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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