Category Archives: Personal Taxation

HM Revenue & Customs (HMRC) have admitted that around five and half million people either overpaid or underpaid tax last year and will be receiving a cheque for up to £500 or a surprise demand for roughly the same amount … Continue reading →

HM Revenue & Customs (HMRC) is warning that anyone who still has to file a self-assessment tax return must do so electronically by 31 January 2013 and that being even one day late will incur a £100 late filing penalty.

Business Secretary Vince Cable’s personal campaign to bring in a mansion tax has been given a boost by the support of a group of Tory MPs, who have proposed an increase in council tax on the homes of the wealthy.

Despite Chancellor George Osborne ruling out the idea of a ‘mansion tax’ on homes worth more than £2m, first proposed by the Liberal Democrats at their recent Party conference, Business Secretary Vince Cable has begun a public campaign to push … Continue reading →

A crackdown by HMRC on the use of “personal service companies” has seen the amount recovered by the taxman from investigations into the suspected underpayment of personal tax increase fivefold in the past year. When it comes to paying tax, … Continue reading →

HM Revenue & Customs’ (HMRC) ‘affluence Unit’ is to target homeowners with properties worth over £1m in a new crackdown on people with an affluent lifestyle.

Traders on eBay and Amazon have been warned by HM Revenue & Customs (HMRC) that they will face heavy fines if they do not declare their taxable earnings now that the voluntary disclosure amnesty, which began in June, has come … Continue reading →

Taxpayers could find themselves paying a high price for submitting late tax returns under a new penalty regime introduced in April. From 6 April 2011, anyone submitting a self assessment return a day late will receive a £100 penalty and … Continue reading →

If you were among those hit by the new 50% tax rate back in April, then you could now be more likely to receive a rather unwelcome knock on the door from the taxman. Under plans unveiled by the Liberal … Continue reading →

If you have a pension, then you are about to see a significant reduction in the amount of money you can put into it without paying tax. The Government will slash the annual tax relief limit on pensions from £255,000 … Continue reading →