WHO ARE THE TOP 1% OF INCOME TAX PAYERS?

A recent report looking at who pays the most income tax reveals some interesting findings. The Institute for Fiscal Studies (IFS) published a briefing note in early August with a detailed answer to the question of what it takes to enter the 1% club. Around 310,000 people make up this cohort, with some predictable and [...]

By | 2019-09-05T16:11:51+00:00 September 5th, 2019|Uncategorised|0 Comments

CRACKING DOWN ON COMPLIANCE PAYS FOR HMRC

New figures show HMRC’s “customer compliance” efforts are yielding substantial sums.   In early August, HMRC issued its annual report and accounts for 2018/19. While not everyone’s choice of holiday reading, it did contain some eye-opening information about the “compliance yield” – how much HMRC raised from its work in countering tax avoidance schemes, tax [...]

By | 2019-09-05T16:09:57+00:00 September 5th, 2019|Uncategorised|0 Comments

PROBATE DELAYS AFFECTING STATE SETTLEMENTS

There are currently long delays in gaining probate on the estates of the recently deceased. Late in 2018, the government issued a written statement announcing its intent to go ahead with controversial increases in probate fees for England and Wales. Instead of the current flat fees of £155 for applications through a solicitor and £215 [...]

By | 2019-09-05T16:07:07+00:00 September 5th, 2019|Uncategorised|0 Comments

A BUMPY RIDE FOR AUGUST ON THE MARKETS

Stock markets, as well as some family holidaymakers, experienced a rollercoaster August. The traditional holiday month proved to be anything but quiet on the world’s investment markets. As the graph of the major UK and US stock market indices shows, there were plenty of sharp lurches, up as well as down. Inevitably the downward trends [...]

By | 2019-09-05T16:06:00+00:00 September 5th, 2019|Uncategorised|0 Comments

MONEY PURCHASE ANNUAL ALLOWANCE PENALTIES – PICK A NUMBER

A Freedom of Information (FoI) request has revealed a gap in HMRC’s knowledge about how many people have been hit with penalties around the annual allowance. The annual allowance, which effectively sets the tax-efficient ceiling on annual pension contributions, used to be a subject of little interest, even among pension professionals. When it started life [...]

By | 2019-08-09T10:20:38+00:00 August 9th, 2019|Uncategorised|0 Comments

FLEXING A 10 YEAR OLD MUSCLE…..

The US Federal Reserve has cut its main interest rate for the first time in ten years, but will it have a knock-on effect? The last time the US central bank, the Federal Reserve, cut its main interest rate was in December 2008, in response to the fallout from the financial crisis. That last drop [...]

By | 2019-08-09T10:19:23+00:00 August 9th, 2019|Uncategorised|0 Comments

COMPANY CAR TAX REVISITED – THE NEW RULES

The Treasury has had a rethink on company car tax rules which may make you review your company car needs. Do you know your WLTP from your NDEC? If you drive a company car, it might be useful to understand the distinction between the two: WLTP is the Worldwide Harmonised Light Vehicles Test Procedure, the [...]

By | 2019-08-09T10:17:46+00:00 August 9th, 2019|Uncategorised|0 Comments

NEW PRIME MINISTER, NEW TAX POLICIES

July ended with a new prime minister in Boris Johnson and a new chancellor in Sajid Javid, both with different ideas from their immediate predecessors. There is already speculation about what Mr Javid might produce in his first Budget and more importantly, what some much publicised tax proposals could cost. At the start of his [...]

By | 2019-08-09T10:08:00+00:00 August 9th, 2019|Uncategorised|0 Comments

LIGHT AT THE END OF THE TUNNEL FOR INHERITANCE TAX SIMPLIFICATION?

The Office of Tax Simplification (OTS) published its long-awaited second report on inheritance tax (IHT) in July with a range of useful proposals. The report, focused on simplifying the structure of IHT, contained some surprises, not only in the recommendations it makes, but also in those areas it has left untouched. Gifts The OTS suggests [...]

By | 2019-08-09T10:05:56+00:00 August 9th, 2019|Uncategorised|0 Comments