Taxman targets buy to let investors

Red and White target with three arrowThe taxman is targeting people who have sold properties without declaring the profit and who have therefore avoided paying the tax due. Her Majesties Revenue & Customs (HMRC) has launched ‘The Property Sales’ campaign, targeted at investors who have sold properties for a profit, either in the UK or abroad, but who have not declared the sale and have so far avoided paying the necessary tax. With the exception of an individual’s main residence, any property sold for a profit ...

HMRC in fake email warning

HMRC in fake email warningIf you have received an email from HM Revenue and Customs (HMRC) suggesting that you qualify for a tax rebate, a new warning has revealed it is a fake and simply aimed at getting you to reveal your personal details to fraudsters. HMRC has revealed that during 2012 it received reports of 80,000 phishing emails, often promising tax rebates, in return for providing personal information. HMRC also said that the number of phishing emails tended to increase at this time of the ...

Inheritance Tax threshold to be frozen

icecube with pound symbol insideThe government has abandoned its pledge to reform the Inheritance Tax system and frozen the threshold at £325,000 per person until at least 2019. Broadly speaking, a single person will pay Inheritance Tax at a rate of 40% on any assets over the £325,000 threshold, which is doubled to £650,000 for couples. Taking into account inflation and growth in asset prices changes will mean an effective increase in the amount of Inheritance Tax which will be paid by people, whilst more ...

Tax: New research shows Briton’s pay £12.6 billion in unnecessary tax each year

Research from the Unbiased.co.uk website, which helps UK consumers contact Independent Financial Advisers (IFAs), has unveiled some shocking facts about the amount of tax Briton’s pay each year. The latest Tax Action report from Unbiased.co.uk claims that the average person in Britain overpays tax to the tune of £421 each year by arranging their finances inefficiently. The total in overpaid tax is £12.6 billion. Our advisers can help you get your savings working harder for you...