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Personal Tax

Pension savers let millions in tax relief go begging

People who save for their retirements through company pension schemes could be missing out on millions of pounds in tax relief, a new study has claimed.

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Taxes must be clear and accountable

Tax laws need to be reformed so that they are open, transparent and pose less of a burden to smaller businesses and entrepreneurs.

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PAYE system upgrade may lead to some delays, HMRC warns

Plans by HM Revenue and Customs (HMRC) to upgrade the IT system that is used to handle PAYE tax and national insurance details could result in temporary interruptions to the service.

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New disclosure campaign for unpaid offshore taxes

HM Revenue and Customs (HMRC) is to launch a new campaign aimed at reclaiming the tax payable on undeclared funds kept in offshore accounts.

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Tax rebates taking 'longer' to be refunded

People are experiencing increasing delays in the time it takes for refunds of overpaid taxes to be made, it has been claimed.

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Recession to cull numbers of top rate taxpayers

The economic downturn looks set to reduce dramatically the proportion of people who pay income tax at the 40 per cent rate.

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HMRC turns to agencies on late payments

HM Revenue and Customs (HMRC) is to run a six-month trial using debt collection agencies to chase late tax payments.

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IR35 comes under fire for its negligible tax take

Figures have been released showing that the IR35 tax regulations are producing an average of just £1.5 million a year in tax revenues.

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Pensions tax relief measures need to be reconsidered

Pension industry groups are warning that government plans to cut the tax relief available to higher earners on their pension contributions could have an adverse impact on the whole savings and retirement system.

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Pension rules may deter saving

Changes to pensions tax relief for higher earners could be counterproductive, it has been claimed.

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