August 2018

The government wants the power to investigate your finances without your permission

The government wants the power to obtain financial information about self-employed taxpayers without getting their permission first. It’s part of its aim to ‘maximise revenues due’ and tackle non-compliance, but experts say it’s a breach of privacy. HMRC has the power to obtain relevant information from taxpayers to check they’re paying the right amount of income tax, Capital Gains Tax,

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Property income allowance gives £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income. Taxpayers can claim the property income allowance, which came into effect in April last year, giving the property owner £1,000 of tax relief on their rental income, provided they have few

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Narcissism is for me

Narcissism has long been categorised as a negative and unwanted personality trait. Research, however, suggests that those of us who are more prone to egotistical tendencies are also more likely to do better at exams. Dr Kostas Papageorgiou, of Queens’s University Belfast, is part of a research team looking into this traditionally taboo behaviour. His research suggests that young people

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HMRC receives a record £5.2bn from IHT

HMRC have received a record breaking £5.2bn from inheritance tax for the 2017/2018 tax year, an 8% increase on the previous 12 months, with London and the south east being the highest paying areas, say accounting, tax and advisory firm Blick Rothenberg. Rebecca Goldring, a manager at the firm, said: “As expected, the burden of IHT lies largely in the

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HMRC late payment interest rates to be revised

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.75%. The Bank of England Monetary Policy Committee voted unanimously to increase the Bank of England base rate to 0.75% on 2 August 2018. HMRC interest rates are linked to the Bank of England base rate and, as a consequence of the

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Intuit QuickBooks goes live with HSBC Direct Bank Feed

Intuit has announced the availability of a direct bank feed to save time for HSBC UK Business Internet Banking customers. QuickBooks subscribers in the UK can now automatically import transactions from their HSBC account directly, and at no extra charge, to QuickBooks. This direct bank feed features a new web authorisation process, which marks an end to paper-based authority forms,

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Time to declare offshore assets

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation, called ‘Requirement to Correct’, requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax or inheritance tax. However, some UK taxpayers may not

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Heat wave alert!

Heat waves are bad news for your brain and for all those sitting exams. Studies suggest that while the sun coming out to play can make you happier it also makes you ‘stupider’! Researchers have found that during hot spells candidates perform significantly less well in cognitive tests. In sharp contrast those who work and study in air-conditioned environments can

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British Chambers of Commerce call for cuts in red tape

Three-quarters of UK businesses believe the cost of complying with the UK tax system has escalated in the past five years, according to the British Chambers of Commerce (BCC). A survey of over 1,100 firms from across the UK by the BCC and VAT software specialist Avalara found that three in four believe the overall burden of tax administration and

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