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Emergency Budget 2010VAT The headline rate of VAT will be increased to 20% from 4 January 2011. There will be no change to zero-rated and exempt items such as food, children's clothing and books. Capital Gains Tax The headline rate of Capital Gains Tax rises from 18% to 28% with immediate effect, but only for ... |
PAYE tax coding problems continueAccording to the Society of Professional Accountants, which represents around 1,400 small accounting firms, as many as one in five tax coding notices dated from earlier this year could be wrong. Tax payers may only notice the mistake when they find that their April pay is less than they expected ...
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Britons paying billions too much taxAccording to recent research Britons are paying billions of pounds too much tax in 2010, with the average taxpayer paying almost £200 too much.
The main reasons for this overpayment are: errors in self-assessment tax returns and penalties due to late submission; failure to use all available ... |
HMRC changes rules on cheque paymentsTaxpayers must send cheque payments to HMRC earlier from April or else pay on-line in order to avoid penalties.
From 1 April 2010, the taxman will not treat payments by cheque as received until the day the cheque clears, rather than when the cheque arrives in the post. So if you are posting a ... |
HMRC issues wrong tax codesHMRC has just completed sending out PAYE tax codes for 2010/11 to over 25 million taxpayers. But the Chartered Institute of Taxation has claimed that many of them are wrong and could result in taxpayers having too much tax deducted from their monthly pay packet when the new codes take effect in ...
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Taxman targets underpaymentsHMRC continues to target key people whom it considers likely to have underpaid tax in the past. First was the well-publicised amnesty for overseas income. Taxpayers were offered the chance to declare and pay tax on under-reported overseas income and escape serious penalties. Now HMRC has ...
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Pensioners can save tax on savings interest Banks and buliding societies are required by law to deduct 20% tax on savings interest before it is paid. Pensioners who are non-taxpayers, or who qualify for the 10% savings rate, could be losing out if they don't act to reclaim the tax paid.
Pensioners who have overpaid tax on interest on ... |
Tax too complex for senior citizens?Recent reports throughout the printed press, TV, radio and on-line media have identified that many older people may be over-paying tax because they have not claimed all the allowances to which they are entitled.
Amysas Morse, head of the National Audit Office, said "Older people want to pay the ... |
