Hit by the savings tax trap: Double whammy of low rates and HMRC delay

More than 700,000 savers could be paying too much tax after interest rates plunged to record lows. It is yet another blow for beleaguered savers already struggling to earn an income from their nest eggs.  And long delays at HM Revenue & Customs (HMRC) means anyone attempting to correct their tax code and claw back … Read more

‘England stars facing tax demands from HMRC worth tens of thousands of pounds after probe’

Harry Kane, Harry Maguire and Raheem Sterling ‘among England stars facing tax demands from HMRC worth tens of thousands of pounds following probe into FA’s image rights payments worth around £100,000-a-year to each player’ A HMRC probe into image rights payments to England stars may be launched  The Sun claim the FA and lawyers on … Read more

House sales soared by a quarter in January compared to last year, new HMRC figures show

House sales in the UK soared by a quarter in January – despite lockdown – as buyers make a ‘sprint finish’ to beat next month’s stamp duty holiday deadline. More than 120,000 residential property sales were recorded last month, according to new figures released by HM Revenue and Customs (HMRC). The figure is a 24.1 … Read more

Tax evasion fears as HMRC drastically scales back checks on eBay and Amazon sellers

Bonmarché, the value-oriented clothing retailer, went into administration for the second time in a year on 2 December 2020. There are 226 stores and more than 1200 employees. It is owned as a separate business by Philip Day, whose EWM is also in crisis (see below). Philip Day put this company into administration a few … Read more

HMRC relaxes rules on tax returns amid fears coronavirus pandemic could cause millions to be fined

Tax deadline put back a month: HMRC relaxes rules on tax returns amid fears coronavirus pandemic could lead to late filings and millions of fines HMRC still expects all tax payers to file their returns by Sunday but those who do not file by February 28 will no longer receive a £100 penalty The relaxation … Read more

BEN WILKINSON: HMRC must learn when to show a little leniency

A taxing time for all: HMRC must learn when it’s time to show a little leniency, says BEN WILKINSON By Ben Wilkinson for the Daily Mail Published: 22:00 GMT, 19 January 2021 | Updated: 22:00 GMT, 19 January 2021 Deadlines are useful tools. Without them, a lot of us wouldn’t get things done. And the … Read more

HMRC issues scam warning for millions of last-minute tax return filers

Tax return time: HMRC issues scam warning, as self-assessment deadline looms and millions still haven’t filed 5.4m taxpayers had not completed their return as of last week  HMRC warns people to look out for copycat websites and phishing scams Around 2,700 taxpayers filed their self-assessment return on Christmas Day By Ed Magnus For Thisismoney.co.uk Published: … Read more

HMRC taxes interest savers haven’t received after plunging rates

Charged a tax bill for savings interest you weren’t paid? HMRC is still estimating earnings based on previous years despite 2020’s plunging rates Basic rate taxpayers can earn up to £1,000 a year in interest tax-free   Coupled with falling rates it means 95% of savers don’t pay tax on their returns However a Cambridgeshire man … Read more

HMRC taxes savings interest based on previous years despite rate fall

Tax bills for savings interest you weren’t paid? HMRC still estimating earnings based on previous years despite 2020’s plunging rates By Sylvia Morris For The Daily Mail Published: 22:00 GMT, 22 December 2020 | Updated: 22:25 GMT, 22 December 2020 Savers are facing baffling tax bills for interest they haven’t actually earned. HMRC estimates how … Read more