The Low Incomes Tax Reform Group (LITRG) has welcomed the announcement in today’s Budget1 that the Money Purchase Annual Allowance (MPAA) will increase from £4,000 to £10,000 a year from 6 April 2023. But LITRG is warning savers that they still need to notify their pension providers if th...
Have you recently started your first job, changed jobs or taken on an additional job? HMRC are looking for volunteers to fill in their survey so they can understand more about workers in these groups, any specific tax issues they face and any experiences they have had in contacting HMRC. ...
If you do not pay your 2021/22 Self Assessment tax bill before 3 March 2023, or agree a Time to Pay arrangement with HMRC before that date, then in most cases HMRC will charge a penalty equal to 5% of the outstanding amount....
Research suggests that the number of people accessing their private pensions has gone up, and that the amounts taken out of pensions are increasing. This may be for various reasons – for example, due to taking early retirement or to supplement living costs because of high rates of inflation. Here we...
HMRC interest rates are linked to the Bank of England base rate. Over the last year, the interest rate for late payment of tax has more than doubled and, at the time of writing, is at 6% per year – the highest it has been since December 2008. If you have a tax debt, late payment interest may now be ...
At some point in your working life, you might decide to reduce your working hours. If your income from work falls below certain limits, this might mean you lose out on qualifying years for National Insurance. This article highlights some things to think about. ...