HMRC issues private pension warning

The tax office has warned individuals considering accessing their pension pots over the risks of tax avoidance schemes, flagging that they can lead to significant tax liabilities and additional fees. HMRC said: "Tax avoidance usually involves artificial transactions that serve no real purpose other than to falsely claim to reduce tax." The agency has launched guides to help workers understand their pay, especially those using umbrella companies. Individuals are encouraged to check their payment details and report any suspicious schemes to HMRC.