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Changes to salary sacrifice schemes will cap pension contributions at £2,000, impacting nearly 3m workers by 2029. HM Revenue & Customs data reveals that 2.9m individuals will reduce their pension savings due to these restrictions. Sir Steve Webb, a former pensions minister, said: "The effects...
The freezing of tax thresholds until 2031 has resulted in 7m additional people entering the income tax net. The number of income taxpayers rose to 40m in the 2025/26 tax year, an increase of 1.3m from the previous year. Sarah Coles, head of personal finance at AJ Bell, says it is "worth considering...
Transgender taxpayers with a Gender Recognition Certificate can now access a HMRC phoneline which allows them to connect with clerks more quickly, reducing wait times from an average of 16 minutes to just five. An HMRC spokesman clarified that this is "not a 'VIP service' but a helpline for taxpayer...
HMRC has issued a reminder about new tax rules for around 860,000 sole traders and landlords, highlighting that those earning over £50,000 must adopt digital tax reporting under Making Tax Digital for Income Tax....
As of April 6, 2027, defined contribution pensions will be subject to inheritance tax (IHT) at a standard rate of 40%. This change will affect approximately 10,500 estates, with an additional 38,500 facing increased IHT liabilities. Executors will need to obtain valuations from pension providers and...
HMRC has warned UK households to act quickly to avoid daily penalties for late self-assessment tax returns. Those who missed the January 31 deadline for 2024/25 tax returns face penalties of £10 per day, with the overall penalty capped at £900. After six months, those who have failed to file their...
Rachel Reeves plans to implement a 22% levy on interest earned from cash in stocks and shares ISAs starting next April. The move is part of new anti-circumvention rules aimed at addressing concerns over 'cash-like' investments within these accounts. Additionally, savers under the age of 65 will have...
HMRC has been accused of overtaxing savers due to errors in calculating interest on bank accounts. An investigation by the Telegraph revealed that taxpayers were billed thousands for non-existent or shielded interest. Richard Fuller, shadow chief secretary to the Treasury, said: "HMRC has been takin...
HMRC has issued a warning to landlords about risky tax schemes that promise easy savings on rental income. These "hybrid" models, which involve transferring properties into limited liability partnerships, are deemed to be flawed by HMRC. The tax office cautioned that such arrangements could lead to...
Thousands of businesses and self-employed individuals may face unexpected tax bills from HMRC due to a little-known deadline. Anyone required to make "payments on account" as part of a tax Self-Assessment must do so by July 31. Simon Thomas of Ridgefield Consulting, said: "The key issue is often cas...
Many sole traders are unprepared for the upcoming Making Tax Digital (MTD) deadline on August 7, with research from Sage revealing that 70% lack understanding of the new requirements. Only 8% are using MTD-compatible software to manage their tax records. Under MTD, sole traders earning over £50,000...
Pension experts are concerned about upcoming reforms that will subject unused pension pots to inheritance tax (IHT) for the first time. Starting in April 2027, scheme providers can withhold up to 50% of a pension pot to cover potential IHT liabilities. Experts warn that these changes may lead to del...
