UK housing market continues to slump as number of homes sold in March drops April 24, 2018 The number of residential property transactions in the UK has dropped 7.2 per cent between February and March, according to the latest figures from HM Revenue and Customs (HMRC). The HMRC UK Property Transaction Statistics report showed that this month’s seasonally adjusted figures were 11.8 per cent lower compared with the same month last year. [...]
Steve Webb slams taxman as HM Revenue & Customs forced to remove relief calculator from its website April 18, 2018 Pension experts have slammed HM Revenue & Customs (HMRC) for failing to take down a flawed tax relief calculator, despite knowing it was providing incorrect advice. Top-rate taxpayers could have lost out on thousands of pounds of tax relief when planning their financial affairs for the coming year by using an online tool to help [...]
The AA thinks pumped-up petrol prices may have diverted £1bn away from high street spending last year March 24, 2018 Higher petrol prices in 2017 cost drivers £1bn in money that may otherwise have been spent on the high street, according to new research from breakdown cover provider The AA. A rise of nearly 9p per litre in the average price of petrol last year siphoned off a huge chunk of consumers’ spending capacity, The [...]
Ladbrokes fails to recoup £71m from HMRC in long-running tax spat March 22, 2018 Ladbrokes’ long-running tax battle with HMRC has come to a halt after the Court of Appeal rejected the bookies’ appeal to win a £71m rebate for the third time. Ladbrokes’ dispute with HMRC dates back to 2008, when it entered into a scheme promoted by Deloitte that was branded as tax avoidance by HMRC. The [...]
Bed & ISA: shelter existing shares from tax March 19, 2018 Investing in an ISA is a great way of building up investments tax efficiently. But did you know there is a straightforward means of making Stocks & Shares ISA subscriptions without investing any new money? Simply by using existing shares held outside an ISA in a process known as a “Bed & ISA” you can [...]
Make the most of your tax breaks before the end of the tax year March 15, 2018 ISA allowance ISAs are often the first port of call for investors looking to save tax. They are simple, flexible and tax-efficient. By using your full ISA allowance each year (£20,000 in the current 2017/18 tax year) it’s possible to build up a large pot of money sheltered from capital gains tax or income tax. [...]
Don’t underestimate the power of pensions March 14, 2018 Whether you are new to investing or nearing retirement, pensions are likely to be an important consideration. When you make a contribution to your pension, the government adds money. This is called tax relief and is one of the main advantages of using a pension to save for retirement. Not everyone is aware of this [...]
Spring Statement: OBR reveals the UK will be paying Brexit divorce bill until 2064 March 13, 2018 The Office for Budget Responsibility estimates the UK will be paying its Brexit divorce bill until 2064. Published to coincide with Philip Hammond’s Spring Statement today, the OBR puts the final figure at £37.1bn – squarely in the middle of government estimates of £35bn-£39bn. The body estimates that for the years 2019 and 2020 the [...]
Cash vs stock market: the difference in returns since Isas began March 7, 2018 Saving money into a cash Isa over the last 18 years would have returned four times less than a stocks and shares Isa, according to research by Schroders. Since 2009, the average savings account could even have lost you money. But while stocks and shares returns may have been higher, they have also been more [...]
Make the most of your tax breaks before the tax year end February 27, 2018 ISA allowance ISAs are often the first port of call for investors looking to save tax. They are simple, flexible and tax-efficient. By using your full ISA allowance each year (£20,000 in the current 2017/18 tax year) it’s possible to build up a large pot of money sheltered from capital gains tax or income tax. [...]