£22m in overpaid pensions tax reclaimed in Quarter 1 HMRC data shows that pensioners recovered more than £22m in Q1, having been overcharged in emergency tax. The issue stems from a system which treats a one-off withdrawal as though it were the first of a series of monthly withdrawals. Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “Pension freedoms have been […] By Lisa Brownlow, 9 May 2022
Read Now
Families see £608m bill for Inheritance Tax Official figures obtained by the Daily Telegraph show that close to 2,000 families have been ordered to pay back millions in IHT over the past five years by HMRC, falling foul of so-called “gift with reservation of benefit rules”. Among them were parents who had gifted their homes to their children for tax purposes, but […] By Lisa Brownlow, 5 May 2022
Read Now
Policies add £5,500 to tax bills for couples Analysis shows that a couple earning average wages will pay more than £5,500 in additional tax over the next decade due to the 1.25% National Insurance increase and the income tax personal allowance threshold being frozen. According to the Commons library research, commissioned by the Liberal Democrats, two median earners on a combined salary of […] By Lisa Brownlow, 4 May 2022
Read Now
Labour pledges to scrap non-dom tax break The Labour party has promised to scrap the non-dom status used by rich individuals to cut their tax bills if it gets into power. Labour’s shadow chancellor, Rachel Reeves, said: “As the Tories raise taxes on working people, it simply isn’t right that those at the top can benefit from outdated non-dom tax perks. With […] By Lisa Brownlow, 27 April 2022
Read Now
One in four workers unaware of National Insurance hike Research by RIFT Tax Refunds has found that 38% of people are not aware of this year’s changes to National Insurance. This month sees NI payments increase by 1.25%, while from July the NI payment threshold will increase from £190 per week to £242. The poll of 1,017 working adults saw 50% say they did […] By Lisa Brownlow, 25 April 2022
Read Now
Tax paid by high earners up 77% in a decade The income tax paid by high earners making £150,000 or more has increased by 77% in the last decade, with the total jumping from £34.5bn in the 2010/11 tax year to £60.9bn in 2019/20. The total tax take from basic rate taxpayers has fallen 5% over the same period, from £68.6bn to £64.9bn. Some 32% […] By Yinka Brownlow, 22 April 2022
Read Now

See How Acer Accounts can
support your business

Phone us on Tel. 0117 287 2438 to see how we can help set up your business with accounting software and provide a range of accountancy services

Book a call Get a quote
↑