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Smaller employers should be careful with salary advance schemes
Small employers thinking of using a salary advance scheme to support the financial wellbeing of their employees should be fully aware of how they work before using them, the Low Incomes Tax Reform Group (LITRG) is warning. These schemes, which are also known as Earned...
“Decisive action” needed for a UK pension regime fit for the next generation
Pension reforms proposed by the Institute for Fiscal Studies (IFS) in partnership with the abrdn Financial Fairness Trust aim to help move the UK’s pension system towards one fit for future generations. The proposals have been released ahead of the Government’s own...
Around 600,000 HMRC penalties paid in five years by people owing no tax
Around 600,000 late-filing penalties have been paid to HMRC in the last five years by some of the lowest earners in the UK despite them not owing any tax, according to Tax Policy Associates. Missing the filing deadline of January 31 for a self-assessment tax return...
Less than half of self-employed workers use simplified mileage rates
Less than half of self-employed workers who use their vehicle for work purposes are aware of HMRC’s simplified mileage rates, according to its own research. The flat rate deduction is 45p per mile for the first 10,000 miles and 25p for every mile after this, and these...
Parents of teenagers can extend Child Benefit claim online
HMRC is reminding parents of 16 to 19-year-olds to extend their Child Benefit claim by August 31 to ensure their payments continue. Last year, 870,000 parents extended this benefit, with most confirming the extension online. You can use either the HMRC app if you have...
HMRC surveys suggest job perk changes are on the horizon
HMRC has published two new surveys which leading advisory firm BDO are concerned could result in the removal of valuable employment perks, such as salary sacrifice pension schemes and Benefit in Kind arrangements, during the Chancellor’s Autumn Statement. One survey,...
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