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Archive:June 2024

Please find below all the articles from June 2024.

HMRC issues ‘tax refund companies’ alert

HMRC is warning against being hooked by self-professed ‘tax refund companies’ claiming
they can help you reduce your tax bill.

The organisation is running a campaign to highlight that some of these ‘tax experts’ will offer to make expense claims ” on your behalf, just so
they can claim a commission – even if it turns out you aren’t eligible to claim ” .

” If someone promises easy money and it sounds too good to be true, it probably is, ” HMRC says. 

” Handing over your…

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New Scottish tax sparks petition to recall powers

If you’re a Scottish resident, you’re no doubt aware that from April a whole new band of tax has taken effect.

The new Advanced Income Tax band , coming in at a 45% rate , applies on annual income between £75,000 and £125,140. An additional 1p has also been added to the
Top Rate of tax . It’s gone up from 47% to 48% for income over £125,140 .

The move, unsurprisingly, is not universally popular and it has triggered a new petition on the Government website to strip the…

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July tax credits deadline prompts payment warning

Nearly one million people need to be aware of a looming tax deadline, coming on 31 July.  

It’s that time when tax credit renewal notices are sent out. There are about 730,000 tax credits customers who should get their letter by 19 June, if they haven’t
already. Most claims get automatically renewed but up to 10,000 may need to submit their claim for renewal. Without doing so, there is a risk of payments being stopped.
The process can be completed either through the HMRC app or its website….

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Spotlight falls on potential tax changes as General Election called

After much speculation about when The Prime Minister would call a General Election, Rishi Sunak surprised many with his
announcement in recent days that it would take place on 4 July. We had expected an Autumn Election, but we’ve ended up with a Summer vote instead.  

Of course, as with all General Election campaigns, people want to know what it means for their income and what tax changes are likely to occur. With Labour’s consistently vast
lead in the opinion polls (around 20 points ahead on average) showing…

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Tax lost to error and ‘failure’ rises – four years on from digital tax

Whilst the main focus of the nation in terms of tax talk has all been about the General Election, some very interesting
figures have been published this month by HMRC.

Have you heard before of the phrase the ‘Tax Gap’? The stats in question surround this topic. According to the Chartered Institute of Taxation, the definition of this gap is “the
difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid.”

The new report assesses the tax gap in 2022-23. The…

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