The average amount contributed by parents towards home purchases has fallen by 17 per cent over the last year, according to Legal & General (L&G). While buyers who received assistance from their parents in 2017 enjoyed an average contribution of
Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was
In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that
With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution
A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part
According to HM Revenue & Customs (HMRC), the number of underpaid workers getting the money they are owed under the National Minimum Wage (NMW) legislation has more than doubled. The Revenue’s latest figures show that in the 2017/18 tax year
The Pensions Regulator (TPR) has announced that employers could have their businesses’ assets seized to pay their debts if they fail to pay workplace pension fines. TPR has powers to fine employers who do not comply with workplace pension rules.
Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts
A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014.
An overhaul of “the complex patchwork” of tax charges and reliefs affecting businesses throughout various stages of the business lifecycle is urgently required in order to stimulate growth among small and medium-sized enterprises (SMEs), the Office of Tax Simplification (OTS)