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Tax Systems LSE:TAX London Ordinary Share GB00BDHLGB97 ORD 1P
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Tax Systems Share Discussion Threads

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75% of workers support Covid tax hike Over threequarters of UK workers are willing to pay additional income tax to fund the government’s £300bn of borrowing to fund the Covid-19 response, with many labelling the move ‘a necessary evil’, a survey by AJ Bell has found 4 Jun 2020 Pat Sweet Pat Sweet Reporter, Accountancy Daily, published by Croner-i Ltd View profile and articles. The investment platform’s poll of some 2,000 individuals saw 77% indicate their willingness to see income tax rise, with the average rise put at 3.9%, while almost a fifth indicated they would be prepared to pay an extra 5% or more in income tax. In contrast, less than a quarter (23%) said they are unwilling to accept any rise in income tax. Getting on for two thirds (63%) accepted tax rises as a ‘necessary evil’ as a result of the pandemic. Two thirds (67%) of those polled said everyone has a responsibility to contribute to the costs of government support schemes, and 70% thought the government was right to increase borrowing during the crisis. When it comes to paying more tax, measures targeting dividends and capital gains were the most popular revenue raisers, cited by 37%. Just over a fifth (22%) believe inheritance tax should be in the Chancellor’s crosshairs, while 21% backed a National Insurance increase. Changes to the pensions regime were less popular with removing the state pension triple-lock (10%) and restricting pension tax relief (9%) the least favoured options. Overall, the majority (85%) reported they would rather pay lower amounts over a longer period of time, than large amounts over a shorter period of time. Tom Selby, senior analyst at AJ Bell, said: ‘While the coalition government opted for public spending cuts to tackle the deficit after the 2008 financial crash, Prime Minister Boris Johnson is reportedly reluctant to follow a similar path. ‘ If this is the case then tax rises will likely be necessary to help balance the books – and Brits appear ready to do their bit. ‘While policymakers will need to be careful not to stifle an economic recovery by hiking income tax rates too much, there appears to be general acceptance that the Covid-19 costs will need to be repaid and that tax rises are therefore a necessary evil. ‘Indeed, this may be one of the few times in history where a government could hike income tax – perhaps via a time-limited Covid-19 surcharge – without necessarily wrecking their election chances.’
HMRC overcharges pensioners £600m in tax – are you owed a refund? by Brean Horne from Moneywise | 1st May 2020 09:56 ‘Emergency tax’ applied to pension pots by HMRC hits retirement savings HM Revenue & Customs (HMRC) has refunded more than half a billion pounds in overpaid tax to retirees since the pension freedoms were introduced in 2015, according to new data. Pension freedoms were designed to give people more flexibility to control their retirement income by allowing over-55s to withdraw money from their defined contribution pension pots when they wanted. But the taxman has overcharged pensioners by £600.4 million on these withdrawals, and has been refunding it to people who make claims. Almost £33 million was paid back to pension savers in the first three months of 2020 alone, and more than 10,000 people made an application to claim back this cash from HMRC in this period. The average sum repaid was £3,141.23. A total of 242,188 pensions tax refunds claims have been made since the pension freedoms came into effect. These figures only represent the number of people who have made claims themselves. The total number of savers overcharged is unknown. Why are pensions being overtaxed? Under the new pension freedom rules, people aged 55 and over can withdraw the first 25% of their pension tax-free. After this, income tax is applied to the remaining 75% of their pot. Unless your pension provider holds an up-to-date tax code, an ‘emergency tax code’ will be applied to your first lump sum withdrawal. An emergency tax code treats the lump sum being withdrawn as though it will continue to be paid each month. This is often referred to as a ‘Month 1’ basis. For example, if you make a £10,000 withdrawal you could end up being taxed as though your annual income is £120,000. How to claim back overtaxed pension I you think you HMRC has charged you too much pensions tax, you will need to fill out one of the following three claims forms which can be found on the government’s claim a tax refund page. P55 If you have not withdrawn your entire pension pot and are not taking out regular payments, you will need to fill out a P55 form. HMRC received 6,286 of these claims from savers in the first quarter of 2020. P53Z A P53Z form should be filled out if you have withdrawn your entire pension pot and also receive other taxable income. A total of 2,973 claims were made in the first three months of this year. P50Z If you have drawn down your entire pension pot but have no other taxable income you will need to fill out the P507 form. Only 1,138 of these were made during the first quarter of 2020. This article was originally published in our sister magazine Moneywise. Click here to subscribe. These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.
958,000 taxpayers miss self assessment deadline A record 10.4m taxpayers filed their self assessment tax returns online by the 31 January deadline, but nearly a million returns are still outstanding 3 Feb 2020 Sara White Sara White Editor, Accountancy Daily, published by Croner-i Ltd View profile and articles. For the first time a total of 11.1m taxpayers filed by the 31 January deadline, including around 700,000 who filed on paper by the earlier October 2019 deadline. HMRC said that 958,296 taxpayers missed the deadline (8.18%), up on last year’s 700,000 late returns. An estimated 11.7m 2018/19 tax returns were due by the end of January. As usual, there was a surge of last minute submissions, as thousands of taxpayers filed their tax returns in the last hour with 26,562 completing their returns from 11pm to 11:59pm on deadline day. Throughout the day over 702,000 (7%) taxpayers submitted their returns with the peak hour for filing between 4pm to 4:59pm when 56,969 filed. Online filing accounted for 10,450,542 returns were filed online (93.95% of total filed), a record figure, and up on last year’s 10.1m. Anyone who misses the deadline will be charged a penalty unless they can provide a genuine excuse, supported by evidence. HMRC has the right to reject unreasonable excuses and penalties can quickly mount up. There is an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time. Penalties escalate the later the return is. After three months, additional daily penalties of £10 per day may be charged, up to a maximum of £900; after six months, a further penalty of 5% of the tax due or £300, whichever is greater; and for those failing to make a return after 12 months, another 5% or £300 charge, whichever is greater. There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months. HMRC is urging anyone who missed the deadline to contact the tax office. It said that ‘the department will treat those with genuine excuses leniently, as it focuses penalties on those who persistently fail to complete their tax returns and deliberate tax evaders’. Angela MacDonald, HMRC’s director general for customer services, said: ‘The majority of customers have submitted and paid their tax returns before 31 January. While few people enjoy the process it’s good to get it out the way and know you have contributed towards our vital public services. ‘I’d like to thank everyone who filed and paid on time, but anyone yet to file or pay should contact HMRC straight away because we are here to help.’
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Fresh calls for health insurance tax break P11D exemption Fresh calls for health insurance tax break Adam Saville Adam Saville @AdSaville_COVER 29 January 2020 Tweet Facebook LinkedIn Share on Whatsapp Send to 0 Comments £500 P11D waiver would reduce admin ‘obstacle̵7; for SMEs and help improve productivity, argues BIBA As part of its 2020 manifesto (announced last week), British Insurance Brokers Association (BIBA) is calling for the first £500 of health insurance benefit to be waived from the P11D. The industry body has argued that the costs associated with such benefits are creating barriers for smaller businesses, in particular micro-SMEs. Related articles Brits increasingly exposed to 'sick pay gap' Britons flying home from Wuhan to be quarantined Lloyds Banking Group agrees Pacific Life Re longevity swap Rachael Griffin: Should IHT be overhauled or reformed? It said employees with a lower income and facing taxable benefits are being put off, while the employer costs of P11D administration alongside national insurance tax of 13.8% outweigh the value of the health benefit which can be less than £500 a year. With more affordable health insurance products being designed, BIBA argued that an income tax break for health insurance employee benefits would help improve productivity for employers and reduce the strain placed on the NHS. It added that the government already allows a P11D exemption for companies to pay up to £500 for medical treatment to help an employee return to work if they have been unable to work for at least 28 consecutive days, so therefore should consider the same for employers intending to support the long-term health and wellbeing of staff from an insurance perspective. Graeme Trudgill BIBA executive director said: "Tax in the form of insurance premium tax can be an inhibitor to buying insurance and in the health insurance market the situation is exacerbated. Many employees choose not to accept employer provided health insurances because of the prohibitive income tax burden associated with the benefit and worse, employers, especially SMEs are faced with an administrative burden in managing the P11Ds and the financial burden of employees' national insurance payments. BIBA believes this tax burden is leaving people unprotected and is affecting productivity and we are calling for an income tax break on health insurance employee benefits."
Adam Smith Institute The Window Tax July 24, 2019 The Window Tax Madsen Pirie It was on July 24th, 1851, that the hated Window Tax was finally abolished. Introduced under King William III, it was not intended to hit poor people, and exempted cottages, but was designed to be in proportion to the wealth of the taxpayer. An income tax was thought too intrusive, because the government had no business knowing how much people earned. The Window Tax was initially levied in two parts. People had to pay 2 shillings annually (a tenth of a pound) per house if they had fewer than 10 windows, 6 shillings if they had between 10 and 20, and 10 shillings for those with more than 20 windows. In current values, 2 shillings then would be worth about £13.50 now. Of course, taxes change behaviour, and dynamic models must take this into account. The tax did not raise the hoped-for sums because many people responded to it by bricking up some of their windows in order to avoid it. Visitors to Britain stare in fascination at some of our old houses, noting that where there was clearly once a window, there are now bricks or plaster. Sometimes this can be seen in whole rows of terraced houses. New houses were built with fewer windows to avoid the tax. In Scotland a Window Tax was introduced after 1748. A house had to have at least seven windows, or a rent of at least £5 to come under the tax. When it was increased in the 1780s, some Scots opted, instead of bricking up windows, for the less costly recourse of painting them black, with a surrounding white frame. These were known as Pitt’s Pictures, after the prime minister of the day, and can still be seen in some places. The Window Tax was unpopular, because it was seen by some as a tax on "light and air." The tax was increased many times, especially during the wars with France, but it was halved by the reforming administration of 1823, and ended altogether in 1851 after popular agitation. It does provide a salutary lesson for those who would levy taxes. Increases in tobacco duty might be intended to raise money or to make people smoke fewer cigarettes, but they also encourage smuggling. Increases in alcohol duties might be for revenue or to cut alcoholism, but they also lead people to opt for cheaper booze, and in Scotland, perhaps even for opioids. Stamp duties on house purchases result in fewer transactions because people stay put in order to avoid it. This leaves the elderly staying in larger homes than they need once their children have left, leading to a market shortage of homes suitable for young and growing families. There is a point at which income tax increases produce a fall in revenue as people put in less work and use tax-shelter schemes to avoid paying them. Higher corporation taxes lead corporations to locate elsewhere, and higher capital taxes lead people to move it beyond the reach of the tax man. A ruling of the United States Supreme Court stated that "The legal right of an individual to decrease the amount of what would otherwise be his taxes or altogether avoid them, by means which the law permits, cannot be doubted," and a judicial ruling in the UK declared almost a century ago that the law did not require a person to pay the maximum tax if they could avoid doing so. Two things in particular irritate those who would spend our money as they wish rather than as we wish. One of these is tax competition, which gives people the option of moving assets and earnings to lower tax environments. And the other is the ability of people to modify their behaviour in order to escape the incidence of taxes levied upon it. The history of the Window Tax is a good lesson.
the grumpy old men
adrian j boris
Are three yesr carry forward rules regarding pension relief no longer available?
Adrian, thanks for the update. Very sad news.
rhcm sadly our inhouse super tax expert,miata, is no longer with us RIP He would have responded staightaway other posters fill in the best they can, more to keep his memory alive
adrian j boris
.double post
Hi sarkasm I was trying to avoid phoning HMRC as the last time i had a wait of about 1 hour. I was hoping for a reply from MIATA but i see he/she hasn't posted for a while. Alternatively someone who has actually filed their return electronically who had foreign dividends in excess of £300.
sorry rhcm for unhelpful response why not ask the experts Https://www.gov.uk/tax-foreign-income/paying-tax Https://www.etctax.co.uk/tax-on-foreign-dividends/ and let us kow what they sayeth
Thanks for the reply but it does not answer the question - can foreign dividends in excess of £300 be submitted on line or does do you have to fill in a paper self assessment.
Https://www.etctax.co.uk/tax-on-foreign-dividends/ Https://www.gov.uk/tax-foreign-income/paying-tax
If you have foreign dividends in excess of £300 can you file your self assessment online or do you have to fill in a paper version .ie with form sa106. thanks
adrian j boris
post 1480 "£100bn supercomputer" The revenue spent a hundred billion on a computer? Must be an Apple.
Https://www.moneyinternational.com/tax/taxpayer-who-owed-no-tax-must-pay-late-filing-penalties/ Taxpayer Who Owed No Tax Must Pay Late-Filing Penalties By Steven Wilson - June 3, 2019 0 86 taxes The courts have backed HM Revenue & Customs for a second time for imposing thousands of pounds of self-assessment late-filing penalties on a taxpayer who owed no tax. Barry Edwards had argued HMRC was unfair to him by asking for penalties and interest when his tax returns showed he had no tax to pay. Before the First Tier Tribunal, but lost his case and appealed to a higher court. The Upper Tribunal heard that Edwards had received late-filing assessments of almost £4,000 for three tax years – £1,300 plus interest for 2010-11; £1,600 plus interest for 2011-12; and £980 plus interest for 2012-13. But HMRC argued that if a taxpayer was asked to file a self-assessment return, they must do so regardless of if they owe any tax. Because of this, Edwards should have filed his returns and as he did not, the penalties were raised.
Https://www.mirror.co.uk/money/you-qualify-council-tax-discount-16208314 Do you qualify for a Council Tax discount? Here's how to find out If you are disabled, have a health condition or are a carer, you could be overpaying on council tax without even knowing it Share Comments ByEmma MunbodhDeputy Money Editor 14:26, 27 MAY 2019Updated14:31, 27 MAY 2019 Money Woman putting pound coin in model house money box Many councils have come under fire for their aggressive tax collection methods against people who simply cannot afford it (Image: Getty) Get the biggest politics stories by email See our privacy noticeMore newsletters Thousands of people in the UK could be overpaying on council tax because they're unaware they qualify for a discount, the Government has warned. It comes after charities slammed councils for their controversial tax collection methods that have resulted in forced entries from bailiffs and low income familes being slapped with thousands in fees for missed payments . A new council tax guide explains that while most tenants and homeowners over the age of 18 will have to legally pay the levy, there are a few circumstances where it becomes the owner's responsibility, such as in the case of: Empty homes Nursing homes and other similar homes Houses of religious communities Houses in multiple occupation (where rooms are let individually) Residences of staff who live in houses which are also occupied by an employer Residences of ministers of religion Elsewhere, other groups such as students are exempt entirely, while those who live alone or with dependents can get a 25% discount. Local Government Minister Rishi Sunak MP, said: "Council tax is a vital source of funding for local government, supporting most of the day-to-day services we all use and rely on. "However, no one should be paying more than their fair share. We want to help people keep more of what they earn which is why we've produced this easily-accessible guide explaining the discounts and exemptions available – many of which people may never even knew existed." Full exemptions include when an entire household are full-time students, if a person has recently moved into hospital or a care home or if all people in the household have a mental impairment, such as dementia. There are also family discounts for annexes, the armed forces, and separate rules for when someone passes away. Here's what you need to know.
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