The Low Incomes Tax Reform Group (LITRG) has welcomed the announcement in today’s Budget1 that the Money Purchase Annual Allowance (MPAA) will increase from £4,000 to £10,000 a year from 6 April 2023. But LITRG is warning savers that they still need to notify their pension providers if th...
The Low Incomes Tax Reform Group (LITRG) has welcomed the confirmation in today’s Budget that it will render void assignments of income tax repayments with effect from today (15 March 2023)1.The measure helps to address concerns raised by LITRG about the unacceptable behaviour of some tax...
The Low Incomes Tax Reform Group (LITRG) welcomes today’s announcement regarding the Help to Save savings scheme, extending it for 18 months.1 The account is available to certain benefit claimants and pays a tax-free bonus of up to 50% of the amount saved. Eligible individuals may no...
Have you recently started your first job, changed jobs or taken on an additional job? HMRC are looking for volunteers to fill in their survey so they can understand more about workers in these groups, any specific tax issues they face and any experiences they have had in contacting HMRC. ...
If you do not pay your 2021/22 Self Assessment tax bill before 3 March 2023, or agree a Time to Pay arrangement with HMRC before that date, then in most cases HMRC will charge a penalty equal to 5% of the outstanding amount. ...
Research suggests that the number of people accessing their private pensions has gone up, and that the amounts taken out of pensions are increasing. This may be for various reasons – for example, due to taking early retirement or to supplement living costs because of high rates of inflation. Here we...