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Home » News & Insights » Helpful Tax & Income Tips

Helpful Tax & Income Tips

Posted on 27th March 2018

Helpful Tips

Helpful Tax & Income Tips

Top 6 Info Bites

Avanti’s ever popular quick info bites are very brief snippets of useful, interesting and sometimes puzzling information:

  1. More than a quarter of all invoices are still being paid late, despite the introduction of new payment practices reporting regulations.
  2. Latest HMRC statistics reveal 772,000 people withdrew more than £6.54bn from their pension pots in 2017
  3. Taxpayers who receive letters from HMRC regarding their self-assessment avoid calling the support number provided due to previous bad experiences with customer service, while others say the letters take too long to ‘get to the point’
  4. A recent survey has shown a growing number of people are confused about inheritance tax (IHT). More than 2/3 of those liable to IHT did not know the threshold of the Nil Rate Band is £325,000.
  5. The MD of a company must pay more than a £60,000 fine, after admitting trying to avoid giving staff workplace pensions. This is the first such prosecution by The Pensions Regulator (TPR). Maybe the first of many?
  6. The average UK small business spends £5,000 and three working weeks every year on tax compliance, according to research from the FSB

 

 

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Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

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