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:
- More than a quarter of all invoices are still being paid late, despite the introduction of new payment practices reporting regulations.
- Latest HMRC statistics reveal 772,000 people withdrew more than £6.54bn from their pension pots in 2017
- 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’
- 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.
- 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?
- The average UK small business spends £5,000 and three working weeks every year on tax compliance, according to research from the FSB