The Personal Savings Allowance (PSA) was launched on 6 April 2016. The allowance means that the first £1,000 interest on savings income for basic rate taxpayers is tax-free. For higher-rate taxpayers the PSA is £500. Anyone earning over £150,000 does
This coming Monday (31 July) is the last day for families and individuals that receive tax credits to renew their tax credit. As in previous years, there is expected to be a huge last-minute rush and it may be difficult to contact HMRC by phone.
HMRC’s annual reconciliation of PAYE for the tax year 2016-17 is well under way. HMRC uses salary and pension information to calculate if the correct amount of tax has been paid. Where the incorrect amount of tax has been paid, HMRC uses the P800
The intestacy rules that govern how assets are divided if someone dies without making a will changed from 1 October 2014. The changes do not affect people who die with less than £250,000 in assets but for those that leave more, the changes were