cloud9umbrella-blog-hmrc-offshore-warning-to-contractors

HMRC offshore warning to contractors

HMRC has issued a warning to 16,000 contractors to declare their involvement in an ‘aggressive’ offshore tax avoidance scheme.   The contractors involved will have until January next year to approach HMRC and pay the tax due, or they will risk being liable to pay penalties and even legal fees on top of the owed…

cloud9umbrella-blog-commuters-bring-in-52-billion-a-year-in-income-tax

Commuters bring in £52 billion a year in income tax

According to UHY Hacker Young, Londoners and those who live in the commuters belt pay £52 billion each year in taxes.   Commuters in the South East region of the country pay double the British average in income tax contributions. Out of the top thirty regions for high tax contributions, twenty-eight were towns located in…

cloud9umbrella-blog-over-55s-to-see-restricted-tax-breaks

Over 55s to see restricted tax breaks

Over 55s will experience restrictions in available tax reliefs as part of the government’s anti-avoidance tax strategy which will close loopholes created in the pensions reform announced in this year’s Budget. The Treasury said that the government will restrict tax reliefs on pension contributions for savers over the age of 55 in order to prevent…

cloud9umbrella-blog-government-announces-free-advice-for-pensioners

Government announces free advice for pensioners

The Treasury has announced that pensioners will be able to receive free independent advice on their savings and investments from next year. From the 2015-16 tax year, savers from the age of 55 will be able to utilise their pension funds however they wish. Savers have previously purchased annuities upon retirement through participating in defined…

cloud9umbrella-blog-tax-advisers-promoting-avoidance-schemes-face-fines-of-a-million

Tax advisers promoting avoidance schemes face fines of a million

The new Finance Bill has proposed the possibility of landing tax advisers with fines of up to £1 million if they actively promote tax avoidance and evasion schemes. Under the new plans, HMRC will require that tax planning and advisory services provide interested parties with an alert that they are being monitored when visiting their…