HM Revenue & Customs
Coverage of HM Revenue & Customs in the Nexus archive.
- Why taking your pension tax-free lump sum could leave you thousands of pounds worse off
Taking a pension tax-free lump sum could result in thousands of pounds lost due to potential tax implications and reduced pension income. This decision may have long-term financial consequences for retirees. It is essential to consider the effects of taxation on pension funds.
- The UK's tax authority is turning to AI to help identify fraud
The UK's tax authority is using AI to help identify fraud, with human staff members reviewing the AI's findings. This move aims to improve efficiency and accuracy in detecting fraudulent activities. The use of AI is expected to enhance the authority's capabilities.
- Where is your proof that the taxman has 'cleared' you over £40,000 bill, Angela?
The article questions Angela about proof of a tax bill of over £40,000 being cleared. The context suggests a dispute or investigation into tax payments. Angela is being asked to provide evidence.
- We face huge capital gains tax bill because an investment fund is closing and we must sell our £60,000 holding - what can we do?
An investment fund is closing, forcing the sale of a £60,000 holding and resulting in a huge capital gains tax bill. The investors are seeking options to minimize their tax liability. They must sell their holding due to the fund's closure.
- People scoff at my money making trick, but I've just banked £1,000 (and I WON'T pay tax on it). Here's how you can benefit: RACHEL RICKARD STRAUS
Rachel Rickard Straus has made £1,000 using a money-making trick and claims she won't pay tax on it, offering to share her method with others. The trick's details are not disclosed in the article. Straus is confident in her approach despite skepticism from others.
- Affluent savers dish out cash gifts to family to reduce inheritance tax ahead of new pension rules
Affluent savers are giving cash gifts to family members to reduce inheritance tax ahead of new pension rules. This strategy aims to minimize tax liabilities and maximize wealth transfer. The move is driven by upcoming changes in pension regulations.
- Mandelson’s lobbying firm Global Counsel went bust owing £4.6m, report says
Peter Mandelson's former consultancy firm Global Counsel collapsed owing £4.6m, including £600,000 in tax debts, after losing clients due to Mandelson's ties to Jeffrey Epstein. The firm, which advised TikTok, Palantir, and GSK, went bust in February 2023.
- Does it pay to be an early bird Isa investor? How racing to use up your new tax allowance can pay off
The article discusses how investing in an ISA (Individual Savings Account) early can maximize the use of a new tax allowance, potentially offering financial benefits. It highlights the advantages of acting quickly to utilize the tax-efficient investment opportunity before it expires.
- Fewer than 3 in 10 register for HMRC's Making Tax Digital shake-up
Fewer than 30% of sole traders and landlords have registered for HMRC's Making Tax Digital (MTD) reporting system for the new tax year. The low uptake persists despite marketing efforts and impending fines for non-compliance.