HMRC, HM Revenue And Customs

HM Revenue and Customs (HMRC) is the agency tasked with collecting the money the government declares everyone should pay in tax. The agency also oversees the payment of some state benefits, such as child benefit, and plays a regulatory role supervising compliance with legislation such as the national minimum wage. Established in 2005, the department […]

Pension Freedom – Taxing Your Retirement Cash

Working out how much pension cash you will actually have can be rather taxing. Remember that the following tax rules apply to UK taxpayers and that expats who are tax resident elsewhere will have a different pension tax regime. They should take local professional financial advice about the best way to take their pension cash. […]

Offshore Tax Avoidance Amnesties Ready To Close

Taxpayers who want to take advantage of reduced penalties by declaring secret offshore income and assets to HM Revenue & Customs (HMRC) have until the end of the year to bring their finances up to date. All the current offshore disclosure schemes will close on December 31, according to an announcement from HMRC. Although a […]

Pension Freedom – How To Pay Less Tax

Pension providers must deduct income tax from any payments they make to you in the same way an employer takes tax and national insurance from your salary. This can trigger tax issues for some retirement savers if the tax due on any pension withdrawal is set off as an emergency tax because the personal allowance […]