Share Sounds. related to Tax - HMRC

Adam Cox is in conversation with Anish Mehta of APARI to explore the prolonged journey of the tax world into the digital era. Together, they delve into the ways software can ease the burden on individuals during the tax return season. The discussion addresses the reasons behind the procrastination of many in completing their tax returns and identifies the specific individuals who must closely heed the forthcoming changes in tax rules. https://www.apari-digital.com/

Adam Cox is in conversation with Guy Smith from Independent Tax, exploring the legal obligation for digital platforms like Airbnb, Etsy, and Vinted to report their sellers' earnings to HMRC starting January 1, 2024. The discussion delves into the specified thresholds for reporting income and the retrospective assessment period that HMRC can undertake. Additionally, Guy provides insights into the steps the public can take if they have concerns about potential tax liabilities or unreported earnings. https://independent-tax.co.uk/

Is it time to admit that 'free banking' doesn't really exist, and to start paying for our accounts? Georgie Frost, Simon Lambert and Helen Crane discuss this, plus: the plans which wise parents are making to deal with the prospect of VAT on private school fees, if Labour wins the next election, and how to find a trustworthy adviser. Also — Helen Crane investigates a car sold with a significant fault.

A bad news Budget looks to be on the cards after Labour continued to pour cold water on optimism following its election victory. Prime Minister Keir Starmer delivered a gloomy speech saying the Budget was going to be painful, hot on the heels of Chancellor Rachel Reeves' own gloom-mongering. But having made a promise not to raise the rates of income tax, national insurance, VAT and corporation tax, where will the Government try to raise cash? Starmer said tax rises would target those with the 'broadest shoulders' but who are they — and are there really enough of the very wealthy to target or will the burden be more likely to fall once again on those in the rich middle? We look at what taxes could rise and what a capital gains tax, pension, inheritance or other raid could mean for people. Plus, Britain's biggest mortgage lender Halifax is upping what it will lend first-time buyers, Crane goes on the case of an Evri bungle and asks: shouldn't you be within your rights to expect a parcel to arrive? And finally, with the Oasis ticket scramble in full effect and ticket prices sky high, can you protect against a potential Gallagher brother blow up or anything else that would stop you going? (If, that is, you can get tickets in the first place, of course!).

You can wait a long time for a FTSE 100 record high but for peak-starved British investors this week delivered a bonanza. Four record highs were racked up by the FTSE 100, with only Wednesday's slight dip spoiling what would have been a perfect run over a week. The return to new highs on Thursday came as a mega-mining merger bid arrive from BHP for Anglo American - and that was followed swiftly by one of the UK's few tech stars Darktrace announcing it had accepted a bid on Friday. Are these the catalysts that fund manager Nick Train was talking about when he said it could take a big takeover to shake UK stocks out of their slumber and get the world investing in Footsie companies again? Georgie Frost, Tanya Jefferies and Simon Lambert look and what's moving the UK market, why it is judged to be cheap and whether you should invest. Plus, the top investment trusts for retirement investing and the latest twist in the state pension top-ups saga. Should we cut inheritance tax - or at least sort out the mess - as the take soars? And finally, are you a backseat driver? See if you can pass the test.

Have you ever sold anything on Ebay, Vinted or Facebook Marketplace to make a bit of extra cash? Those who do may have been worried this week, as news that the websites will now be required to report sellers' activities to the taxman caused panic online. So what are the rules - and is HMRC really going after people who sell the odd frock or mobile phone? Lee Boyce, Helen Crane and Georgie Frost explain what's really happening, how to tell if you are a 'trader' - and why most people having a clear-out of their old clothes won't need to worry. Mortgage lenders have started 2024 with a bang, with the likes of HSBC, NatWest and TSB announcing rate cuts left, right and centre. There is now a five-year fix with a rate of 3.94% - so what does that tell us about how low the base right might go this year, and will these cheaper home loans start to drive up house prices again? As we get back to reality after the festive break, we are also approaching Divorce Day. The first working Monday of the year is supposedly when unhappy couples are most likely to call it quits. If that is you, we are on hand to explain what you need to know about splitting your property, pension and more with an ex. Finally, Lee, Helen and Georgie discuss what they learned about their finances in 2023 - and the mistakes they won't be making again this year.

Are private sector retirement plans being put at risk in order to help strengthen public-sector gold-plated pensions? Georgie Frost discusses this and other topics with Simon Lambert and Lee Boyce, including a couple of irritating taxes, where interest rates will be next year and whether you should get a LISA if you already own a home. Plus, they identify some key property hotspots.

Inheritance tax punches above it s weight. It is paid by only a small minority of estates, yet manages to be Britain's most hated tax and its most controversial. Some believe it's immoral double taxation and should be axed altogether, others say crank it up - and somewhere in the middle there are many people who feel that taking 40% is just too much. But it's also a tax that even those with an expensive home and plenty of savings can generally avoid if they choose, by spending more and giving more away in their lifetime. The problem is that they need to survive seven years or they may get caught by some very outdated gifting allowances. Yet, there is a little-known loophole that allows people to give away considerably more without worrying about the seven-year rule. Georgie Frost, Lee Boyce and Simon Lambert look at inheritance tax and the surplus income rule. They discuss this trick to beat death duties and the catches it comes with and all the other rules surrounding IHT. Also — noisy heat pumps, the British ISA meets its maker and our failure to support the high streets that we moan about dying.

With next week's Budget (Wednesday 6th March) tipped to be the Chancellor’s last roll of the dice before a General Election, expectations over tax cuts are growing. But what taxes could Jeremy Hunt choose to cut and why – and is there hope that he will sort out the tax mess that Britain has got stuck in. The higher income child benefit charge creates marginal tax rates above 50%, meanwhile the removal of the personal allowance bakes in a 60% income tax rate between £100,000 and £125,140. Should these tax traps and painfully high stamp duty be removed? Simon Lambert argues that Mr Hunt needs to have a clear out, chuck a load of stuff in the stupid tax box and bin it. Simon, Georgie Frost and Lee Boyce look ahead to what could be in the Budget and what it would mean for you. Also, energy bills are due to fall as the price cap is cut: but how much will this save you? It’s not just tax catching people out, student loans are also proving difficult to shift as interest mounts up due to high inflation. Does the student finance system need a sort out too? And what is Simon’s triple lock for student loans plan? And finally, don’t get spear-phished or tap-jacked, Lee talks us through the new scams you need to know about.

UK Education Secretary Bridget Phillipson describes our current system for financing higher education as 'the worst of all worlds', and she's right. The combination of loan funding and universality has generated chronic problems for both students and universities. We need to apply inter-generational logic to address both this problem and the challenges faced by other disadvantaged young people from low-income backgrounds. The Times placed this story on its front page last Saturday, and re-introduction of maintenance grants for these young people will be part of the solution: this issue will clearly get some focus in the UK Budget on 30th October. Hopefully it will also include those other areas where focused help is needed for disadvantaged young people, including starter capital accounts and incentivised learning, with funding to be drawn from IHT receipts. Background music: 'Generations Away' by Unicorn Heads