Savings Archives - WRLO Accountants

5.4 million yet to file their self assessment tax return

WRLO Accountants — Sun, 12 Jan 2025 20:03:55 +0000

With less than a month to go 5.4 million taxpayers still need to complete and pay their self assessment and avoid penalties, HMRC warns. Anyone required to file a tax return for the 2023/24 tax year who misses the 31 January 2025 deadline could face an initial late filing penalty of £100. Thousands of taxpayers have already done so by completing their tax returns before the fizz was barely flat on New Year’s Day. HMRC revealed that more than 24,800 people filed on 1 January. A further 38,000 had even squeezed theirs in before the bells on 31 December 2024, with 310 filing between 23:00 and 23:59 on New Year’s Eve. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: ‘We know completing your tax return isn’t the most exciting item on your New Year to-do list, but it’s important to file and pay on time to avoid penalties or being charged interest. ‘The quickest and easiest way to complete your tax return and pay any tax owed is to use HMRC’s online services – go to GOV.UK and search ‘self assessment’ to get started now.’ Internet link: HMRC website

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Almost half of UK adults have not written a will

WRLO Accountants — Sun, 17 Nov 2024 18:17:21 +0000

Nearly half UK of adults have not written a will, nor are they currently in the process of doing so, according to research published by life insurer Canada Life. Over a quarter said they do not have enough assets or wealth to warrant making a will, closely followed by 20% who believe they still have plenty of time to make one. Additionally, the research found that 15% do not want to pay to write a will, while 14% believe their loved ones will inherit their assets automatically. Stacey Love, Tax and Estate Planning Specialist at Canada Life, said: ‘Passing away without a will in place can place a significant burden on our loved ones. However, our research highlights that, up and down the country, people are not planning ahead or having conversations about the future. ‘No matter your age, writing a will should be a priority, even if you don’t think you have any real wealth to pass on. It’s also very important to have open, honest conversations with your loved ones about your inheritance plans, so they know what to expect. ‘Once your will is written, remember to review it every few years to make sure it remains accurate. […]

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10,000 boost State Pension with online payments

WRLO Accountants — Tue, 22 Oct 2024 16:12:30 +0000

More than 10,000 payments worth £12.5 million have been made through a new digital service to boost people’s state pension, HMRC has revealed. People have until 5 April 2025 to maximise their state pension by making voluntary National Insurance contributions (NICs) to fill any gaps in their NICs record between 6 April 2006 and 5 April 2018. The service enables people to check if they have gaps in their NICs record, calculate if making a payment would increase their state pension, and then make a payment if they wish to do so. HMRC data shows: 51% of taxpayers topped up one year of their NICs record the average online payment is £1,193 the largest weekly State Pension increase is £107.44. After the 5 April 2025 deadline, people will only be able to make voluntary contributions for the previous six tax years, in line with normal time limits. Emma Reynolds, Minister for Pensions, said: ‘We want pensioners of today and tomorrow to enjoy the dignity and support they deserve in retirement. That’s why I urge everyone to check if they could benefit by filling gaps before the deadline passes. Using our online tool means only a few clicks could make a […]

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