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HMRC writes to taxpayers about effective tax rates

HMRC is writing to certain taxpayers to tell them their effective rate of tax is lower than average and to ask them to check if it's right.

The letter states:

'A person's effective rate of tax is the percentage of their income they have paid in tax.'

'Looking at the figures in your self assessment tax calculation for the year ended 5 April 2012, we can see your effective rate of tax is lower than the average for people with a similar amount of income to you. This means there could be something wrong with your self assessment tax return.'

Recipients are then asked to check their returns for 2011/12 and contact HMRC if something is wrong.

There could be many reasons why an individual's effective rate of tax could be low including claims having been made for tax reliefs for Gift Aid payments, pension payments and tax efficient investments such as the Enterprise Investment Scheme.

If you receive one of these letters and are concerned please do get in touch.

Internet link: ICAEW

02 Aug 2018

Bank of England raise interest rate

The Bank of England has raised the interest rate from 0.5% to 0.75%.

02 Aug 2018

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV).

02 Aug 2018

Scotland introduces relief for first time buyers

First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT).