Don't miss out on tax reliefs
It's an unfortunate fact that some of the most widely applicable tax reliefs are the most underclaimed. In an effort to encourage as many people as possible to claim these, HMRC has published a page giving a summary of the reliefs with a link for checking eligibility. What’s the full story?
A new page on HMRC's website, titled Check what financial help you can get from HMRC has been published. This summarises five areas where people may be missing out on help, including:
- child benefit and tax-free childcare
- work related expenses
- the marriage allowance
- the help to save initiative for recipients of Working Tax Credit or Universal Credit.
The site is essentially a central hub for these reliefs, with links to further information, e.g. eligibility, and how to make claims.
Related Topics
-
Could refinancing your property put mortgage interest relief at risk?
HMRC has changed its guidance on claiming tax relief for interest on loans used to replace capital withdrawn from a business. The Chartered Institute of Taxation (CIOT) has now challenged the revised guidance, warning that it creates uncertainty for landlords, sole traders and partnerships. Could your borrowing arrangements be affected?
-
Why is HMRC checking PVA more often?
Your business imports goods and accounts for VAT by applying postponed VAT accounting (PVA) on its returns. HMRC is scrutinising returns and issuing large assessments in some cases. What can you do to reduce the risk of getting it wrong?
-
HMRC text or scam? Check before you act
HMRC is contacting some taxpayers by text this week about overdue Self Assessment liabilities and is also sending updates about VAT registration applications. At the same time, it has expanded its guidance on spotting fake HMRC messages on social media. How can you tell whether a message is genuine?