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HMRC posts renewal reminder for tax credits claims

Government is seeking input on plans to boost the regularity of business rates revaluations. HMRC is reminding tax credits customers they have one month left to renew their tax credits claims. Get update its guidance for businesses on how to use the trade tariff tool to classify goods correctly and pay the right Customs Duty and import VAT. Morgan Reach business growth experts will guide you through business support.

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HMRC posts renewal reminder for tax credits claims

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  1. BUSINESS RATES REVALUATIONS AND TAX UPDATES UK Morgan Reach

  2. BUSINESS RATES REVALUATIONS CONSULTATION LAUNCHED • The government to input on plans to drive regularity of business rates revaluations. • The consultation is part of the government’s wider review into business rates. • The UK government is seeking input on plans to boost the regularity of business rates revaluations. • HM Treasury launched a consultation on business rates reform measures that could see revaluations of non-domestic properties take place every three years, rather than the current five-year period. https://morganreach.com

  3. HMRC POSTS RENEWAL REMINDER FOR TAX CREDITS CLAIMS • Over 2.5 million annual review packs were posted to individuals between April and June. • Recipients will either have an ‘auto-renewal’ reminder or a ‘reply required’ notice. • HMRC is reminding tax credits customers they have one month left to renew their tax credits claims ahead of the July 31, 2021 deadline. • We know how important tax credits are to our customers, so we’ve made it quicker and easier to renew claims online. https://morganreach.com

  4. USING TRADE TARIFF TOOL TO PAY THE RIGHT CUSTOMS DUTY & IMPORT VAT • You’ll need to find the right commodity code for any goods your business imports or exports. • The trade tariff tool will help identify details about your product. • HMRC has updated its guidance for businesses on how to use the trade tariff tool to classify goods correctly and pay the right Customs Duty and import VAT. https://morganreach.com

  5. CALLS FOR REFORM AS SAVERS CAUGHT IN PENSIONS TAX TRAP • In 2018-19 34,220 taxpayers reported that their pension contributions exceeded their annual allowance. • The lifetime allowance will stay at its current level of £1,073,100 until April 2026. • Industry experts have called for a review of the pensions tax system after the number of savers breaching the annual and lifetime allowances increased again in 2018-19. https://morganreach.com

  6. LIFETIME ALLOWANCE • According to the data, 1,400 people paid a 55 per cent lifetime allowance charge and 5,730 people paid a 25 per cent charge, making up 7,130 cases in total, up slightly on the 7,030 cases a year earlier. • Recent rumours around the lifetime allowance threshold dropping further to £800,000 or £900,000 will mean even more pension savers are caught by the tax charge. https://morganreach.com

  7. Contact Morgan Reach Phone 0121 236 0777 Email info@morganreach.com Website https://morganreach.com

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