The LITRG has demonstrated through two reports that this system causes worry, distress and cost to the pensioner group quite disproportionate to the tax liabilities involved.
The Married Couple’s Allowance withdrawal for those pensioners born after 5 April 1935 announced a year ago (and due to come into force from 6 April 2000) will add further complexity to a system already incomprehensible to most elderly people.
The withdrawal of the widow’s bereavement allowance, also with effect from 6 April 2000, will also remove an allowance primarily received by those in retirement.
It is also a pity that as he raised the savings amounts that pensioners may hold in order to qualify for benefits he did not raise again the amount of savings income that pensioners may receive before receiving the dreaded Self Assessment form.
The rise in the age related personal allowances given to pensioners from £5720 to £5790 for those under 75 and from £5980 to £6050 for those 75 and over were the minimum required by legislation.
We pressed the Inland Revenue to include these levels in the codings issued to pensioners in January and February and due to be operative in April.
But they refused. This means that pensioners will be making interest free loans to the Government in April as the PAYE system deducts too much from them until the Inland Revenue issue new code numbers for May and pensioners have their loans repaid to them.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy