With an increasing volume of information and advice from HMRC now being offered not face to face, but by telephone, the onus is on the caller to record in writing the tax advice they are given, if they wish to depend on that advice at a later date.
In such situations, problems arise when a taxpayer acts (or refrains from acting) based on undocumented telephone advice, or on their recollection of what HMRC said, according to the Low Incomes Tax Reform Group (LITRG).
Many claimants seeking tax credits may miss out on up to £500 of their entitlements, because the Revenue (HMRC) is failing to make them aware of their full entitlements.
While backdating of tax claims is automatic for people with children, there is no automatic backdating of tax credit claims for people with no children, who were in work prior to submitting a claim – even though they are entitled to backdate for up to three months, according to the Low Incomes Tax Reform Group (LITRG).
Your pension fund can be subject to thousands of pounds in charges that could be avoided by choosing a cheaper pensions provider, according to new research.
Charges and pension commissions can range from 1% to 2.5% per year, and the difference between these rates can make a huge difference to the size of your pension pot, when applied over the lifetime of your pension.
Younger consumers who delay the start of their pension saving by just five years could be reducing their eventual retirement fund by nearly £45,000, according to new findings by AXA.
