Personal tax

The latest campaign by HM Revenue and Customs (HMRC) designed to encourage people with undeclared funds in offshore accounts to disclose their tax liabilities should be extended.

HM Revenue and Customs (HMRC) has announced that people who overpay their taxes will be guaranteed a minimum of 0.5 per cent interest on the money.

The introduction of the new higher income tax rate will damage the economy, the TaxPayers’ Alliance has claimed.

People who have money in offshore accounts but have not disclosed the tax that may be owing are being given a second and final chance to settle their bills at a reduced penalty rate.

People who file self-assessment tax returns are being reminded that the next date for making a payment is imminent.

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