New Review Recommends Changes to Inheritance Tax

Inheritance tax actually applies to less than 5% of annual deaths, but it is the most hated tax for Britons. The Office of Tax Simplification (or OTS) has made recommendations for the future of inheritance tax following a review on how it could be simplified. Most taxes can be complicated and difficult to understand, so the Treasury may decide to implement these changes to make Inheritance Tax more straightforward. Read on to learn about the suggested changes and how they could affect you in the future.

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Am I paying too much National Insurance?

What is National Insurance and who has to pay it?

You can learn more about National Insurance in our guides here and here. Find out what it is and what it is for, and then read this guide to check if you are paying too much National Insurance. Learn what to do if you are paying the wrong amount of National Insurance to amend it.

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How To Opt Out Of Tax Credits – A Helpful Guide

how to opt out of tax credits

If you no longer require tax credits and you would like to opt out of receiving them, you need to inform the government of this. You can do so by following the guide below.

If you would like to cancel tax credits for the current tax year you need to get in touch by the 31st July otherwise tax credits will carry on till the end of the next tax year.

Call The Tax Credit Helpline

The easiest way to get in touch with the government regarding opting out of receiving Tax Credits is to phone their Tax Credit helpline. You can call the tax credit helpline by dialing 0843 557 3382. Once on the phone to a member of the Tax Credit team you need to inform them of the changes to your circumstances that stop you from receiving Tax Credits. They will then inform you if it is possible to cancel your Tax Credits and whether this will cancel them for this tax year or the next tax year.

Cancel Your Tax Credits Online

You can go to the Gov.uk and contact the Tax Credit team using the online system. Using the online system you can report any changes in your circumstances. You will also need to input some personal and income information. The system will then be able to cancel your Tax credits for this tax year or next tax year depending on the day you submit the information.

Cancel Your Tax Credits Via Post

If you would prefer to cancel your Tax Credits by writing a letter to the Tax Credits PO Box, you can do so by writing a letter including some personal information such as full name and address and as well as the details of the change in your circumstances that mean you no longer need to receive tax credits. You then need to send your Tax Credits to the PO Box at:

Tax Credit Office, HM Revenue and Customs, BX9 1LR

Beware of Spring Tax Scams

Why are scammers likely to target taxpayers in spring?

HRMC is warning taxpayers to be wary of springtime scams. From March to May last year, there were a quarter of a million reports of scams. HMRC had to shut down around 6,000 websites operating tax scams. As this is the time of year when HMRC is genuinely contacting people about tax rebates, they anticipate another surge in tax scams.

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