Welcome to the July 2024 Newsletter
Colin Bielckus
Outsourced FD, mentor and business coach at The Outsourced Finance Director
Data published by HMRC recently revealed that it collected ￡1.39 billion in unpaid inheritance tax (IHT) in the past five years. ￡285 million in unpaid IHT was collected last year.
Meanwhile, research carried out by Pension Bee has suggested that UK pension savers are 'underestimating' the amount needed to retire comfortably.
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HMRC collected ￡1.39 billion in unpaid inheritance tax in last five years, data shows
Data published recently by HMRC has shown that it collected ￡1.39 billion in unpaid IHT in the last five years.
According to the figures, HMRC recovered ￡285 million in unpaid IHT in the last tax year. The data also revealed that, since 2019, HMRC has initiated nearly 20,000 investigations into deceased individuals' estates where underpayment of IHT was suspected.
When a person dies IHT becomes due on their estate. IHT can also fall due on some lifetime gifts but most are ignored providing the donor survives for seven years after the gift.
Savers 'dangerously underestimating' minimum cost of retirement
Research carried out by pension provider Pension Bee has suggested that UK savers are 'dangerously underestimating' the minimum amount needed to retire.
A survey of 1,000 savers carried out by Pension Bee showed that 23% were unsure of the total pension pot size needed to achieve the retirement income they desire.
Pension Bee said that, according to the Pensions and Lifetime Savings Association's (PLSA) Retirement Living Standards, a pension pot of ￡150,000 would only fund an individual's minimum retirement standard for ten years. Pension Bee suggested that working-age adults could be underestimating the true cost of retirement.
ESSENTIAL TAX DATES FOR JULY
5?July Deadline for applying for a PAYE Settlement Agreement for 2023/24.
6?July Deadline for forms P11D and P11D(b) for 2023/24 to be submitted to HMRC and copies to be issued to employees concerned. Deadline for employers to report share incentives for 2023/24.
领英推荐
14?July Due date for income tax for the CT61 period to 30 June 2024.
19?July Class 1A NICs due for 2023/24. PAYE, Student loan and CIS deductions due for the month to 5 July 2024. PAYE quarterly payments are due for small employers for the pay periods 6 April 2024 to 5 July 2024.
31?July Second payment on account 2023/24 due.
QUOTE OF THE MONTH
'Without resources flowing into new investment, it's hard to see how UK economic performance can improve.'
Dr George Dibb, Associate Director for Economic Policy at the Institute for Public Policy Research (IPPR), commenting on the UK's investment performance being the worst of any G7 country.
ON OUR WEBSITE
A wealth of resources for businesses With topics ranging from the Bribery Act 2010 to the National Minimum Wage and the National Living Wage, the Your Business section of our site is a hub of essential information.
Useful information for individuals For a comprehensive bank of guides covering Venture Capital Trusts, the dividend nil-rate and much more, please visit the Your Money area of our website.
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