Press releases - tax

Placing life insurance policies ‘under trust’ could save Britons £448 million in inheritance tax

Placing life insurance policies ‘under trust’ could save Britons £448 million in inheritance tax Careful tax planning which puts life insurance ‘under trust’ could save nearly £450 million in unnecessary inheritance tax payments Inheritance tax is Britain’s fourth biggest tax waste area Almost nine out of ten (85%) Brits have taken no action in the last 12 months to reduce the amount of IHT their estate could be liable for Unbiased.co.uk’s annual Tax Action Report reveals UK taxpayers will waste £448 million this year due to poor inheritance tax (IHT) planning when it comes to their life...

Spring clean your finances for the new tax year
As the 2012/2013 tax year begins unbiased.co.uk,the professional advice website, provides top tips on getting your personal finances in order for the year ahead, with the help of its panel of independent financial advisers. 1. Karen Barrett, Chief Executive at unbiased.co.uk “The new tax year is the perfect time to spring clean your finances and get your affairs in order.  Review your financial goals and ask yourself whether you are on track in achieving these.  You may be surprised how much money you can save by putting some new plans in place and finding ways to be more tax...

Karen Barrett Chief Executive of unbiased.co.uk comments on today's Budget
Karen Barrett, Chief Executive of unbiased.co.uk, comments on tax changes, the introduction of personal taxation, the changes to child benefit, simplification of state pensions and corporation tax in today’s Budget: Personal taxation “The Chancellor’s announcement to raise the personal allowance from £8,100 to £9,205 from April 2013 is a welcome pledge for everyone, particularly those on lower incomes. Whilst there are already plans to increase this allowance – the income that you can receive before you start paying any income tax – to £10,000 by April 2015, today’s announcement will help...

Savers set to lose out on £403 million by not being ISA efficient

Brits to waste £376 million by failing to make the most of their cash ISA allowance A further £27 million could be lost through not utilising a stocks and shares ISA Less than a month for savers to set up or top up their ISA for this year Unbiased.co.uk’s annual Tax Action Report1 reveals that savers will lose out on as much as £403 million1 this year by failing to put their savings and investments into tax-efficient savings accounts.  At a time when we have passed the third anniversary of the 0.5% base rate and savings rates continue to be low, people are still losing millions by...

Small businesses at risk of wasting £7.15 bn in unnecessary tax payments

Average UK SME is set to waste £1,589 in unnecessary tax payments in 2012 Biggest area of tax waste is caused by not incorporating the business, accounting for £4.2bn of wastage As the prospect of a double dip recession looms, UK SMEs (Small and Medium Enterprises) are preparing to endure increasingly tougher trading conditions.  Despite this, new research from unbiased.co.uk’s Small Business Tax Action Report* reveals that SMEs are set to waste a massive £7.15 bn in unnecessary payments to the taxman this year.  This equates to an average of just over £1,500 for each of the 4.5...

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