Contents
All change for pensions
A waste of time & money
Tax credit mess
Fuel up (shock)
Gimme shelter
Gulp! SIPPS
Paper or plastic?
Re: Mortgages
Bank the cheque
Subs beware
VAT's the limit
Dividend end?
The buck stops
Sack with care
Selling up
A matter of trust
We're watching
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The Inland Revenue have been roundly criticised by several official bodies - including the Ombudsman, the Adjudicator, a committee of MPs - for the way in which they have operated the tax credits system. This is supposed to give cash support to people on low earnings and with families, and where it works it has achieved some of the Chancellor's targets on relieving poverty (whether or not you agree with those objectives). The problem is that it often hasn't worked very well. It's complicated to claim credits, and in about 1.8 million cases - even with 6 million successful claimants, that's still a big percentage - the Revenue have paid too much out, and then asked for it back. This creates real hardship for people who haven't much income to start with and have no way of realising that they are receiving - and spending - more than they are entitled to. Arguments about these overpayments continue, but the Revenue have not given up their pursuit of the money. It's probably just too much for them to forget about it. Even so, they won't get all of it back, and they will cause a great deal of grief trying. The way tax credits work, it is possible for people on reasonably high levels of income - up to £50,000, with children - to claim something. Large amounts can be paid to people on low incomes with children and childcare costs. If you have claimed in the past, and in particular if you are having problems with the Revenue asking for money back, we will be happy to advise you. If you have an income of less than £50,000 (combined for a couple) and have a child, and you are feeling brave enough to claim, we can help you with that as well - but many people are wondering whether it is worth the hassle! |
© Bayar Hughes & Co., 2010.