A Bristol man was stunned to receive a tax demand from HMRC after his tax code was changed – for £14 TRILLION (Financial Advice Planning).
The taxman wanted him to pay £14,301,369,864,489.03 – a sum equivalent to twice the UK’s GDP and enough to buy 777 new Hinkley Point-style nuclear reactors. He worked out that it would take him 369 million years to pay the bill from his salary and said that when he called its helpline HMRC told it him ‘it looks as if someone has fallen asleep on the keyboard.’
HMRC loses half its penalty cases
HMRC loses over half the cases where it demands penalties from taxpayers, says the Telegraph. 51% of penalties, and 65% of VAT penalties, were cancelled last year. But only 31% of tax appeals over amounts of tax due were decided in favour of claimants, while when it comes to tax tribunal cases – where people can take their cases if they are not satisfied with HMRC’s judgement – taxpayers won only 18% of these last year.
Parents get holiday fine cancelled
A couple from Manchester succeeded in getting a £240 fine for taking their sons out of school for a holiday cancelled, says the Telegraph. The couple’s holiday started just a few days before term ended, and they claimed it had educational value because it took in museum trips and involved the boys in speaking Spanish. The mother urged other parents to challenge fines if they were being sensible with their holiday plans and their children had good attendance records, as theirs did.
Financial Advice Planning
If you would like to speak with one of our Independent Financial Advisors and potentially receive financial advice, please contact us on 0117 923 7652. We are based in Clifton, Bristol but we are happy to service clients from across the UK and we provide free initial meetings at our client’s convenience.
About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol – Website: http://www.churchillwealthmanagement.co.uk
We provide independent financial advice, including pension advice, investment advice, inheritance tax planning, protection/insurance advice and ethical investment advice through our trading style Churchill Ethical Investment – www.churchillethicalinvestment.com