Currently around 11m of us file a tax return by that awful deadline of 31st Jan. That might sound like a lot, but is only around a third of those who actually pay tax. There are many who don’t currently pay tax, and many who will or should be tax returning next year; but most won’t realise they should. Increases in interest rates, for instance, mean that if you have anything around £25-30,000 in a halfway-decent bank account, you’ll be earning enough interest to have to declare it. And next year, the good news that state pensions will go up by 8.5% brings the bad news that many, again, will have to start paying tax on them. Popular misconception: they’ll tell you if you need to send a return. No, it’s up to you to declare any tax you think you might owe. Chaos ensuing, I’d say.
“Donating to charity via a will could see beneficiaries profit”
Including gifts to charity in your will is a nice thing to do, but it’s often only for those without anyone obvious to whom they can leave their worldly worth. Or perhaps when there are obvious recipients they don’t wish to benefit; families can be funny things.
