With resources stretched at HMRC at the best of times, but even more so currently, they are writing ‘nudge letters’ to taxpayers to encourage them to check their returns, but the copy that’s sent to tax advisors doesn’t necessarily tell us who they have written to.
The economic devastation created by coronavirus could have a profound effect on all our financial plans. It is almost inevitable that taxes will rise as the Government attempts to fund its unprecedented state spending and make up for lost revenue in taxation.
Parents and grandparents can create a substantial nest egg for their children, with minimal effort, by being clever with their tax planning.