HMRC Announce that they will target private tutors and fitness instructors

The HMRC have announced a proposal to target private tutors and fitness instructors who have not been declaring all of their income in their self assessment. An amnesty has been offered to any individuals who make voluntary declarations to the HMRC by 31 March 2012 in order to avoid penalties. Declarations will be permitted to go back 5 years with reduced penalty. 

This follows on from an HMRC review earlier in the year over the returns of self employed plumbers and medical consultants.

Stamp Duty Holiday to end in March 2011

Buyers will note that the stamp duty holiday is due to end next month. No stamp duty is currently charged for properties worth under £250,000. A rate of 3% is charged for properties valued above this threshold and the percentage is applied to the entire value of the property. Therefore it would not be cost effective to purchase a property for just over the threshold.

Greece default imminent

Rumours in the financial sector suggest that Greece is close to defaulting on the debts and that the country will drop out of the EU and the Euro. This follows a failure by the EU in reaching agreement over the next tranche of the Greek bailout. Companies such as Vodaphone are reported to be taking money out of the country on a daily basis.  

This is hardly surprising given that the country has been technically bankrupt for some time now and that the proposed austerity plans are simply not feasible and unlikely to aid the country’s recovery. Many economists feel that the Greek default is inevitable and EU politicians and the banks have only recently begun to comment on this in their statements to the press.