{"id":19659,"date":"2019-10-10T10:43:30","date_gmt":"2019-10-10T10:43:30","guid":{"rendered":"https:\/\/smh.group\/?p=19659"},"modified":"2023-02-15T13:50:07","modified_gmt":"2023-02-15T13:50:07","slug":"from-tax-scams-to-tax-codes-the-knowledge-gap","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/from-tax-scams-to-tax-codes-the-knowledge-gap\/","title":{"rendered":"From tax scams to tax codes \u2013 the knowledge gap"},"content":{"rendered":"\n

As many\nfamilies across the country waved off students into the next stage of growing\nup and taking control of their own finances, advice from HMRC on student-targeted\nscams, coupled with a wider tax knowledge survey, highlight potentially\ndangerous gaps in public understanding of the tax system.<\/strong><\/p>\n\n\n\n

Cybercrime is far\nfrom confined to big banks or financial institutions, as anyone who has had\ntheir accounts hacked knows. With more than 620,000 scam emails related to tax\nreported last year, HMRC has issued advice to universities about potential\nscams targeted at first year students finding their feet away from home. <\/p>\n\n\n\n

Thousands of attempts\nwere made to defraud students, often through using an apparently benign\nuniversity email address to alert them to bogus tax refunds. For those on\nbudgets, the offer of a tax rebate may sound tempting, particularly for those\nunfamiliar with the tax system. Any replies could use valuable student identity\ninformation to steal money, purchase goods or subscriptions online or\npotentially take control of their computers. <\/p>\n\n\n\n

HMRC has advised\nuniversities to both raise awareness for new students to be aware of potential\ntax scams and to include information in their induction material for all new\nintakes.<\/p>\n\n\n\n

Lack of\nunderstanding<\/strong><\/h4>\n\n\n\n

The advice from\nHMRC comes in the wake of a YouGov survey which revealed that much of the\npublic have a scanty understanding of tax, with younger people especially at a\nloss. The survey of 2,000 people, carried out by Deloitte, asked a series of\nquestions scored out of 30. Nearly half of respondents scored just 10 or under.\nThe student group aged 18-24 had the lowest score, with those over 55\nunsurprisingly achieving the highest average scores, still just around 12. <\/p>\n\n\n\n

The areas of most\nknowledge were interestingly around taxation of additional income. For example,\naround 79% understood that tax is payable over a threshold for income from a\nholiday let of a second property or on income from advertising for an Instagram\ninfluencer (61%). But 46% did not understand the relationship of tax codes and\ntax allowances and only less than 20% knew what the top rate of income tax was.\nThere was also a lack of understanding of how gift aid works, including only\naround 16% of those earning over \u00a350,000 knowing that they can claim back tax\non their charity donations.<\/p>\n\n\n\n

Unsurprisingly\nagain, the greater the lack of understanding of the tax system, the greater the\nfeeling that it is generally unfair \u2013 revealed as around 80%. That feeling\ndecreased as understanding of the system increased. <\/p>\n\n\n\n

It\u2019s clear that the tax knowledge gap has some potentially serious consequences for individuals\u2019 finances. While there are increasing calls for financial education to be included in the national curriculum, the current lack of understanding still needs to be addressed. Starting on the basics with any young people in your family, or employment, might be the first step on an increasingly important ladder.<\/p>\n\n\n\n

If you would to discuss your personal tax status with one of our Accounting & Business Advisory<\/a><\/span><\/strong> drop us a line on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

As many families across the country waved off students into the next stage of growing up and taking control of their own finances, advice from HMRC on student-targeted scams, coupled with a wider tax knowledge survey, highlight potentially dangerous gaps in public understanding of the tax system.<\/p>\n","protected":false},"author":4,"featured_media":16731,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,4],"tags":[368,11,312,19,367,372,369,371],"class_list":["post-19659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-chartered-tax-advisers","tag-cybercrime","tag-hmrc","tag-student-loans","tag-tax","tag-tax-codes","tag-tax-knowledge","tag-tax-rebate","tag-yougov"],"acf":[],"yoast_head":"\nFrom tax scams to tax codes \u2013 the knowledge gap - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From tax scams to tax codes \u2013 the knowledge gap - 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