DON’T DELAY – APPEAL TODAY
ALL HMRC POST IS URGENT. If you receive anything from HMRC, on any tax, please be in touch with us immediately. HMRC are normally needed within 30 days of an assessment or decision by HMRC. Late...
View ArticleVAT de-registration cannot be back dated
A recent First-tier tribunal has upheld HMRC’s position that a trader cannot ask to be de-registered from VAT from an earlier date. If you find you may be better off de-registering from VAT (usually...
View ArticleTax tip – pursue any tax appeals prior to filing for bankruptcy
A recent tax case reminds us that a bankrupt has no right to make a tax appeal. The post Tax tip – pursue any tax appeals prior to filing for bankruptcy appeared first on Green Accountancy.
View ArticleCapital Gains Tax on UK property for non-UK residents
HMRC have issued a reminder that from 5 April 2015 there is now Capital Gains Tax on UK property for non-UK residents. The post Capital Gains Tax on UK property for non-UK residents appeared first on...
View ArticleTermination Payments Under Review
A further consultation taking place this summer is into the simplification of the tax and national insurance treatment of termination payments. There is a widespread but mistaken belief amongst...
View ArticleEmployment Intermediaries – Consultation on Workers’ Travel
The government is proposing to remove tax relief for ordinary commuting (in general, home-to-work travel) for workers who are: • supplying personal services • engaged through an employment intermediary...
View ArticleConsultation on Changes to Personal Service Companies (IR35)
In the Summer 2015 Budget the government announced that HMRC would start a dialogue with businesses on how to improve the effectiveness of the existing intermediaries legislation. HMRC will engage with...
View ArticleBank and Other Interest to be Paid Gross From April 2016
As announced in the spring 2015 Budget, a new personal savings allowance will be introduced from 6 April 2016. This will be £1,000 a year tax free for basic rate taxpayers and £500 a year for higher...
View ArticleTax Relief For Replacing Furniture In Let Properties
The government announced in the Summer Budget that from April 2016, the current 10% Wear and Tear Allowance for furnished lettings will be replaced with a relief that enables all landlords of...
View ArticleTax Diary Of Main Events For September / October 2015
• 1 September Corporation tax for year to 30/11/14 • 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/15. • 1 October Corporation tax for year to 31/12/14 • 19 October...
View ArticleCalculating holiday entitlement
An area of your business which may need some clarification is when you are calculating holiday entitlement of your employees. An important thing to note is that employees cannot be paid “holiday pay”...
View ArticleLet Property Campaign
The Let Property Campaign gives individual landlords who are letting out a residential property in the UK or abroad, the opportunity to bring their tax affairs up to date. Landlords need to notify HMRC...
View ArticleChanges Affecting Non-Domiciled Taxpayers
The Chancellor announced a number of important changes to the tax treatment of individuals who are resident but not domiciled in the UK. Such individuals currently benefit from a number of tax...
View ArticleInheritance Tax And The Family Home
The Chancellor has confirmed the introduction of an additional inheritance allowance that will be available in addition to the current £325,000 nil rate band which will, when fully phased in, allow a...
View ArticlePension Tax Relief Restricted For Higher Earners
As mentioned in the Conservative party manifesto, tax relief for pension contributions is to be restricted for those with income in excess of £150,000 a year. We were told that this is intended to fund...
View Article“Rent A Room” Limit Increased To £7,500
The current £4,250 limit for tax free rental income from lodgers is to be increased to £7,500 from 6 April 2016. The relief is only available where individuals rent out a room in their main residence...
View ArticleBuy To Let Landlords – Interest Relief To Be Restricted To Basic Rate
The Chancellor announced that the amount of income tax relief landlords can get on residential property finance costs (such as mortgage interest) will be restricted to the basic rate of tax. To give...
View ArticleAnnual Investment Allowance Set Permanantly At £200,000
The annual investment allowance (AIA) was due to be reduced from the current temporary level of £500,000 to just £25,000 from 1 January 2016. The Chancellor has bowed to pressure from industry to stop...
View ArticleCorporate Tax Rate To Be Cut To 18%
The current UK corporation tax rate of 20% is the lowest rate in the G20, the 20 major trading nations. This rate continues to apply until 2017 when it has been announced that the rate will be reduced...
View ArticleNew “National Living Wage” Tax Credit Changes
The most radical announcement by the Chancellor on 8th July was a significant reduction in the amount the government plans to spend on tax credits and other State benefits. At the same time he...
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