Contact HMRC about incorrect tax codes
Employees are now able to request a tax code change from HMRC if they believe that their tax code is wrong. You need to supply HMRC with details of your wages, company/personal pension, State...
View ArticleDue dates in August 2014
1 August Payment of corporation tax for periods ended 31 October 2013 for companies not liable to pay by instalments. Outstanding 2012/13 self-assessment tax returns now subject to apenalty of £300 or...
View ArticleNo changes to definition of charity
The government has announced that HMRC will not introduce new rules to prevent tax abuse of charitable status and will continue to rely on existing safeguards. HMRC concluded that existing legislation,...
View ArticleCorrecting your personal tax returns
A taxpayer’s time limit for correcting an error in a personal tax return which has resulted in income tax self-assessment being excessive expires after four years for claims made on or after 1 April...
View ArticlePhishing emails
HMRC have requested that anyone who receives a suspicious phishing email should pass it on to them. Email any suspicious email to phishing@hmrc.gsi.gov.uk and then delete the email from your account....
View ArticleFactsheet: Social Investment Tax Relief
The government has introduced a new tax relief scheme for social investments to encourage individuals to support social enterprises and to provide social enterprises with new sources of finance. The...
View ArticleVAT: Changes in place of supply for EU B2C electronic services from 1 January...
Who this affects: suppliers of broadcasting, telecommunication and electronic services to consumers in the EU (outside UK). Consumers are customers who are not capable of having a VAT number because...
View ArticleProposals for compulsory online CIS filing
Who this affects: any business that buys or sells in the construction industry A consultation document has been published by HMRC looking at ways to improve the operation of the construction industry...
View ArticleDue dates in September 2014
1 September Corporation tax for year to 30/11/13 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/14 (due 22 September if you pay electronically The post Due dates in...
View ArticleGift Aid on sale of donated goods
HMRC has amended its guidance for charities that claim Gift Aid on the sale of donated goods. Gift Aid normally only applies to gifts of money by an individual. However, in certain situations, Gift Aid...
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...
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 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 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 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 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 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 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 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 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”...
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