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First The Good News and Then…
Friday 23 September 2011
Last month HMRC started an automated reconciliation of UK taxpayers’ PAYE records Read more…
Keeping Tabs on Property Purchasers
Friday 23 September 2011
From 4 July 2011 the forms that are required to be submitted to HMRC when a property is purchased have changed. Read more…
Tax Free Chargeable Gains
Friday 23 September 2011
There’s a lot of information published about the amount of capital gains tax you will need to pay if you sell a chargeable asset. And of course you can sell chargeable assets and the first £10,600 of taxable gains is exempt from a tax charge in the current tax year, 2011-12. Read more…
HMRC to Charge VAT on Salary Sacrifice Schemes
Friday 23 September 2011
Due to a recent European Court of Justice ruling, HMRC now consider that the provision of a benefit via salary sacrifice to employees constitutes a supply of services for consideration and is therefore subject to VAT. Read more…
What is Unjust Enrichment?
Friday 23 September 2011
If you charge a customer VAT and subsequently discover that the supply of goods or services was exempt, zero rated or outside the scope of VAT you can make a claim to HMRC to refund the VAT overcharged. Read more…
Don’t Forget the Increase in Mileage Rate
Monday 20 June 2011
Don’t forget that from 6 April 2011 the HMRC approved amount you can claim for the business use of your own car is 45p per mile (previously 40p per mile). Read more…
HMRC to Investigate Restaurant Trade
Monday 20 June 2011
HM Revenue & Customs have created a new task force to crack down on payers who HMRC believe have not made a full disclosure on their tax return. Their latest brief is to take a look at the restaurant trade. Initially their efforts will be targeted in the London area followed by the restaurant trade in Scotland and the North West of England. Read more…
When do I Need to Fill in a Tax Return?
Monday 20 June 2011
If HMRC send you a notice reminding you to fill in a Self Assessment tax return, you should do so! But what happens if you are not presently reminded or required by HMRC to send in a return? Read more…
HMRC Rack Up The Penalties
Monday 20 June 2011
Late filing of your self assessment tax return for 2010-11 will be subject to a new penalty regime. The old £100 penalty has not proved to be the deterrent it was intended to be – too many tax payers are still filing late returns.
From October 2011, the last date for filing a paper return for 2010-11, four penalties now apply: Read more…
Tax Credits Renewals Time
Monday 20 June 2011
HMRC are in the process of sending out renewal packs to Tax Credits claimants for the tax year 2011-12. If you wish to renew your claims, make sure that you submit the forms before the 31 July 2011 deadline otherwise your payments may stop. Read more…
Property Purchasers to be Tagged by HMRC
Monday 20 June 2011
Later this year your solicitor, or property conveyance person, will be required to file new forms with the Stamp Duty Land Tax Office when you buy a property. Read more…
Budget Update 23 March 2011
Thursday 24 March 2011
Against a background of rising inflation, considerable public debt and borrowing requirements, George Osborne has stepped up to the plate today to confirm his changes to the UK tax system. Prior to the event we were advised that he would be confirming significant increases to personal allowances, taking steps to help with rising petrol prices and perhaps simplifying the tax system, in particular a possible merger of National Insurance and Income Tax.
This update summarises some of the changes disclosed today. And finally, note that the growth forecast for 2011 has been downgraded to 1.7%. Read more…
Reminder on Tax Code Notice Change
Friday 18 March 2011
Clients are reminded that copies of the notices informing you of your tax code for the year 2011-2012, sent out during January, February and March, are no longer being sent to tax agents, therefore we will not have received a copy from HM Revenue & Customs. Read more…
HMRC Still Suffering From Identity Theft!
Friday 18 March 2011
For those of you uncomfortable with computer jargon phishing is defined in Wikipedia as "a way of attempting to acquire sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication."
In other words fraudsters are emailing taxpayers and pretending to be HM Revenue & Customs. Some of their antics are becoming quite sophisticated but all are designed to encourage you to part with sensitive personal information; particularly your credit card details! Read more…
Pension Contributions Protect Your Fund
Friday 18 March 2011
From the 5 April 2012 the most you can accumulate in a pension fund will fall from £1.8m to £1.5m - the so-called lifetime allowance.
HMRC have now agreed draft legislation to protect your position if your fund exceeded, or was expected to exceed £1.5m at 5 April 2011. Read more…
Selling a Car, Watch Out for VAT Sting
Friday 18 March 2011
If your business accounts for VAT under the flat rate scheme, the sale of a second hand car creates an unwelcome complication - the car must be included in the flat rate takings for the period. This means that although there is no VAT charged on the sale, and no VAT would have been reclaimed on the purchase of the vehicle, the business must account for VAT at their normal flat rate on the proceeds of sale. Read more…
Getting it Right - Filing Year End Payroll Returns
Tuesday 15 March 2011
Pretty well all businesses need to file their year end payroll returns for 2010-11 online.
These returns for 2010-11 must reach HMRC by 19 May 2011. Returns filed after this date may incur a penalty. Read more…
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