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Contractors Monthly Returns

From April 2016 changes have been made to the Construction Industry Scheme (CIS). Part of the reforms were that contractors must file their monthly returns online. HMRC have introduced a number of improvements to the CIS online service with a view to making it easier and more efficient to use. These changes include the facility to amend returns online. They have also introduced a new online message/alert service. HMRC will issue messages and alerts including: Monthly Return Inactivity Confir...

July 19, 2016

New Banks and charities urged to do more to protect scam victims

The Chartered Trading Standards Institute (CTSI) has called for banks and charities to take greater responsibility for those who may be vulnerable to scams. The CTSI commissioned a report from Bournemouth University's National Centre for Post Qualifying Social Work into scam victims, and its recommendations to financial institutions and charities include: recognising their duty of care to dementia sufferers who could make an 'unwise decision' as a result of their cognitive state allowing vu...

July 15, 2016

UK Votes to Leave EU

Making the most of the changes Includes ten-point check lists for businesses and individuals INTRODUCTION What exactly happened on 23 June? Are we still in the EU? Aside from the political upheavals, what are the practical problems that small business owners and tax payers will be facing as a direct result of the Brexit vote? In this short newsletter we have attempted to de-mystify the steps our government will...

July 12, 2016

HMRC update phishing scam advice

HMRC have updated their guidance to taxpayers on how to spot phishing scam emails. Phishing is the fraudulent act of emailing a person in order to obtain their personal/financial information such as passwords and credit card or bank account details. These emails often include a link to a bogus website designed to encourage the unwary to enter their personal details. The HMRC guidance is designed to help taxpayers to recognise genuine contact from HMRC, and how to tell when an email/text messag...

July 10, 2016

NAO report says HMRC's customer service quality 'collapsed'

According to a report by the National Audit Office (NAO) the quality of service at HMRC 'collapsed' over an 18 month period between 2014 and 2015. The report found that average call waiting times tripled in 2014/15 and in the first seven months of 2015/16. Call waiting times for self assessment tax returns peaked at 47 minutes last autumn, which resulted in HMRC having to bring in 2,400 extra staff for their tax helpline. Using HMRC's own criteria, the NAO valued people's time at an average of...

July 7, 2016

VAT Flat Rate Scheme guidance updated

HMRC have issued updated guidance on the operation of the VAT Flat Rate Scheme which allows taxpayers to calculate the VAT payable by applying a flat rate percentage to their VAT inclusive turnover, rather than netting off output and input VAT due on sales and purchases. The revision in the guidance follows a number of unsuccessful visits to the First Tier Tribunal (FTT). HMRC has issued a revised version of VAT notice 733 Flat Rate Scheme to update their guidance in accordance with the FTT dec...

June 29, 2016

PAYE 3 days grace and risk based penalties to continue

HMRC have confirmed, in their updated guidance, that the three day easement and risk assessed approach to issuing penalties will continue to apply for 2016/17. As a result employers will not incur penalties for delays of up to three days in filing PAYE information during the 2016/17 tax year. Late filing penalties will continue to be reviewed on a risk-assessed basis rather than be issued automatically. Employers are required to file a Full Payment Submission (FPS) on or before each payment of...

June 21, 2016

New Advisory fuel rates for company cars

New company car advisory fuel rates have been published which took effect from 1 June 2016. The guidance states: 'You can use the previous rates for up to one month from the date the new rates apply'. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or after 1 June 2016 are: Engine size Petrol 1400cc or less 10p 1401cc - 2000cc 13p Over 2000cc 20p Engine size LPG...

June 15, 2016

HMRC Guidance for Employers

The April Employer Bulletin includes articles on: reporting expenses and benefits in kind for 2015/16 using form P11D Scottish Rate of Income Tax coding notice issues Class 1 National Insurance contributions for apprentices under the age of 25 changes to Student Loans Deductions including the introduction of type 1 and type 2 loans and the reminders which HMRC will issue to employers who fail to make deductions. The Bulletin also includes links to HMRC's guidance on the restriction to Emp...

June 14, 2016

Pensions Freedom Update

According to HMRC figures over 230,000 people have used the new pension freedoms introduced one year ago and accessed over £4.3 million in pensions saving. In April 2015, the government introduced significant pension reforms giving people the ability to access their pensions savings how and when they want. The statistics show that in the first year of these new rules being available, more than 232,000 people have accessed £4.3 billion flexibly from their pension pots. The Economic Secretary ...

June 8, 2016

Savings Allowance

A new savings allowance is available to basic and higher rate taxpayers for 2016/17. The amount available depends on the individual's circumstances: If any of the individual's income for the year is additional rate income then the individual's savings allowance for the year will be nil. If any of the individual's income for the year is higher-rate income and none of the individual's income for the year is additional rate income, the individual's savings allowance for the year is £500. If n...

June 4, 2016

VAT fuel scale charges

HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2016. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get in touch for further advice this or other VAT matters. Internet link: Gov.uk Fuel scale charges ...

May 24, 2016

Farmer's averaging

Changes have been made to the rules which allow farmers to average their profits for tax purposes. Under the new rules unincorporated farmers will be able to average their profits for income tax purposes over five years rather than the previous two years. The amendment to the rules which took effect from 6 April 2016 is aimed at helping farmers with fluctuating profits better manage the 'risk and the impact of global volatility which has become an inherent feature of the agricultural industry'....

May 17, 2016

Parking fines ruled not deductible

A tribunal has ruled that security firm G4S cannot reduce its profits for tax purposes by deducting parking fines. The company, G4S Cash Solutions, tried to reduce their corporation tax bill by approximately £580,000 but the first-tier tribunal has ruled in HMRC's favour in rejecting the claim for the deduction of the fines. The company G4S incurred a substantial amount of parking fines usually while delivering consignments of cash over the pavement. The business tried to claim these were a ...

May 7, 2016

April Newsletter and Budget Update

One of the main themes of the Chancellor's March 2016 Budget was to ensure that the next generation inherits a strong economy, is better educated, and grow up fit and healthy. His proposed "sugar tax" on the soft drinks industry will be used to fund longer school days for those that want to offer their pupils a wider range of activities, including extra sport.He again stressed his prudence in concentrating on debt repayment and the importance of "mending the roof while the sun shines", althoug...

April 11, 2016

Changes to taxation of residential property tax

Individuals that own and let property are facing a number of changes to the way in which their rental income, and more importantly, the deductions they can make from their rents for income tax purposes, are changing. They include: An increase in the rent-a-room allowance. The abolition of the wear and tear allowance if you let furnished residential property that is not part of a holiday lets business; and the introduction of a new replacement furniture relief. The gradual restriction of ...

April 10, 2016

Dividend income subject to tax increases from 6 April 2016

It was bound to happen some time... At present there are considerable savings in National Insurance contributions to be made if a minimal amount is paid as salary and any balance of a remuneration package is paid as dividends (particularly for shareholder directors of private limited companies). From April 2016, the NIC status of dividends is not changing and therefore this strategy is still valid. Unfortunately, the income tax position of dividend income is chang...

March 15, 2016 Posts 26-42 of 42 | Page prev
 

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