Making Tax Digital for Business update

Posted by on 19 April 2017 | 0 Comments

Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Business (MTDfB) .

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Year-end tax planning

Posted by on 22 March 2017 | 0 Comments

With the end of the tax year looming there is still time to save tax for 2016/17. We have set out some points you may want to consider.

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Landlords to receive less tax relief on interest

Posted by on 1 March 2017 | 0 Comments

In a change that will impact residential landlords, the amount of income tax relief available on residential property finance costs will be restricted to the basic rate of income tax. This change will mean that landlords will no longer be able to deduct all of their finance costs from their property income. They will instead receive a basic rate reduction from their income tax liability for their finance costs.            

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Businesses encouraged to cash-in older currency

Posted by on 23 February 2017 | 0 Comments

The old paper £5 note will no longer be legal tender from 5 May 2017 and may not be accepted in shops and could be refused by banks.

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More silly taxpayer excuses from HMRC

Posted by on 9 February 2017 | 0 Comments

 

Morsilltaxpayer excuses from HMRC
HMRC have released more unusual excuses from taxpayers who failed to complete their self-assessment tax return on time. These include:
1. ‘My tax return was on my yacht…which caught fire’
2. ‘A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed’
3. ‘My wife helps me with my tax return, but she had a headache for ten days’
4. ‘My dog ate my tax return…and all of the reminders’
5. ‘I couldn’t complete my tax return, because my husband left me and took our accountant with him. I am currently trying to find a new accountant’
6. ‘My child scribbled all over the tax return, so I wasn’t able to send it back’
7. ‘I work for myself, but a colleague borrowed my tax return to photocopy it and lost it’
8. ‘My husband told me the deadline was the 31 March’
9. ‘My internet connection failed’
10. ‘The postman doesn’t deliver to my house’
With the self-assessment submission deadline of 31 January now past and an automatic penalty of £100 for failing to submit your return on time, please contact us if you need help bringing your affairs up to date.

HMRC have released more unusual excuses from taxpayers who failed to complete their self-assessment tax return on time. These include:

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Self-assessment awareness

Posted by on 20 January 2017 | 0 Comments

Latest HMRC research has found that the tax authority’s 2015/16 self-assessment marketing campaign, urging taxpayers to file their return early, has been successful with overall awareness growing to highest levels, yet communications still lack around Making Tax Digital (MTD) which is scheduled to begin in 2018

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Update on Making Tax Digital

Posted by on 14 December 2016 | 0 Comments

On 15 August 2016 HMRC published six consultation documents on Making Tax Digital. The six consultations set out detailed plans on how HMRC propose to fundamentally change the method by which taxpayers, particularly the self-employed and landlords, send information to HMRC. Two key changes proposed are:

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What to expect from the upcoming Autumn Statement

Posted by on 16 November 2016 | 0 Comments

Phillip Hammond, The Chancellor of the Exchequer, will deliver the Autumn Statement on 23rd November.  Whilst no one can be certain, these are some of the changes we anticipate. 

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Self-Assessment Deadline

Posted by on 27 October 2016 | 0 Comments

People wishing to file their tax return on paper face a looming deadline, but flexible workers in the self-assessment process need to be aware of the rules.

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Tax Free Childcare

Posted by on 13 October 2016 | 0 Comments

HMRC have announced further details of the new Tax Free childcare scheme which is to be introduced in 2017.

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