Changes to the PAYE Tax system using Real Time Information

Posted by on 25 May 2017 | 0 Comments

HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes in-year as and when the need arises.

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P11D deadline approaching

Posted by on 18 May 2017 | 0 Comments

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.

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General Election and tax law

Posted by on 12 May 2017 | 0 Comments

With the announcement of a snap General Election on 8 June the time available for scrutinising proposed legislation was short so the Finance Act was rushed through Parliament. Many clauses have not made it to the final legislation due to time constraints. These include the provisions to enable Making Tax Digital, changes for Non Domiciled individuals and corporate losses.

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Tax-Free Childcare to be rolled out from 28 April 2017

Posted by on 26 April 2017 | 0 Comments

Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, will be launched from 28 April 2017.

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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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