Budget 2015 Report Chancellor George Osborne announced his budget on Wednesday 18th March below of which is a summary of the main changes affecting the UK tax system. Personal Income Tax The basic personal allowance will rise to £10,600 from the 6th April 2015 with a further rise...
Announced in the last budget, the HMRC are consulting on the proposal to take funds direct from the bank accounts of taxpayers who are more than £1,000 behind with their tax and/or national insurance payments:- HMRC have published a consultation document about a new power which...
Many small businesses could be sleep walking their way to having difficulties finding a pension scheme for the employees by simply leaving it too late to find a suitable provider:- KPMG has warned that small and medium-sized enterprises that fail to plan so as to meet...
HMRC have issued some guidelines on their 'time to pay' scheme which helps taxpayers who are experiencing difficulties in settling their tax liabilities. HMRC have published an issue briefing explaining what individuals and businesses should do if they have problems paying the tax they owe. HMRC say...
Small businesses such as sole traders have had a record number of their assets seized as a result of non-payment of self-assessment tax bils HMRC made a record number of asset seizures last year from self-assessed taxpayers who could not settle their tax debts, many of...
The Association of Chartered Certified Accountants (ACCA) have warned of the pitfalls of individuals completing their self-assessment tax returns themselves:- Hundreds of thousands of extra people are expected to complete a self-assessment tax return for the first time by 31 October, including people who have won...
Since the inception of RTI (real time reporting) for payroll payments, some employers have had difficulties reconciling what they think they owe the HMRC with what the HMRC believes is owed:- HMRC have issued a report which sets out findings from an analysis following feedback that...
Company directors who take a proportion of their salaries as dividends could be building up a significant liability if things do not go according to plan, warns insolvency experts, Cranfield Business Recovery. It is usually common practice for accountants and financial advisers to recommend owner directors...
A recent survey has shown that self-employed individuals who keep their own business records and complete their own self-assessment tax returns are unnecessarily overpaying their tax. This is compared to other self-employed individuals who employ an accountant to sort their finances and calculate their...
Early glitches in the new Real Time Information (RTI) reporting of weekly and monthly payroll submissions have led many workers to be issued incorrect tax codes from the HMRC. As a result, many workers will end up paying too much tax until they or their...