HMRC will pay a taxable grant to self-employed individuals and partners equivalent to 80% of their average trading profits for three months, capped at £2,500 per month. Who gets what? It is difficult for HMRC to determine how much self-employed individuals earn in real-time, in order to...
Zak Jakubowski Reporter, Accountancy Daily View profile and articles. The #StoptheOffPayrollTax demonstration, trending on Twitter, was organised to campaign against the rollout of off-payroll rules to private companies. Over 300 campaigners gathered outside parliament to protest IR35 rules that will effectively bring the majority of contractors into income tax...
April 15, 2016 Quarterly tax return plan criticised by watchdog The Administrative Burdens Advisory Board, the independent body that oversees HMRC, has refused to support the Government's plans to force small businesses to submit quarterly digital tax returns. Under its Making Tax Digital strategy, HMRC has proposed that...
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...
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...
During the 2012-13 tax year, many either unpaid workers (interns) or low paid workers earning below the national minimum wage have received what they are due after numerous investigations by the HMRC:- More than 26,000 workers denied the national minimum wage by unscrupulous employers have received...
The HMRC have issued a warning for individuals to be wary of any scam emails suggesting that you may be due a refund of tax or tax credits:- Tax credits claimants are being warned about scam or ‘phishing’ emails sent out by fraudsters in the run-up...