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...
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...
HMRC is stepping up its existing powers to seize assets for unpaid VAT bills. HMRC has used its powers of ‘distraint’ to seize the assets of businesses in order to recover VAT from businesses that have failed to meet this tax obligation. According to finance provider Syscap,...
The AAT (Association of Accounting Technicians) has shown further commitment toward focusing on the professional ethics for its members The AAT has stressed its commitment to raising the focus on professional ethics in the wake of recent widespread publicity on tax avoidance issues. The pledge is contained...
Any taxpayers who have still yet to file their tax return for the tax year ended 5th April 2012 will be issued stiff penalties from the HMRC. All tax returns for the 11/12 tax year should have been filed by the 31st January 2013....
The once American practice of offering unpaid internships for individuals to gain useful work experience is being investigated by the HMRC as contravening the national minimum wage. HMRC has been sent details of 100 companies accused of illegally using unpaid interns which the government has said...
All payroll liability payments are to be made to a central HMRC bank account with effect from this tax year (all employee pay dates made on or after the 6th April 2013). Please read the HMRC's notice below for further detail of how this...
The HMRC is continuing with its business record checks campaign to see if businesses are complying with their onerous business record keeping obligations. From November 2012, thousands of small business owners and self-employed people across the UK started to receive letters informing them that their business...
Budget 2013 Report Chancellor George Osborne announced his budget on Wednesday 20th March which contained several changes to the UK tax system. Essentially this budget was fiscally neutral meaning that all tax cuts announced were paid for by tax rises elsewhere. Personal Income Tax The basic personal...