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...
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...
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,...
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....
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...
To Chancellor George Osborne it is a simplification in a complex tax system. To its critics, it is a "granny tax". But what exactly does the most controversial measure in Wednesday's Budget mean for you? The change in age-related personal allowances - the amount of income that is tax-free -...