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...
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...
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...
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...