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...
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...
The HMRC estimates that over 5 million pounds of tax on property income is lost each year by private landlords failing to disclose their income and thus evade tax. A new crackdown on these individuals starts in the South East:- Around a third of buy-to-let...
If you or your spouse (or live in partner) earn over £50,000 and claim child benefit - you may need to complete a self-assessment tax return. Earnings between £50,000 and £60,000 allows some payments of child benefit but the amount payable is reduced as...
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...
The latest focus of the HMRC's campaign against tax avoidance and evasion is centered around the loss of capital gains tax on the sale of second homes. People who have sold properties that are not their main homes, and who have not told HMRC about any...
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 -...