Once again some taxpayers have received letters from HMRC asking them to “check their tax return”. HMRC appears to have sent the letters to those individuals who said they had received child benefit and earned over £50,000 in 2012/13. However they have not paid the High Income Child Benefit Charge (HICBC). In all the cases our professional body, the ICAEW, has seen, the taxpayers did not have to pay HICBC because their spouse or partner earned more than them and had actually paid it.Read More
There have been some further changes which are starting to impact upon PAYE compliance for this tax year 2014/15 and onwards, so I thought it may be handy to write a post to give you insights into these aspects. These are on top of the Real Time Information (RTI) structures which HMRC introduced in April 2013.Read More
The HMRC has written to selected taxpayers to tell them their effective rate of tax is lower than average and asking them to check if it’s right. The tax payers’ agents will get a copy (i.e. their accountants).
This is one of a number of letters which HMRC has been using in an attempt to ‘nudge’ potentially non-compliant taxpayers to “sort things out”.Read More
I like to give you, our readers, some heads up when it comes to specific campaigns that the HMRC runs in order to recover revenue in particular areas.
In this post I’m sharing about the Campaign that HMRC has launched to target people who are employed and have not declared income from self-employment.Read More
On Wednesday 19 March 2014 George Osborne delivered his Budget speech. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
Budget speeches tend to be fairly uninspiring affairs. However, the background documents are usually more interesting and often contain things that are not covered in the speech. To save you having to trawl through hundreds of pages of government and…Read More
Many businesses receive capital allowances to recognise the equipment they use. However, there are no capital allowances for equipment such as beds, furniture, fridges and cookers bought for use in a residential property.
This is not the case for properties which fall within the definition of a ‘furnished holiday letting’ and expenditure on assets which are used in the non-residential part of a block of flats, for example the hallways.Read More
The SSP Percentage Threshold Scheme is being abolished at the end of this tax year (5 April 2014). This scheme allows an employer to recover SSP if, in a tax month, the total SSP paid to employees is more than 13% of the employer’s and employees’ National Insurance contributions in the same month. The Scheme is generally used by smaller employers and/or those employers with a high proportion of employees off on sick leave.Read More
MarketPlace is part of the Government’s Growth Vouchers programme, a research project to test how to help micro and small businesses grow through the use of subsidised business advice. As business advisors we have added our services to the MarketPlace so that we can take part in the Growth Voucher programme.Read More