Posts By: ilyas Patel

HMRC – Streamlined Gift Aid

HMRC have introduced new rules that will lift the administration burden for Charities claiming gift aid on the proceeds on donors gifts, sold by charity shops. The new rules allow donors to make a one off Gift Aid application for donations of £100 to £1,000 of future sale proceeds in a tax year and the… Read more »

HMRC – Settlement opportunity

On 3 December 2012, the Government announced additional investment in HMRC to clamp down on tax avoidance and evasion. Since the announcement, HMRC are inviting some participants in certain schemes to settle their tax liabilities by agreement, without the need for litigation. HMRC believe that this settlement opportunity offers both the taxpayers and HMRC the best opportunity… Read more »

HMRC – “Inner Peace” Campaign

A new advertising campaign due to be launched by the HMRC at the end of this month is urging anyone who has not sent in their 2011-2012 tax return to do it now and find their “inner peace”. The new advert highlights the imminent deadline date of 31 January for online returns and the penalty… Read more »

Tax Rebates for Healthcare Workers

It has been reported that thousands of Healthcare workers have missed out every year, as they fail to claim the tax relief that they are entitled to.  If you are a Healthcare worker you may be entitled to tax relief on your subscription to a Union and professional fees you pay every year. You can also… Read more »

Simple tax Scheme for Small Business with T/O of £77k

From April 2013 there is to be a simpler income tax scheme for small unincorporated businesses. In general this will enable self employed individuals and partnerships with a turnover of up to £77,000 to calculate their profits on a cash basis, not to have to distinguish between revenue and capital expenditure and be able to… Read more »

AVOID PROPERTY TRADING TAX

Some people regularly purchase run-down houses, do them up and sell  them on. If you do this as part of your building/property development  business, the profits made on the sale of the properties may be taxed  as trading income (tax rates: 20%, 40% or 50%). If you let the renovated properties, then sell them at… Read more »

HMRC seek power to break legal speed limit

HMRC have submitted a request to be on a revised list of emergency services allowed to break the legal speed limit. HMRC say they want the government to grant it the special powers for when it is engaged in the covert surveillance of organised crime. The Department for Transport has issued a three month consultation… Read more »

REDUCING THE CHILD BENEFIT TAX CHARGE

You may have received a letter from the Taxman about the high income child benefit charge (HICBC), which is designed to claw-back child benefit from high earners. We explained the principles of this charge in our September 2012 newsletter. If you or your spouse/partner claim child benefit, and either one of you have income of… Read more »

High Income Child Benefit Charge

With only one month to got taxpayers with incomes of more than £50,000 are having to decide whether or not to stop receiving Child Benefit or pay a charge on it through Self Assessment. Lin Homer, HMRC’s Chief Executive, said: “Over 680,000 people have already looked at information on HMRC’s website that explains the changes… Read more »

Annual Investment Allowance U Turn

The Autumn Statement contained a few interesting tax U-turns, the most exciting of which for businesses is the increase in the Annual Investment Allowance to £250,000 from 1 January 2013 for two years. It had been this Chancellor who had significantly reduced the allowance from £100,000 in April 2012 to £25,000 almost wiping out investment by… Read more »