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 »
Posts Categorized: Blog
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 »
Retailers & Credit Card Merchants targeted by HMRC
Retailers that attempt to hide the true extent of their sales and profits to avoid tax are to be targeted. HMRC is seeking data to assess whether companies are declaring sales. HM Revenue and Customs is to be given wider powers which will allow it to force banks to hand over the data from credit… Read more »
A hike in tax for second homes
As part of plans by Preston City Council, second homes and properties within the city which have been empty for more than two years are set to be hit by proposed new changes in council tax. A 10 per cent council tax discount could be revoked for 304 second homeowners as a number of homes… Read more »
GOV.UK website has replaced Business Link and Directgov sites
GOV.UK launched today, initially replacing Business Link and Directgov. This is the first step towards making GOV.UK the definitive website for interacting with central government. In the meantime, HMRC’s website is still available as a primary source of online support and it’s important to note that there will be no immediate changes to HMRC’s online… Read more »
Autumn Statement
The Chancellor has delivered his 2012 Autumn Statement to parliament The Department for Business has secured £2.4 billion of additional funding to support growth, with a focus on skills and science projects. This money reinforces the Government’s commitment to plan for medium and long term recovery and will aid the development of an industrial strategy. Some… Read more »
HMRC – Registration call for Self Assessment
HMRC is to issue a call to all newcomers who are preparing to complete their first online self assessment tax return. Remember! In order to complete your self assessment tax return online you MUST register for HMRC’s online services well in advance because it can take up to seven working days to complete the process, as… Read more »
Taskforce Targets Private Landlords
The Taxman has announced a taskforce to investigate tax avoidance in landlords in South East England. Private residential landlords have now been the subject of a taskforce in: Scotland, North Wales, London, East Anglia, North East, North West, and now South East England. That covers pretty much the whole of the UK. The message is… Read more »