HMRC is endorsing a new app which allows taxpayers to view their tax code and an estimate of the tax to be paid. The app is available from the app store for iOS and Google Play Store users. To use the app, users will need to enter their government gateway ID and password. Users will… Read more »
Posts Categorized: Blog
Child Benefit Changes
If you or your partner has an income of more than £50,000 per year, then the partner with a higher income has to pay the High Income Child Benefit Charge that came into effect on 7 January 2013. This means that the partner with a higher income must pay an income tax on some or… Read more »
HMRC Actions on Disguised Remuneration
The result of the Supreme Court’s decision regarding the Rangers football case has provoked HMRC to take more action against a wide range of disguised remuneration tax avoidance schemes. Paragraph 89 of the court decision states that employment income paid from an employer to a third party is still taxable as employment income. This means… Read more »
Things You Need To Know About Tax Avoidance
Tax avoidance used to be tolerated by the Taxman. This is because the Taxman was more concerned in dealing with those who are guilty of intentionally doing it before. However, HMRC is now after tax dodgers in the likes of politicians, celebrities and even small businesses. HMRC investigations have resulted in the collection of an… Read more »
Auto-enrolment Duty
The Pensions Regulator’s annual commentary and analysis report states that more than 70% of all new businesses will have staff they need to put into a workplace pension. This statement clearly shows that auto-enrolment has overturned the decline in workplace saving. The number of staff that was saving into a workplace pension has increased to… Read more »
Gift Aid Small Donations Scheme Guidance Made Clear By HMRC
Updated guidance has been issued by HMRC regarding the Gift Aid Small Donations Scheme (GASDS). The new guidance enables a charity or Community Amateur Sports Club (CASC) to claim top-up payments on small donations of up to £20. It also includes revisions to the section covering community buildings. Under the new rules, a charity with… Read more »
Inadequate Retirement Income from Auto-enrolment Pensions
The number of employees signed up to auto-enrolment pensions has reached 7.5m based on the figures from Association of British Insurers. However, the low level of contributions by employees and employers is still too small to provide adequate future pension cover. The premium income has also increased to £13.4bn in 2016 from £1.3bn in 2015…. Read more »
End of Traditional Tax Return Confirmed By HMRC
The new simple assessment system is designed to end the traditional tax return process. Taxpayers who usually provide information under the self-assessment will no longer need to do so. This is because the returns will now be pre-populated with existing data that HMRC holds. This option will apply to two groups starting from September 2017:… Read more »
Increase Your Child Benefit Through Pension Contributions
Working families that are under the higher tax bracket are missing out on up to £171m a year by failing to recognise the connection between their pension contributions and their child benefit. A parent of a family who earns more than £50,000 a year faces a high income child benefit charge of 1% of their… Read more »
HMRC Dawn Raids Increased By 34% in Five Years
HMRC has been conducting more dawn raids in the last five years, increasing from 449 in 2011-2012 to 669 in 2016-2017. The increase has been part of HMRC’s efforts to suppress on white collar tax evasion. Once they have obtained a warrant, HMRC usually carry out the search of a property where they suspect tax… Read more »