Posts Categorized: Uncategorized

New Tax-free Childcare Scheme

Application for the new tax-free childcare scheme is now open for working parents. Another childcare scheme will also be opening in September. The two new schemes are intended to cut childcare costs by up to £2,000 per year for each child under 12 years old. This is £4,000 per year for disabled children under 17… Read more »

Pensioners Are Advised To Delay Their Tax Return Submission

HMRC used to collect tax due on state pensioners which exceeded the personal allowance through self-assessment tax return. This is due to Department of Work and Pensions (DWP) not deducting tax under PAYE. In order to be more efficient, HMRC is now introducing a new system this month intended to eradicate the completion of tax… Read more »

HMRC Targets Online Retailers

According to research, HMRC is imposing harsh penalties on online retailers also known as ‘deliberate defaulters’ who underpay their tax. On average, these small scale online retailers face penalties of 59% of the tax owed which is payable on top of the underpaid tax. This is in comparison to the normal penalty of 35%-50% of… Read more »

Higher Road Tax Rates for £40,000+ Cars

From April 2017, purchasers of new cars that are worth £40,000 and more will have to pay a five-year charge and an annual road tax rate. Cars registered before 1 April 2017 will not be affected and will remain in the current Vehicle Excise Duty (VED) system.     The measure was first introduced in… Read more »

Should Properties Be Held Personally Or Via A Company?

Emma, a sole beneficiary of her late mother’s estate worth £2 million after accounting for Inheritance Tax, is planning to build up a mortgage-free rental property portfolio worth £1.5 million. Currently, she has a relatively good job at the age of 56, earning £48,000 per annum.     Assuming Emma will pursue her plans, here’s… Read more »

Accountants Ranked #4 as Most Desirable People to Date

A recent poll of 3,500 people by Xero revealed that accountants are one of the most desirable people to date. The vast majority of the people who have been surveyed viewed accountants as analytical, intelligent, and with good business skills which is in contrast to people who stereotype accountants as ‘nerds’ and ‘introverts’.    … Read more »

HMRC List Of Eccentric Failed Expenses And Claims

HMRC released a list of the most outlandish expense-claims to make sure other taxpayers do not make similar claims to those rejected on 2014-2015 self-assessment returns. Here’s the list! Holiday flights to the Caribbean Luxury watches as Christmas gifts for staff – even though it had no employees Regular Friday night ‘bonding sessions’ worth thousands… Read more »

Thousands Of Citizens Who Make Extra Money Online Are Targeted By HMRC

An estimated 5 million workers in Britain participate in the so called ‘sharing economy’ by selling products such as accessories, greeting cards, and delicacies, or by offering services online. It follows a massive surge in websites such as AirBnB, Etsy, and eBay wherein they allow sellers to advertise and sell their goods or services directly… Read more »

Marriage Allowance Tax Break

Latest HMRC statistics have shown that since the marriage allowance was introduced nearly two years ago, only one in four couples have signed up for the tax break. HMRC is urging couples to give their finances a boost and have pointed out that since the start of the new tax year in April, couples can… Read more »

Buy to Let Landlords Worried Over April 2017 Tax Hikes

It has been reported that almost two thirds of buy to let landlords are in fear of the April 2017 changes to income tax relief and tougher mortgage affordability checks. Results from the latest Property Investor Survey showed that one in ten landlords had not even heard of the imminent tax changes. Despite their worries… Read more »