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Air Passenger DutyJuly 30, 2015
Air Passenger Duty (APD) is a departure tax levied on most air travel. The number of APD bands was reduced to two with effect from 1 April 2015. This measure lowered the costs of travelling to many countries including Australia, China, India and Brazil. Since 1 May 2015, Air Passenger Duty (APD)
 
       
Time to Pay arrangementsJuly 30, 2015
HMRC’s 'Time to Pay' service is designed to help businesses and individuals who are experiencing cashflow problems. Any taxpayer who is genuinely unable to make a tax payment by the due date could potentially benefit from making an arrangement. If the application is accepted by HMRC, the taxpayer
 
       
Tax credit renewals deadlineJuly 30, 2015
The 31 July is the last day for families and individuals who receive tax credits to renew their tax credit. As in previous years, there is expected to be a huge last minute rush and it may be difficult to contact HMRC by phone. Claims can be renewed by post, phone or online. A press release from
 
       
HMRC to tackle electronic fraudJuly 30, 2015
HMRC has published a new consultation entitled 'Tackling the hidden economy: Extension of data- gathering powers'. The consultation considers the Government’s intention to introduce legislation giving HMRC new data-gathering powers to obtain data from online business intermediaries and electronic
 
       
New measures to support small businessesJuly 30, 2015
One of the important measures announced in the recent Enterprise Bill was the establishment of a new Small Business Conciliation Service that will help settle payment disputes between small and large companies especially in relation to late payment practices. Late payments are estimated to cost
 
       
National Minimum Wage blitzJuly 30, 2015
HMRC together with the Department for Business, Innovation and Skills (BIS) are to target employers in the hairdressing and beauty sectors to ensure that employees are being paid the National Minimum Wage (NMW). The initiative is also being supported by the National Hairdressers’ Federation and the
 
       
New rules for alcohol wholesalersJuly 30, 2015
The Alcohol Wholesaler Registration Scheme (AWRS) has been designed to help combat alcohol duty fraud. The scheme will introduce effective control at the point in alcohol supply chains most vulnerable to organised criminal attack. The AWRS will require alcohol wholesalers to demonstrate they are
 
       
Creative Industry Tax ReliefsJuly 23, 2015
Creative Industry Tax Reliefs (CITR) are a collection of Corporation Tax reliefs that allow qualifying companies to claim a larger deduction, or in some circumstances claim a payable tax credit when calculating their taxable profits. To qualify for the CITR films, television programmes, animations
 
       
HMRC seize illegal tobacco and alcoholJuly 23, 2015
HMRC launched a specialist tobacco taskforce last summer to tackle some of the UK’s most notorious hotspots for the sale and supply of illicit tobacco and alcohol as part of its overall remit to tackle tax fraud. Earlier this month, around 40 HMRC officers with support from North Wales Police, UK
 
       
Employment Allowance updateJuly 23, 2015
The employment allowance of 2,000 per year for all businesses and charities was made available from April 2014. The allowance is offset against the employer's Class 1 secondary National Insurance Contributions (NICs) and can be claimed as part of the normal payroll processes. In the Summer
 
       
Universal Credit roll outJuly 23, 2015
Since April 2013, Universal Credits have been gradually rolled out across the country. Universal Credit is a single monthly payment for people both in and out of work, which merges together some existing benefits and tax credits. The rollout to existing claimants is expected to begin in 2016 and to
 
       
Summer Finance Bill 2015July 23, 2015
The Summer Finance Bill 2015 officially known as Finance Bill 2015-16 was presented to Parliament on 14 July 2015. The second reading of the bill took place on 21 July and the Committee Stage is expected to take place shortly after the Commons' returns from the summer recess. The Summer Finance
 
       
New moves to combat offshore tax evasionJuly 23, 2015
Four new consultations have been launched by HMRC on a raft of new measures designed to tackle offshore tax evaders as well as the professional advisers who assist them. The consultations will be available for comment until 8 October 2015. HMRC has published the following list of bullet points that
 
       
Free television licences for over-75sJuly 16, 2015
The TV licence fee has not been payable by those aged 75 or over since 2001. The Government has reached an agreement with the BBC that it will take on the cost of free television licences for over-75s on a phased basis from 2018/19 with the BBC taking full responsibility for the costs by 2020/21.
 
       
Pensions annual and lifetime allowanceJuly 16, 2015
The annual allowance for tax relief on pensions is currently 40,000 and there is a three year carry forward rule that allows taxpayers to carry forward unused annual allowance from the last three tax years if they have made pension savings in those years. The annual allowance is to be reduced for
 
       
Vehicle Excise DutyJuly 16, 2015
Major changes to the way Vehicle Excise Duty (VED) is calculated and spent will come into effect from 2017. In his Budget speech, the Chancellor confirmed that the success of low emission cars is having an adverse effect on the amount of money raised from VED. He stated that 'because so many new
 
       
Insurance Premium Tax changesJuly 16, 2015
Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are currently two rates; a standard rate of 6% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance. As part of the
 
       
The Northern PowerhouseJuly 16, 2015
In the Summer Budget, the Chancellor stressed the importance of building the Northern Powerhouse. The Northern Powerhouse was a key economic proposal of the previous coalition Government and has continued to be a key focus of the new conservative Government. The intention is to push economic growth
 
       
Reform of non-dom statusJuly 16, 2015
From April 2017, new rules are set to be introduced that will significantly change the circumstances under which non domiciled (non-dom) status can be claimed. Whilst the details of the changes will be the subject of a consultation, the Chancellor has said that anyone who has lived in the UK for
 
       
Buy to let LandlordsJuly 16, 2015
The Chancellor will have upset many buy-to-let landlords with his announcement that from April 2017 tax relief on mortgage costs is to be restricted to the basic rate of tax. Landlords of residential properties have benefited from tax relief on finance charges, such as mortgage interest for many
 
       
New deposit protection limitJuly 9, 2015
The deposit guarantee limit for savers in UK banks and building societies will fall from 85,000 to 75,000 from 1 January 2016. The change which has been met with dismay by many banks has been brought about following a recalibration of the deposit protection provided by the Financial Services
 
       
Summer Budget 2015 - Rent-a-room reliefJuly 9, 2015
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current limit of 4,250 has been frozen for 18 years and the Chancellor announced that the limit is to be increased to 7,500 from 6 April 2016. The relief applies to the letting of
 
       
Corporation TaxJuly 9, 2015
The main Corporation Tax rate dropped to 20% from 1 April 2015. The reduction to 20% resulted in the unification of the main CT rate and the small profits rate from April 2015. Most observers would have expected there to be no further changes to the rate as the previous coalition government had
 
       
Employment intermediaries deadline approachesJuly 9, 2015
New rules introduced in April 2015 require employment intermediaries, which supply two or more workers to a client to send HMRC details of workers where they don’t operate PAYE on the workers’ payments. HMRC have introduced these new rules to help combat issues of false self-employment and the abuse
 
       
Income Tax Rates & AllowancesJuly 9, 2015
In the Summer Budget, the Chancellor announced that from April 2016 the basic personal allowance will increase to 11,000 (an increase from the previously announced figure of 10,800). At the same time the basic rate limit will be increased to 32,000. The Chancellor also announced that from 2017-18
 
       
Inheritance TaxJuly 9, 2015
As part of their election manifesto, the Conservative party pledged to introduce a new 175,000 per person transferable allowance for married couples and civil partners when their main residence is passed down to children after their death. In his Budget speech the Chancellor met the pledge in
 
       
Direct Recovery of DebtsJuly 9, 2015
The Chancellor first announced measures at Budget 2014 for the introduction of Direct Recovery of Debts (DRD). The new powers were intended to allow HMRC to recover Income Tax debts directly from a taxpayer’s bank and building society accounts. However, the implementation of the new measure had been
 
       
The Annual Investment AllowanceJuly 9, 2015
The Chancellor will have pleased many businesses with his announcement that the Annual Investment Allowance (AIA) is to be set permanently at 200,000 for all qualifying expenditure on or after 1 January 2016. The limit is currently 500,000 but was set to revert to its original limit of 25,000
 
       
National Living WageJuly 9, 2015
In one of the landmark announcements of the Summer Budget, the Chancellor has announced the creation of a new National Living Wage from April 2016. The National Living Wage will initially be set at 7.20 per hour for the over 25’s. The Government will be working with the Low Pay Commission (LPC) to
 
       
Summer BudgetJuly 8, 2015
Summer Budget Statement 8 July 2015 George Osborne has presented his first Budget without regard for coalition partners. The measures he has introduced recognise the need to incentivise individuals and businesses, with the promise to balance the nation’s books and reduce debt. We have summarised
 
       
HMRC taskforce to target wealthy tax cheatsJuly 2, 2015
HMRC taskforces are comprised of multiple teams from across HMRC including special investigations, local compliance and criminal investigation units for targeting specific sectors and locations where there is a high risk of tax evasion. The taskforces use local knowledge and risk profiling to help
 
       
The Asian Infrastructure Investment BankJuly 2, 2015
The Asian Infrastructure Investment Bank (AIIB) is a new international financial institution. The purpose of the new development bank is to drive infrastructure projects in transportation, energy, telecommunications and other infrastructure across Asia. The AIIB will do this using a variety of
 
       
Help for deaf people dealing with HMRCJuly 2, 2015
HMRC has announced that they are piloting new services for deaf taxpayers in conjunction with the Royal Association for Deaf People (RAD). Deaf people who are able to handle their own affairs but cannot speak to HMRC directly can now use video relay with a British Sign Language (BSL) interpreter
 
       
Tax-Free Childcare SchemeJuly 2, 2015
The implementation date of the Tax-Free Childcare Scheme (TFCS) has been pushed back until early 2017 following a Supreme Court decision. The scheme was expected to be launched later this year but was delayed as a direct result of a legal challenge to the introduction of the scheme. The legal action
 
       
Sham tax credit emailsJuly 2, 2015
HMRC is warning of new fraudulent emails being sent to taxpayers. The emails take advantage of the upcoming 31 July 2015 deadline for submitting tax credits renewal information. Some of these fraudulent emails inform recipients that they are due a tax rebate, and provide a click-through link to a
 
       
HMRC moves to improve customer serviceJuly 2, 2015
For the last number of years, HMRC has been undertaking measures to improve their response times and improve service standards in call centres. Statistics have recently been published for 2014/15 and show that whilst 73% of calls were answered last year the service standards were inconsistent, with
 
       
Cigarette smuggler found guiltyJune 24, 2015
James Reber, 51, a furniture importer has been given an 18-month prison sentence, suspended for two years for allowing hollow statues of the religious icon Buddha to be used to smuggle more than 100,000 illicit cigarettes into the UK. He was also ordered to carry out 150 hours of unpaid work. Mr
 
       
RTI late filing penaltiesJune 24, 2015
Almost all employers are now reporting their PAYE information in real time. Following the introduction of RTI in April 2013, it was decided to stagger the start of the in-year late filing and payment penalties to give employers more time to adapt to reporting in real time. The late filing penalty
 
       
Pension changesJune 24, 2015
Since 6 April 2015 over half a million people in the UK aged 55 and over have been able to take advantage of the new rules for accessing pension savings. The new rules allow people new ways to access their pension pots by taking lump sum payments. The first 25% is tax-free and the remainder is taxed
 
       
New apprenticeships launchedJune 24, 2015
The Skills Minister, Nick Boles has announced new plans that will see the creation of 3 million new apprenticeships by 2020. This will be aided by new moves that will see the term 'apprenticeship' enshrined by law through the Enterprise Bill. The Enterprise Bill is expected to be introduced to
 
       
Reduced charges for calling HMRCJune 24, 2015
Over the last few years, HMRC has been moving away from the use of 0845 numbers to 03 numbers. 03 numbers are non-geographic but are usually charged at the same rates as 01 and 02 numbers and are free with some telephone packages. All HMRC helplines now have 03 numbers and the majority of calls
 
       
Tax credit renewalsJune 24, 2015
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2015. Claimants who do not renew on-time may have their payments stopped. Claims can be renewed by post, phone or online using the tax credit online renewal service, but only if there
 
       
Gang member found guilty of VAT fraudJune 18, 2015
A member of a criminal gang has been jailed for four years for his part in a 1.9m VAT fraud. Darren Thomas, 42, from Bath was part of a group of four fraudsters who conned several UK companies by falsely claiming they had secured a 15m publicity contract from Dubai’s Department of
 
       
Settlement opportunity – contractor loansJune 18, 2015
The deadline to apply for the contractor loans settlement opportunity is 30 June 2015. The contractor loan scheme is a tax avoidance arrangement where non-UK employers have paid an employee untaxed income or given them a loan instead of part of their salary. The settlement opportunity is for tax
 
       
Employer P11D, P11D(b) and P9D deadlineJune 18, 2015
Employers are reminded that the deadline for submitting the 2014/15 forms P11D, P11D(b) and P9D is fast approaching. The filing date for all the forms is 6 July 2015. Late submissions can result in penalties being issued by HMRC. Employers making online submissions will need to correct any problems
 
       
Scottish Rate of Income TaxJune 18, 2015
The Scotland Act 2012 gave the Scottish Parliament the power to introduce a Scottish Rate of Income Tax (SRIT) which will be administered by HMRC for Scottish taxpayers. The SRIT is to be introduced from 6 April 2016. Revenue Scotland will be responsible for the administration of the SRIT. A new
 
       
Government to start selling off RBSJune 18, 2015
In his annual Mansion House speech, the Chancellor has confirmed that the Government will begin the process of selling some of its 80% stake in Royal Bank of Scotland (RBS). The sale of the taxpayer’s stake in RBS is expected to begin in the coming months. Initially, the sales will be made to
 
       
Late filing of Self Assessment tax returnsJune 18, 2015
HMRC has published a press release reminding taxpayers that the deadline for appealing against a late Self Assessment filing penalty for 2013/14 has now passed. Taxpayers that did not file their 2013/14 Self Assessment returns are liable to an automatic 100 penalty for late submission of their tax
 
       
Help to Buy sales updateJune 11, 2015
The latest statistics on the uptake of the Government’s flagship Help to Buy schemes were published on 6 June 2015. The figures show that almost 100,000 homes have been bought since the schemes were first launched in October 2013. Some of the headline figures include: 80% of scheme completions
 
       
Basic bank accountsJune 10, 2015
Earlier this year, the coalition Government confirmed that following talks with the banking industry, new basic bank accounts would be made available. Nine banks agreed to offer the new accounts and committed to have them available by the end of 2015. These new accounts will help people who do not
 
       
Summer Budget 2015June 10, 2015
The new Conservative Government confirmed last month that there will be a second Budget this year. The Summer Budget will take place on Wednesday 8 July 2015 and will be George Osborne’s seventh Budget and the first with a Conservative majority Government. HM Treasury had asked for feedback from
 
       
Accelerated Payment NoticeJune 10, 2015
New anti-avoidance legislation came into effect on 17 July 2014 and gives HMRC significant powers to demand upfront payment of disputed tax from taxpayers using avoidance schemes. This can be demanded by the use of an Accelerated Payment Notice (APN), issued when HMRC has an open appeal or enquiry
 
       
Tax credits fraudJune 10, 2015
Over the last number of years, HMRC has been actively seeking to reduce tax credits error and fraud. This has included launching many campaigns that specifically looked to target tax credits fraud as well as simplifying the tax credits system, better monitoring of changes in income through the Real
 
       
Free childcare to be extendedJune 10, 2015
The Prime Minister has announced plans to double free childcare for working parents. The Government is set to increase the amount of childcare available to 3 and 4 year olds of working families during term-time to 30 hours a week. This includes the 15 hours currently available as well as an
 
       
Advisory fuel rates for company carsJune 4, 2015
HMRC has recently issued a clarification in respect of the advisory fuel rates to confirm that the rates are per mile (not per kilometre). The UK remains the only country in Europe, and the Commonwealth that defines speed limits in miles per hour. The latest advisory fuel rates became effective
 
       
PAYE tax refundsJune 4, 2015
HMRC has commenced its annual reconciliation of PAYE for the tax year 2014/15 and has begun sending out tax calculations to some taxpayers using the P800 form. The form shows HMRC’s tax calculations in respect of the tax year ending 5 April 2015. This form is sent to taxpayers after HMRC have
 
       
Rural fuel duty relief schemeJune 4, 2015
The Rural Fuel Duty relief scheme provides support for motorists in remote areas where pump prices are significantly higher than the UK average, by cutting fuel duty by 5p per litre. The scheme was extended from 1 April 2015 and applies to the sale of unleaded petrol, diesel, biodiesel, bioblend and
 
       
Premium Bonds limit increasedJune 4, 2015
Following the success of the Pensioner Bond, it has been announced that the maximum investment in Premium Bonds has been increased to 50,000 from 1 June 2015. This 10,000 increase comes just a year after the maximum investment increased from 30,000 to 40,000. Premium bonds offer tax-free
 
       
Solicitors Tax Campaign final deadlineJune 4, 2015
The Solicitors’ Tax Campaign was launched in December 2014 and provided an opportunity for solicitors to disclose undeclared income and bring their tax affairs up to date. As a first step, solicitors who wanted to take part in the campaign had to advise HMRC by 9 March 2015 of their intention to
 
       
Pension auto enrolmentJune 4, 2015
The new rules for pension automatic enrolment came into effect on 1 October 2012. The introduction of automatic enrolment for workplace pensions is intended to ensure that many more employees begin to make proper provision for having a work based pension. The new rules help workers start saving for
 
       
Claiming a repayment of tax from HMRCMay 28, 2015
The P50 form entitled Claim for repayment of tax when you have stopped working can be used by individuals to claim back excess tax that has been paid when taxpayers have stopped working. An updated version of the form has recently been published. The form can be used in the following
 
       
Southampton man jailed for 1.7m VAT scamMay 28, 2015
A VAT fraudster has been jailed for five and a half years following an investigation by HMRC and banned from being a company director for ten years. Christopher Rogers was a director and shareholder of a company based in Southampton that provided boat renovation services for some of the world’s
 
       
Managing serious defaultersMay 28, 2015
HMRC is continuing to focus on the tax affairs of taxpayers who are defined as ‘serious defaulters’. Evidence has shown that there is a high risk that serious defaulters may continue to deliberately or dishonestly get their tax affairs wrong or not pay what they owe. A specialist monitoring
 
       
Privatising Government assetsMay 28, 2015
The Chancellor has announced in a speech to the Confederation of British Industry (CBI) that the Shareholder Executive (ShEx) and UK Financial Investments (UKFI) would be made into one holding company. The two bodies currently manage the majority of the taxpayer stakes in businesses and are to be
 
       
New measures to support small businessesMay 28, 2015
In his first speech, the new Business Secretary Sajid Javid announced that the Government is to publish a new Enterprise Bill in the first Queen's Speech of the parliament. The Enterprise Bill has been drafted to cut red tape for business by at least 10 billion over the next 5 years. The bill
 
       
Fraudulent tax credit emailsMay 28, 2015
Fraudsters often try to take advantage of the deadline for submitting tax credits renewal information. Tax credit renewals must be completed by 31 July 2015. The fraudulent emails claim to be from HMRC and often promise money back in the form of a tax rebate together with a click-through link to a
 
       
National Insurance numbersMay 21, 2015
HMRC has issued a tweet to remind people how to find a lost National Insurance number. Anyone who has lost or forgotten their National Insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60. If the National Insurance number still cannot be
 
       
Tax advice for those on low incomesMay 21, 2015
A new campaign has been launched to raise an extra 250,000 a year for charities that provide tax advice for those in need who cannot afford to pay for it. The new 'Bridge the Gap' campaign is intended to help charities including TaxAid and Tax Help for Older People that provide tax advice to
 
       
HMRC penalty regime reviewMay 21, 2015
Earlier this year, HMRC published a consultation that examined various options for strengthening the effectiveness of its penalties' regime. The consultation looked at adopting a more personalised approach for dealing with penalties as well as looking to harness technological developments to boost
 
       
Cigarette smugglers jailedMay 21, 2015
Three men have been jailed for a total of more than 11 years for smuggling cigarettes. The three men were caught red handed unloading more than three million illegal cigarettes following an investigation by HMRC officers. The cigarettes were hidden inside air conditioning units and were delivered to
 
       
Paper driving licence abolishedMay 21, 2015
The paper counterpart driving licence is abolished from 8 June 2015. The green coloured paper counterpart is mainly used to show any driver endorsements and penalty points and when hiring a vehicle. The counterpart was introduced to display driving licence details that could not be included on the
 
       
Pensioner bonds no longer availableMay 21, 2015
The Chancellor, George Osborne, has announced that the current sale of pensioner bonds closed on 15 May 2015. The original cap on the amount of pensioner bonds that the Treasury would issue of 10bn had been lifted when the timeframe to purchase the pensioner bonds was extended. New figures have
 
       
Summer Budget date announcedMay 21, 2015
The Chancellor has confirmed that there will be a second Budget this year. The new Tory Government are anxious to start implementing many of the policies that were included in their manifesto. The Summer Budget will take place on Wednesday, 8 July and the Chancellor has stressed that it will be a
 
       
List of deliberate tax defaulters updatedMay 14, 2015
HMRC has updated its list of deliberate tax defaulters. The list includes over sixty individuals, businesses and companies and lists the amounts on which penalties are due and the amount of penalties charged. The details of a tax defaulter details will be held on HMRC’s website for a maximum of
 
       
Submitting VAT returns onlineMay 14, 2015
Nearly all VAT registered businesses must submit VAT returns online and make any payments due electronically. VAT registered businesses can file VAT returns using either HMRC’s free online software or using commercially produced software. In either case, businesses must have already registered and
 
       
Employment allowance for care and support employersMay 14, 2015
The employment allowance of 2,000 per year for all businesses and charities was introduced in April 2014. The allowance is offset against employers' Class 1 secondary NICs and can be claimed as part of the normal payroll process through their regular payroll processes. The maximum amount available
 
       
Renewing tax credit claimsMay 14, 2015
Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2015. Claimants who do not renew on-time may have their payments stopped. The child tax credit has been designed to help lower income families with children. Credits are available to
 
       
Treasury sells more Lloyds sharesMay 14, 2015
The Government has announced the sale of another tranche of shares in taxpayer-backed Lloyds Banking Group, reducing its stake in the bank to below 20%. This latest sale means that over half of the 20 billion invested by the taxpayer in Lloyds has now been recovered. This sale sees a further 500
 
       
VAT fraudster sentencedMay 14, 2015
HMRC has continued with their recent success of ensuring custodial sentences for those who are making fraudulent VAT claims. The latest case saw the sentencing of a North Yorkshire bookseller who made fraudulent VAT repayment claims. Francis Naylor, from Harrogate, was the sole director of The Bear
 
       
Making payments to HMRCMay 7, 2015
There are many ways that taxpayers can make payments to HMRC. For most taxes, there are options to make payments using any of the following payment options. Online or via telephone banking (Faster Payments) payments CHAPS payments Online debit or credit card payments At a bank or building
 
       
Compliance checks factsheetMay 7, 2015
HMRC compliance checks (formerly known as enquiries, visits and inspections) are the standard system used by HMRC to inspect taxpayers records. The standardised compliance check which applies to most HMRC taxes was first introduced in April 2009. The introduction of the standardised compliance check
 
       
HMRC targets rising starsMay 7, 2015
HMRC's High Net Worth Unit (HNWU) is a specialist division of HMRC that deals with taxpayers who have wealth in excess of 20 million. HMRC uses details from tax returns and other public information databases to identify the country’s richest taxpayers. In certain circumstances, HMRC will also
 
       
No more Air Passenger Duty for under 12’sMay 7, 2015
With effect from 1 May 2015, Air Passenger Duty (APD) is no longer payable by children under 12 on all short haul (up to 2,000 miles) and long haul flights (over 2,000 miles). Each geographical band has two rates of air passenger duty, one for standard class and the second for 'other' higher classes
 
       
New crime maps launchedMay 7, 2015
HMRC has launched a new online interactive map that demonstrates some of their successes in tackling tax evasion and avoidance. There are two maps, the first shows convictions resulting in jail sentences since April 2013. The second map shows the locations of HMRC taskforces since they were
 
       
EU VAT rule changesApril 30, 2015
HMRC massively underestimated the impact of the new EU rules on micro digital businesses, according to a report published by Enterprise Nation. On 1 January 2015, the place of supply of certain B2C digital services changed. The place of supply is now determined by the location of the customer who
 
       
Class 3 NICsApril 30, 2015
Class 3 NICs are a voluntary contribution paid by those wishing to fill gaps in their NICs’ record and can be used by those who have not made enough compulsory contributions in order to benefit from the full basic State Pension and for bereavement benefit purposes. Individuals can pay by monthly
 
       
Individual Savings Accounts (ISAs)April 30, 2015
An ISA is a tax exempt savings account available to UK residents. There is no minimum period for which an ISA must be held and there are many qualifying investments available. These include cash, stocks, shares as well as certain life assurance and National Savings products. Since 1 July 2014 the
 
       
New marriage allowanceApril 30, 2015
The new marraige allowance came into force on 6 April 2015 and allows some couples to share part of their personal tax-free allowance. The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the
 
       
VAT default surchargeApril 30, 2015
HMRC imposes a VAT default surcharge on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their return and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date. The normal deadline for submission of a VAT return and
 
       
Second incomes campaignApril 30, 2015
The second incomes campaign offers individuals the opportunity to inform HMRC that they have undeclared income from a supplementary income stream. The campaign targets individuals in employment who have an additional untaxed source of income. The HMRC guidance lists the following possible
 
       
Filing of Trust and Estate ReturnsApril 22, 2015
The Trust and Estate Tax Return (SA900) can be submitted online or by way of a paper return. The use of the online filing system allows for more generous filing deadlines and typically reduces the amount of time it takes for HMRC to process any tax repayments. Similarly to the main Self Assessment
 
       
Enterprise Investment Scheme and Venture Capital TrustsApril 22, 2015
HMRC has published new guidance in respect of changes it is making to to help manage applications for advance assurance and Enterprise Investment Scheme (EIS) compliance statements from companies for investments made on or after 6 April 2015. With immediate effect, HMRC will no longer process
 
       
Repayment of Student LoansApril 22, 2015
Student Loans are part of the Government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student
 
       
VAT fraudster ordered to repay over 200kApril 22, 2015
A London businesswoman who was jailed for VAT fraud last October has been ordered to repay criminal profits of 207,000 within three months or face a further two years and nine months in jail. Jasvinder Mahal pleaded guilty to submitting false VAT returns by faking invoices and manipulated bank
 
       
LITRG warning on pensions flexibilityApril 22, 2015
The Low Income Tax Reform Group (LITRG) was established in 1998 to improve the policy and processes of the tax, tax credits and associated welfare systems for the benefit of those on low incomes. The LITRG has recently published a new press release warning taxpayers aged over 55 who are thinking of
 
       
Credit Card Sales campaignApril 22, 2015
The Credit Card Sales campaign offers individuals and businesses that accept credit and debit card payments, the opportunity to bring their affairs up to date and take advantage of the best possible terms. Any individual or company that accepts credit and debit card payments should be registered
 
       
Revenue Scotland launchedApril 16, 2015
On 1 April 2015, Scotland’s new tax authority, Revenue Scotland, began to accept tax returns for the Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax. The Scotland Act 2012 paved the way for the Scottish Parliament to launch these two new taxes. Further legislation established
 
       
Class 2 National Insurance ContributionsApril 16, 2015
The CA8480 form to apply for a refund of Class 2 NICs has recently been updated. Taxpayers might use this form if they paid too much Class 2 NICs, shouldn’t have paid Class 2 NICs or if they qualified for the small earnings exception. Class 2 National Insurance Contributions (NICs) are paid by all
 
       
PAYE Settlement AgreementsApril 16, 2015
A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for your employees. The expenses or benefits included in a PSA must be defined as one of the following; minor - e.g. a
 
       
Let property disclosure campaignApril 16, 2015
HMRC’s Let Property Campaign targets landlords who have undeclared income from residential property lettings. The campaign was launched in September 2013 and currently does not have an end date. The campaign offers landlords the opportunity to get their tax affairs up to date under the best