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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
HMRC email campaign launchedApril 16, 2015
HMRC has started a new email campaign inviting volunteer agents to try the ‘Agents online self-serve private beta service’ for PAYE employer accounts. The emails will contain a link to the service however no personal or financial information will be requested. These emails are genuine. However,
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
Child Trust Fund changesApril 16, 2015
Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund (CTF) account provided they met the necessary conditions. Children born after this date are no longer eligible for CTF payments. In a welcome move, CTFs can now be transferred to the more flexible Junior
Advisory fuel rates for company carsApril 9, 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 still defines speed limits in miles per hour. The latest advisory fuel rates became
National Insurance number verification requestsApril 9, 2015
HMRC has published a new guide (effective from 2 April 2015) to help employers check a National Insurance number is genuine. Many different suppliers of commercial payroll software provide this functionality as standard however the guidance published by HMRC can be used by employers that do not have
Rural Fuel Duty relief schemeApril 9, 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
Cigarette smugglers jailedApril 9, 2015
Four men have been jailed for a total of six years for excise fraud. The four men were found to have evaded duty of almost 100k following an investigation by HMRC. The investigation resulted in the arrest of three of the men in May 2013 when HMRC officers seized 553 kilograms of hand-rolling
VAT Mini One Stop Shop ReturnsApril 9, 2015
The way in which VAT is applied on the sale of certain B2C digital services in the EU changed on 1 January 2015. The place of supply is now determined by the location of the customer who receives the service rather than the location of the supplier. To save the need for businesses affected by
Shared Parental Pay and LeaveApril 9, 2015
New legislation came into force on 5 April 2015 that allows working parents far greater choice as to how they share the care of their child and take time off work during the first year of their child’s life. The rules apply equally for children that have been adopted. Under the new rules, mothers
VAT - Prompt Payment DiscountsApril 2, 2015
The rules for Prompt Payment Discounts changed on 1 April 2015. The changes are designed to ensure that UK and EU law match so that VAT is accounted for on the full consideration paid for goods and services where Prompt Payment Discounts (PPD) are offered. Historically, HMRC allowed suppliers to
Cider industry given a boostApril 2, 2015
In the Budget, the Chancellor announced a cut in the duty rates on lower strength cider by 2%. This measure should save cider drinkers around 1p on each litre of cider. The Chancellor’s announcement has been warmly welcomed by the cider industry in the UK. The Chancellor visited Sheppy’s cider in
Diverted Profits TaxApril 2, 2015
The new Diverted Profits Tax (DPT) came into force on 1 April 2015. The DPT is an anti-avoidance measure that targets large multinational businesses that the Government deem to be using contrived and artificial arrangements to divert profits overseas. In doing so, these companies pay little or no UK
New rules for Community Amateur Sports ClubsApril 2, 2015
The Community Amateur Sports Clubs (CASCs) scheme provides a number of charity-type tax reliefs to support local amateur sports clubs. In order to access these reliefs, clubs must meet certain conditions and must register with HMRC. The eligibility conditions to claim the reliefs available changed
Non-UK residents – residential propertyApril 2, 2015
From 6 April 2015, a new Capital Gains Tax (CGT) charge comes into effect on the sale of UK residential property by non-UK residents. HMRC’s guidance confirms that only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax. Private residence relief where a
Social Investment Tax Relief changesApril 2, 2015
The Social Investment Tax Relief (SITR) scheme is a tax relief scheme to encourage individuals to support social enterprises and to assist social enterprises access new sources of finance. The scheme was launched in April 2014. The following new measures were announced as part of Budget
Finance Act 2015April 2, 2015
The Finance (No. 2) Bill 2015 was presented to Parliament on 23 March 2015. As the general election is scheduled for 7 May, the passage of the bill was fast-tracked. The Bill received Royal Assent on 26 March to become the Finance Act 2015. The Finance Act 2015 is 340 pages long and contains 127
Orchestra tax reliefMarch 26, 2015
A consultation on the introduction of an orchestra tax relief that would encourage orchestras to perform across the whole of the UK was launched in January of this year. The consultation has now closed and HM Treasury has published a detailed response. HM Treasury received and considered a total
Changes to Gift Aid Small Donations SchemeMarch 26, 2015
In the Budget, the Chancellor announced that the maximum annual donation that can be claimed through the Gift Aid Small Donations Scheme (GASDS) will increase from 5,000 to 8,000 from April 2016. This will allow charities and CASCs to claim Gift Aid style top-up payments of up to 2,000 a year
Rebated fuel markerMarch 26, 2015
There are special rules that allow farmers to use red diesel to help grit and clear snow during extreme cold snaps. The legislation allows users of agricultural tractors, light agricultural vehicles and agricultural material handlers to use red diesel in their vehicles when gritting public roads.
Annual Tax on Enveloped Dwellings (ATED)March 26, 2015
From 1 April 2015, the Annual Tax on Enveloped Dwellings (ATED) has increased by 50% above inflation for residential properties worth more than 2million. The new rates apply for the chargeable period 1 April 2015 to 31 March 2016. The ATED is payable by certain Non-Natural Persons that own
Working Tax Credit changesMarch 26, 2015
From 6 April 2015, all self-employed Working Tax Credit (WTC) claimants will need to meet new criteria. They must be able to meet a new qualifying remunerative work test for WTC that demonstrates that that they are trading on a commercial basis and their business is run with a view to achieving
New measures to tackle tax evasion and avoidanceMarch 26, 2015
The Chief Secretary to the Treasury, Danny Alexander, chose the day after the Budget to announce a new crackdown on offshore tax evaders. The plans which are subject to consultation include: Introducing a new strict liability criminal offence for offshore evasion, so in the worst cases, it is
Budget 2015 – Alcohol and Tobacco DutyMarch 18, 2015
The Chancellor has announced a cut in the duty rates on beer that will reduce the price of an average strength pint of beer by a penny. At the same time legislation will be introduced to reduce the duty on other alcoholic beverages including spirits and cider. The duty rates for these alcoholic
Budget 2015 - VAT registration and deregistration thresholdsMarch 18, 2015
The taxable turnover threshold, that determines whether businesses should be registered for VAT, will increase from 81,000 to 82,000 from 1 April 2015. The taxable turnover threshold that determines whether businesses can apply for deregistration will be increased from 79,000 to 80,000 on the
Budget 2015 – New personal savings allowanceMarch 18, 2015
The Chancellor’s final hurrah of his last Budget before the general election was the announcement of a brand new tax relief for savers. From April 2016 a new Personal Savings Allowance will be launched that will exempt 95% of taxpayers from paying tax on their savings. According to the Chancellor,
Budget 2015 – Help to Buy ISAMarch 18, 2015
The Chancellor announced a number of important changes to benefit savers. One of these changes was a major new initiative combining two of the government’s most successful policies, ISA’s and the Help to Buy scheme. The government will offer a new Help to Buy ISA that will help first time buyers
Budget 2015 – Income Tax Rates & AllowancesMarch 18, 2015
In the Budget, the Chancellor announced that from April 2016 the basic personal allowance will rise to 10,800. At the same time the basic rate limit will be increased to 31,900. The Chancellor also announced that from 2017-18 the personal allowance will increase to 11,000 and the basic rate limit
Tribunal examines construction of new fountainMarch 18, 2015
The First-Tier Tribunal has made what appears to be a common-sense decision in supporting a taxpayers right to deduct input tax on the construction of a fountain. The appeal was brought to the Tribunal by Folkestone Harbour Limited (FHGP) following HMRC’s refusal to allow input tax credit for
Fraudsters jailed for 12 yearsMarch 18, 2015
Two money launderers have been jailed for six years each following a three year investigation by HMRC. The pair Bhader Singh, of Kettering and Richard Strauss, from Leeds had helped to launder 20 million of dirty cash believed to be from the sale of illicit alcohol. Singh, 35, had set up a fake
Changes to business ratesMarch 18, 2015
Business rates is the commonly used term for National Non-Domestic Rates (NNDR). NNDR are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. The rates are currently paid on around 1.8 million properties in England.
Pension freedoms to be extendedMarch 18, 2015
In a surprise move on the Sunday before the Budget the Chancellor George Osborne announced an extension to the pension freedoms of five million pensioners who have already purchased an annuity. The changes which are due to come into effect from April 2016 will remove the current limits on buying and
Help to Buy sales updateMarch 12, 2015
The latest statistics on the uptake of the Government’s flagship Help to Buy schemes were published on 5 March 2015. The figures show that over 88,000 homes have been bought since the schemes were first launched in October 2013. Some of the headline figures include: 80% of scheme completions
CGT for non-UK residentsMarch 12, 2015
New rules come into effect on 6 April 2015 that will apply a Capital Gains Tax (CGT) charge on gains relating to the sale of UK residential property by non-UK residents. The rules have been introduced to address the current imbalance in the treatment of UK residents and non-residents selling UK
Rural Fuel Duty relief scheme extendedMarch 12, 2015
The European Commission (EC) and the European Union (EU) recently approved an extension of the Rural Fuel Duty relief scheme in the UK. The scheme has cut fuel duty in remote island communities by 5p per litre. The scheme currently applies to the sale of unleaded petrol, diesel, biodiesel, bioblend
Tax-free savings changesMarch 12, 2015
From 6 April 2015 the 10% starting rate for savings income has been replaced with a new 0% rate. The 0% rate will apply to up to 5,000 of savings income (a significant increase from the 2014/15 rate of 2,880). This means that any savers with a total income of less than 15,600 will not pay tax on
Pension reforms are hereMarch 12, 2015
From 6 April 2015, over 500,000 people aged 55 and over are able to take advantage of the new rules for accessing pension savings. The new rules allow people to access their pension pots in new ways and decide how to use their defined contributions pension savings. There are three main options
Abolition of NICs for under 21sMarch 12, 2015
HMRC has published new guidance together with worked examples for employers about the abolition of National Insurance Contributions (NICs) for employees between the ages of 16 and 21. From the 6 April, the following changes apply: Employers with employees under 21 years old will no longer have to
Cash basis for small businessesMarch 5, 2015
The cash basis scheme was launched in 2013 to help sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is open to businesses with a turnover of 81,000 or less. The threshold to use the scheme mirrors the VAT registration
Upper Tribunal examines church conversionMarch 5, 2015
The Upper Tribunal recently heard a case that concerned the development of a nursing home on the site of a church. The site consisted of the main church building, which had been extended to the rear at some time in the past, a presbytery with access into the church on the north side of the church
VAT notes – new edition publishedMarch 5, 2015
HMRC has published the latest quarterly edition of VAT notes which includes a summary of recent changes to the VAT rules. The main topics covered in the latest edition are as follows: VAT Mini One Stop Shop (MOSS) – The new place of taxation rules for supplies of cross border telecommunications,
Minimum Wage offenders namedMarch 5, 2015
The Government has published a list of 70 employers that have failed to pay their employees the Minimum Wage. This brings the total number of businesses that have been named and shamed to 162 since new rules were introduced in October 2013. The Government also announced an increase in HMRC’s 9.2
Tobacco fraudsters arrestedMarch 5, 2015
Five members of a criminal gang that illicitly produced and sold tobacco and cigarettes have been arrested. The arrests took place in Northern Ireland as part of an investigation into a suspected 110 million tobacco fraud. HMRC officers together with representatives from the Police Service of
Late filing of Self Assessment tax returnsMarch 5, 2015
Taxpayers that have not yet filed their 2013/14 Self Assessment returns will have been charged an automatic 100 penalty for late submission. The penalty applied from 1 February 2015 even if no tax was due or the tax due was paid on time. However, taxpayers who were meant to file online by 31
More Equitable Life policy holders locatedFebruary 26, 2015
The Equitable Life Payment Scheme (ELPS) was set up by the Government in 2011 to make fair and transparent payments to policy holders affected by the near total collapse of the insurer Equitable Life. The scheme was due to close in April 2014 but was extended until at least the middle of 2015 to
Advisory fuel rates for company carsFebruary 26, 2015
The new advisory fuel rates from 1 March 2015 are listed below. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. Due to the increased review time, HMRC's previous policy, where the rate could change if fuel prices fluctuated by 5%
Annual Investment AllowanceFebruary 26, 2015
The Annual Investment Allowance (AIA) is designed to give 100% first year tax relief for qualifying expenditure on plant and machinery. It can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property business or a furnished
Solicitors' tax campaign deadlineFebruary 26, 2015
Affected solicitors who want to make use of the Solicitors’ Tax Campaign, launched in December 2014, must advise HMRC by 9 March 2015 of their intention to take part in the disclosure opportunity. The Campaign provides an opportunity for solicitors to disclose undeclared income and bring their tax
New marriage allowance launches in April 2015February 26, 2015
A new allowance for some married couples, that was announced by the Prime Minister David Cameron in 2013, comes into force on 6 April 2015. The new marriage allowance affects 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
PAYE filing penaltiesFebruary 26, 2015
Employers will not incur automatic PAYE filing penalties for delays of up to three days with effect from March 2015. HMRC has said that going forward late payment penalties will continue to be reviewed on a risk-assessed basis rather than being issued automatically. However, there is no change in
PAYE – Week 53 paymentsFebruary 19, 2015
Employers and employees that are paid weekly, bi-weekly or four weekly and whose final payday of the 2014/15 tax year falls on 5 April 2015 are reminded that there is a possibility that they may underpay tax for the current tax year. This can happen where a ‘week 53 payment’ is received. As the
Genuine HMRC emailsFebruary 19, 2015
HMRC has issued an advisory note to let employers know that it is in the process of emailing an employer alert. These emails are titled Important information for employers and refer to Employer Bulletin 52, finishing the old tax year and starting the new tax year. These emails are genuine and
Employment intermediariesFebruary 19, 2015
From 6 April 2015, employment intermediaries must return details of all workers they place with clients where they don’t operate PAYE on the workers’ payments. The return will be a report (or reports) that must be sent to HMRC once every 3 months. HMRC have put these new rules in place to decrease
Air Passenger Duty changesFebruary 19, 2015
Air Passenger Duty (APD) is a departure tax levied on most air travel. The number of APD bands will be reduced from four to two for travel on or after 1 April 2015. This measure will lower the costs of travelling to many countries including Australia, China, India and Brazil. Each geographical
HMRC wins important Court of Appeal decisionFebruary 19, 2015
HMRC has welcomed a unanimous decision by the Court of Appeal to uphold the decisions of the First-tier Tribunal and the Upper-tier Tribunal both of which ruled in favour of HMRC. The ruling related to a particular scheme known as the Eclipse 35 partnership that was the subject of the Court of
Changes to the way Class 2 NICs are collectedFebruary 19, 2015
Class 2 National Insurance Contributions (NICs) are paid by all self-employed taxpayers unless they qualify for the small earnings exemption or other exemptions which remove the necessity to pay NICs. From April 2015, the way Class 2 NICs are collected is changing. Currently, payments for Class 2
Last chance to plan for 2014-15February 19, 2015
There are a number of tax planning opportunities that will cease to exist once the clock passes midnight, 5 April 2015. For businesses whose year end coincides with the 5 April 2015 (or 31 March 2015) these opportunities included: The timing of capital purchases: equipment, vehicles and so
List of deliberate tax defaulters updatedFebruary 12, 2015
HMRC has updated its list of deliberate tax defaulters. The list includes over sixty individuals, businesses and companies and includes 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
Tribunal examines MTIC fraud claimsFebruary 12, 2015
Missing Trader Intra-Community (MTIC) fraud focuses on the sales of mobile phones and computer software. MTIC fraud also known as 'carousel fraud' usually involves the small high value goods such as computer chips or mobile phones which are imported free of VAT from other EU member states. The goods
New measures to tackle property fraudFebruary 12, 2015
A new counter-fraud security measure has been introduced by the Land Registry for companies who own registered property and are concerned it might be subject to a fraudulent sale or mortgage. The new property alert service can be used to monitor any property in England or Wales that is registered
Tax-free childcare schemeFebruary 12, 2015
The new tax-free childcare scheme moved a step closer when the legislation to enact the scheme received Royal Assent in December 2014. The scheme will support working families with their childcare costs and will launch in autumn 2015, the exact date has not yet been confirmed. The new scheme will
Sale of pensioner bonds extendedFebruary 12, 2015
The Chancellor, George Osborne has announced that the cap on the amount of pensioner bonds that the Treasury will issue of 10bn has been lifted. Instead, the bonds will now remain on sale until 15 May 2015 with an unlimited amount available until then. There are two bonds available, a one-year
Bank fine cash for Royal Navy familiesFebruary 5, 2015
The Government will use some of the money collected from the LIBOR fines to help Royal Navy personnel in Argyll and Bute. The Government will contribute 2 million to the Royal Navy and Royal Marines Charity in Argyll and Bute, which provides support for Naval families who live in married quarters
National Minimum Wage blitzFebruary 5, 2015
HMRC together with Hackney Council, Home Office Immigration Enforcement and the police have been tackling businesses in Hackney. A total of seven businesses were targeted for failing to pay the National Minimum Wage (NMW) as well as other tax irregularities and illegal activities. The businesses
Tax codes to use from 6 April 2015February 5, 2015
The P9X form used to notify employers of the tax code changes for employees has been updated and will take effect from 6 April 2015. The basic personal allowance for the tax year starting 6 April 2015 will be increased to 10,600 and the tax code for emergency use will be 1060L. As a result of the
Developer wins Tribunal caseFebruary 5, 2015
The VAT DIY Housebuilder’s scheme is a scheme designed to ensure that a homeowner building a home can benefit from the special VAT rules which allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. The use of the scheme allows homeowners to be in a
Self Assessment online filing statisticsFebruary 5, 2015
HMRC has issued a press release detailing the number of online filings made for the 2013-14 Self Assessment returns. The use of the online service continues to grow year on year. This year a total of over 8.75 million online filings were made by the 31 January 2015 deadline. A further almost 1.49
Rental deposit loan schemeFebruary 5, 2015
The Government has backed a new scheme that will see help offered to many potential tenants by providing the opportunity to get a loan from their employers to help pay the deposit necessary to rent a home. The scheme works in a similar way to the season ticket loan programme that allows employers to
Coastal Communities FundJanuary 29, 2015
The Coastal Communities Fund (CCF) was established in 2012 with the aim of encouraging the economic development of UK coastal communities by awarding funding to create sustainable economic growth, new jobs and creating new opportunities in local areas. Since the fund started grants have been awarded
The Liechtenstein Disclosure FacilityJanuary 29, 2015
The Liechtenstein Disclosure Facility (LDF) provides a framework to assist UK taxpayers with investments in Liechtenstein - that have not been taxed - to make a full disclosure to HMRC. The agreement allows penalties on unpaid tax to be capped at 10% of tax evaded over the last ten years. The LDF
Diverted Profits TaxJanuary 29, 2015
As part of the Autumn Statement measures, the Chancellor announced the introduction of a new Diverted Profits Tax (DPT) to counter the use of aggressive tax planning to avoid paying tax in the UK. The DPT has been coined as the 'google tax' but the net is spread much wider than technology companies.
Non-UK domiciled individuals consultationJanuary 29, 2015
A new consultation has been launched jointly by HM Treasury and HMRC. The consultation follows the Government’s announcement during the Autumn Statement on plans to enforce a three-year minimum claim period for the remittance basis charge. Comments were requested by 16 April 2015. The changes seek
EC approval for Rural Fuel Duty reliefJanuary 29, 2015
The European Commission (EC) has approved an extension of the Rural Fuel Duty relief scheme that has cut fuel duty in remote island communities by 5p per litre. The scheme currently applies to the sale of unleaded petrol, diesel, biodiesel, bioblend and bioethanol blend in the Inner and Outer
Wealth unit raises 137mJanuary 29, 2015
HMRC’s Affluent Unit was set up in October 2011 to examine the tax affairs of taxpayers who had wealth of at least 2.5 million and an annual income of 150,000 or more. In 2013, the Affluent Unit doubled in size and grew to look at taxpayers whose wealth was over 1 million. The Affluent Unit is
Research and Development (R&D) tax creditsJanuary 22, 2015
Research and Development (R&D) tax credits were introduced for Small and Medium Sized Enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief that were introduced to encourage innovation and enterprise within the UK economy. Small and Medium-sized
Death taxes on ISAsJanuary 22, 2015
One of the more welcome announcements as part of the Autumn Statement in December 2014 was a new measure concerning the inheritance of Individual Savings Accounts (ISA). With effect from 3 December 2014, if an ISA (also known as ‘New ISAs’) saver in a marriage or civil partnership dies, their spouse
New phishing email publishedJanuary 22, 2015
HMRC has warned of a new email phishing scam. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link from within the email can result in
Scottish taxation changesJanuary 22, 2015
The Scotland Act 2012 came into law on 1 May 2012 and gives the Scottish Parliament the power to set a Scottish rate of Income Tax which will be administered by HMRC for Scottish taxpayers. The Act also fully devolves the power to raise taxes on land transactions and on waste disposal to landfill to
Claiming a repayment of tax from HMRCJanuary 22, 2015
An updated version of the form P50 entitled 'Claim for repayment of tax when you have stopped working' has been published. The form can be used by individuals to claim back excess tax that has been paid when taxpayers have stopped working. The form can be used in the following circumstances: By
Launch of basic fee-free bank accountsJanuary 15, 2015
The Government has published a list of nine banks that have agreed to offer basic bank accounts. This follows a new agreement that was reached last month between the Government and the banking industry to establish a new basic bank account. These new accounts will help people who do not have a bank
Tribunal examines entitlement to Private Residence ReliefJanuary 15, 2015
In general there is no CGT on a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as Private Residence Relief. In general, taxpayers are entitled to full relief from CGT where all the
Shared Parental Pay and LeaveJanuary 15, 2015
Any of our readers or their partners anticipating the arrival of a baby on or after 5 April 2015? New legislation has come into force that allows working parents far greater choice in how they share the care of their child and take time off work during the first year of their child’s life. The rules
Best tax return filing ratesJanuary 15, 2015
HMRC has released an interesting analysis showing that women are more likely than men to send in their tax return on time. The statistics were compiled by analysing the filing of 2012-13 tax returns up to the end of July 2014. The paper return for that year was due to be filed by 31 October 2013 and
New pension service launchedJanuary 15, 2015
A new free and impartial pensions guidance service, Pension Wise, has been launched. The new service is being run jointly by The Citizens Advice Bureau (CAB) and The Pensions Advisory Service (TPAS). The launch of this new service follows the launch of wide-ranging changes for individuals that have
Small businesses affected by VAT rule changeJanuary 15, 2015
The way that VAT is applied on the sale of certain Business to Consumer digital services in the EU changed on 1 January 2015. The place of supply is now determined by the location of the customer who receives the service rather than the location of the supplier. The new rules have been introduced
Finding your National Insurance numberJanuary 8, 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
Class 2 National Insurance ContributionsJanuary 8, 2015
Class 2 National Insurance Contributions (NICs) are paid by all self-employed taxpayers unless they qualify for the small earnings exemption or other exemptions which remove the necessity to pay NICs. Class 2 NICs are payable at a flat weekly rate. Payments for Class 2 NICs become due on 31
Self Assessment deadline approachesJanuary 8, 2015
Taxpayers are reminded that the deadline for submitting 2013/14 Self Assessment tax returns online is 31 January 2015. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the
Money launderers jailedJanuary 8, 2015
The money laundering rules are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists. Failure to comply with the money laundering regulations could result in a civil financial penalty or
New savings club for children launchedJanuary 8, 2015
The Government has announced it will fund a pilot scheme, to the tune of 150,000, to set up savings clubs in primary schools in a bid to help prevent children racking up debts later on in life. This follows a proposal by the Archbishop of Canterbury’s Task Group on Responsible Credit and Savings to
Rise in online tax returns filed over ChristmasJanuary 2, 2015
Taxpayers are reminded that the deadline for submitting 2013/14 self assessment tax returns online is 31 January 2015. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of self assessment liability for the
HMRC warns of fraudulent activityJanuary 2, 2015
HMRC has published updated guidance on phishing and bogus emails. The new 11 page PDF document includes examples of emails, letters, text messages, and bogus calls used by scammers and fraudsters to get your personal information. Phishing emails are emails sent by fraudsters who try and trick
SDLT avoidance caseJanuary 2, 2015
The Upper Tribunal (UT) has upheld a ruling against a Stamp Duty Land Tax (SDLT) avoidance scheme that was used by the buyers of Chelsea Barracks in January 2008. The Chelsea Barracks was sold to a company by the name of Project Blue Ltd (PBL) that is now owned by the Qatari government. The site is
HMRC campaigns updateJanuary 2, 2015
HRMC has recently published an update on the amount of tax they have collected since the introduction of the current batch of targeted campaigns against tax avoidance which began with the Offshore Disclosure Facility (ODF) in 2007. The ODF (and subsequent New ODF) targeted taxpayers with unpaid
HMRC website moves to GOV.UKJanuary 2, 2015
The HMRC website has a new homepage. Since 16 December 2014, the main address for HMRC has been redirected to the GOV.UK portal. This move is in line with the Governments digital strategy that will see the transition of all central government websites to GOV.UK. However, not all of the content on
New joint venture to target 20bn in debtsJanuary 2, 2015
For a number of years, HMRC and other Government agencies have been working with private sector organisations to collect debt owed to the Government. Following a review of the debt collection services a new joint venture has been launched with the private sector. A new company, called Integrated
Accelerated Payment Notices updateDecember 18, 2014
The 2014 Finance Act gave HMRC significant new powers to demand upfront payment of disputed tax from taxpayers using avoidance schemes. This is facilitated by the use of an Accelerated Payment Notice (APN) when HMRC have an open appeal or enquiry and either: the taxpayer is using certain
Guidance for small businesses on VAT rule changeDecember 18, 2014
As many of our readers will be aware there are significant changes to the VAT place of supply rules for businesses supplying digital services. The changes come into effect on 1 January 2015. Currently these supplies are taxed in the Member State in which the business is established. However, from