- Finance (No. 2) Act 2015November 26, 2015
- The Summer Finance Bill 2015-16 received Royal Assent on 18 November 2015 to become the Finance (No 2) Act 2015. The Bill had a speedy passage through the House of Lords and the House of Commons and has now become an Act of Parliament.
The Finance (No 2) Act 2015 contains the legislation for many
- Tribunal mark-up appeal allowedNovember 26, 2015
- The First-tier Tribunal (FTT) recently heard an appeal by a fish and chip shop owner against a number of assessments issued by HMRC. The takeaways owner, Ernest Bustard has been supplying fish and chips in Ballymoney, Co. Antrim for more than 30 years and seems to be a local institution.
- Scottish 2016 Budget statementNovember 26, 2015
- John Swinney, Scotland’s deputy first minister and finance secretary has announced that he will publish the Scottish Draft Budget for 2016/17 on 16 December 2015, two days before the Scottish Christmas recess. The date has been selected in order to allow the Scottish Government to consider the
- New measures to tackle housing crisisNovember 26, 2015
- In the Autumn Statement, the Chancellor announced some sweeping changes to help families own their own home. A new scheme known as Help to Buy: Shared Ownership will be launched and will remove many of the current restrictions on buying a home through shared ownership.
The scheme will allow people
- SDLT on residential propertyNovember 26, 2015
- From 1 April 2016, a new higher rate of Stamp Duty Land Tax (SDLT) will be charged on the purchase of additional residential properties such as buy to let and second homes. The new higher rate will be 3% higher than the current SDLT rates and will apply to the purchase of residential properties
- Changes to tax credits scrappedNovember 26, 2015
- The Chancellor, George Osborne had been expected to announce some changes to the government's planned cuts to tax credits after the House of Lords voted to delay the implementation of the cuts last month. However, in the Autumn Statement, the Chancellor surprised many observers by cancelling the
- Autumn Statement 2015November 23, 2015
- Autumn Statement 25 November 2015
The autumn statement is an opportunity for the government to review and declare it’s spending for the next year. Most of the press commentary, prior to the Chancellor’s comments today, involved speculation on which areas of government would suffer the biggest
- Information to curb money laundering updatedNovember 19, 2015
- HMRC has published an updated advisory notice on the risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions.
The money laundering rules are designed to protect the UK financial system and put in place certain controls to prevent businesses
- Mortgage and loan applicationsNovember 19, 2015
- HMRC has been working with the Council of Mortgage Lenders to develop the SA302 tax calculation and tax year overview document. The documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more commonplace since the mortgage rules
- What is an EORI number?November 19, 2015
- The Economic Operators' Registration and Identification System (EORI) is a European Union (EU) wide initiative that helps businesses communicate with customs officials when they are importing and exporting goods. The number allows for the tracking of imports and exports within the EU. By registering
- Sale of Northern Rock mortgagesNovember 19, 2015
- The Government has agreed to the record breaking £13bn sale of mortgages belonging to the former Northern Rock bank which were acquired during the financial crisis.
The mortgages are being sold by UK Asset Resolution (UKAR), the holding company that was established in 2010 to bring together the
- Gift Aid celebrates 25 yearsNovember 19, 2015
- HM Treasury has published an update on the Gift Aid Scheme. The scheme has raised over £13bn for charity in the 25 years since it was launched. The update was published on the eve of the annual Children in Need telethon.
The Gift Aid scheme is available to all UK taxpayers and allows for 25p of tax
- HMRC office reorganisationNovember 19, 2015
- HMRC has announced some sweeping changes as part of its ten-year modernisation programme. The modernisation programme is now at the halfway-point and HMRC has announced the creation of 13 new regional centres over the next five years. HMRC’s 58,000 staff are currently spread across 170 offices
- Deliberate tax defaulters list updatedNovember 12, 2015
- HMRC has updated its list of deliberate tax defaulters. The list includes 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 will be held on HMRC’s website for a maximum of twelve months from the
- Cigarette smuggler jailedNovember 12, 2015
- A lorry driver, Hans Verhoeven from Belgium has been jailed for almost seven years for evading excise duty. In July 2014 the driver was stopped and claimed to transporting fruit and bread. HMRC officers opened the container and found an astonishing 7.4 million non-UK duty paid cigarettes worth £1.58
- Spending Review and Autumn StatementNovember 12, 2015
- The Chancellor, George Osborne will deliver a joint Spending review and Autumn Statement to the House of Commons on 25 November 2015. The Autumn Statement will be used to give an update on the state of the economy and will respond to the economic and fiscal outlook published by the independent
- Making payments to HMRCNovember 12, 2015
- HMRC has published updated guidance notes on making payments for various taxes. The guidance notes highlight the amount of time it takes for various payments to reach HMRC.
From 1 January 2016, HMRC will introduce a limit to the number of credit and debit card payments that can be made to any
- Universal Credit roll outNovember 12, 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 existing benefits and tax credits. The rollout to claimants is expected to begin in 2016 and to be completed
- PAC’s serious concerns about HMRCNovember 12, 2015
- The Committee of Public Accounts (PAC) has published its latest report which examines HMRC’s performance in 2014-15. In the report, the PAC raises serious concerns as to why HMRC does not provide figures on cash received as a result of its compliance work or on the scale of aggressive tax avoidance
- Coding out debts deadlineNovember 5, 2015
- The coding threshold entitles taxpayers to have tax underpayments collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding applies to certain debts such as Self Assessment liabilities, tax credit overpayments and outstanding Class 2 NIC
- Business rates in ScotlandNovember 5, 2015
- Local authorities in Scotland have been given new powers to reduce business rates in their area from 31 October 2015, under an order laid in Scottish Parliament by Scottish Ministers. The order, which uses powers under the Community Empowerment (Scotland) Act 2015, which passed in June of this year,
- Fraudulent emailsNovember 5, 2015
- HMRC is warning of a number of new email phishing scams. 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
- Personal tax summaries are in the postNovember 5, 2015
- HM Treasury has now prepared the first batch of personal tax summaries which are being sent to taxpayers across the UK from 2 November 2015. The annual tax summary will show individual taxpayers how much Income Tax and National Insurance Contributions they paid in 2014-15 and includes a table and
- Help to Buy ISA launchNovember 5, 2015
- It is now less than one month until the new help-to-buy ISA is launched on 1 December 2015. Banks and Building Societies including Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander, and Virgin Money have already signed up to offer the help-to-buy ISA. The new scheme will award savers a
- Insurance Premium Tax changesNovember 5, 2015
- Insurance Premium Tax (IPT) is a tax on general insurance premiums. The standard rate of IPT increased from 6% to 9.5% from 1 November 2015. This change was announced as part of the Summer Budget measures and insurance policies with a start date after 31 October will have IPT charged at the new
- Government support for P2P sectorOctober 29, 2015
- The Government first announced in the Budget 2015 that new legislation would be put in place to enable savers to hold peer-to-peer (P2P) loans in their ISAs. This means that anyone holding P2P loans within an ISA will not be subject to tax on the interest received on the loans. These rules are due
- Employment intermediaries report deadlineOctober 29, 2015
- New rules introduced in April 2015 require employment intermediaries, who 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 put these new rules in place to help combat issues of false self-employment and the
- Scottish Rate of Income TaxOctober 29, 2015
- The Scottish Rate of Income Tax (SRIT) will commence 6 April 2016 and will be administered by HMRC on behalf of the Scottish Government. The SRIT will be payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer is generally
- UK & China to tackle tobacco smugglingOctober 29, 2015
- The United Kingdom and China have reached an agreement to cooperate in tackling smugglers and organized crime who flout international customs laws. The new agreement will see closer cooperation between the UK and China through the establishment of a new mechanism for tackling international
- Small business R&D tax creditsOctober 29, 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 was introduced to encourage innovation and enterprise within the UK economy. Small and Medium-sized
- Business Record Checks scrappedOctober 29, 2015
- The Business Record Checks (BRC) programme was introduced by HMRC with great fanfare some 3 years ago. The programme looked to impose penalties for significant record-keeping failures relating to Income Tax, Corporation Tax and VAT and applies to the self-employed, sole traders and businesses with a
- Changes to HMRC bank detailsOctober 22, 2015
- HMRC is to move its banking business from Citibank and RBS to Barclays following a new tender for the provision of banking services to the Government. The new arrangements will begin in February 2016 but most taxpayers paying their bills electronically will be unaffected and will not need to make
- Tax overpayments and underpaymentsOctober 22, 2015
- HMRC has tweeted a reminder to taxpayers that have received a P800 form to check that their calculation is correct. The P800 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 received details of the salary, pension and
- Credit card interchange fees capOctober 22, 2015
- There are to be changes to the maximum amount a bank can charge business customers for processing credit and debit card payments. These changes will be introduced from 9 December 2015 and will cap what is known as the interchange fee on credit card transactions at 0.3% and an average of 0.2% for
- New homebuyers website launchedOctober 22, 2015
- A new homebuyers website (www.ownyourhome.gov.uk) has been launched. The Government website provides information on a wide variety of schemes to help people buy their own home. This includes the Right to Buy, Help to Buy and the Help to Buy: ISA schemes. We have summarised the main points of these
- Summer Finance Bill 2015October 22, 2015
- The Summer Finance Bill 2015 officially known as Finance Bill 2015-16 was presented to Parliament on 14 July 2015. The Public Bill Committee has now reported and is no longer able to receive written evidence. A small number of government amendments were made at this stage.
The Bill has completed
- HMRC taskforcesOctober 22, 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
- PAYE payment datesOctober 15, 2015
- We would like to remind employers about the electronic PAYE payment dates. The due date for electronic PAYE payments is the 22nd of the month and when a payment is made electronically, a payment on the day usually suffices.
However, where the due date falls on a non-banking day (weekend or bank
- Class 2 National Insurance ContributionsOctober 15, 2015
- Class 2 National Insurance Contributions (NICs) are paid by self-employed taxpayers and members of partnerships if their annual profits are over £5,965. Class 2 NICs are payable at a flat weekly rate, currently £2.80. Class 2 NICs count towards payments such as the basic State Pension, the
- Tax powers for WalesOctober 15, 2015
- The National Assembly for Wales published the Tax Collection and Management (Wales) Bill in July of this year. The purpose of this Bill is to put in place the legal framework necessary for the future collection and management of devolved taxes in Wales.
In particular, the Bill provides for:
- Further Lloyds share sales announcedOctober 15, 2015
- The Government has announced the sale of a further 1% of shares in the Lloyds Banking Group through the trading plan launched in December. The latest sales mean that the total recovered from the sale of Lloyds shares is now over £15.5 billion and has reduced the Government’s stake to below 11%.
- Let property campaign raises £50mOctober 15, 2015
- HMRC’s Let property campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding of the tax rules or because of deliberate tax
- Diesel emissions scandalOctober 15, 2015
- The Government has confirmed that UK taxpayers will not incur higher Vehicle Excise Duty (VED) if their existing vehicles are found to be fitted with illegal software that manipulates emissions tests.
As has been heavily reported in the news, the German car manufacturer Volkswagen (VW) has
- New rights for working grandparentsOctober 15, 2015
- Earlier this month, a major extension to the shared parental leave and pay rules was announced when the Chancellor said he will extend shared parental leave and pay to working grandparents.
The planned changes will increase flexibility and choice in parental leave arrangements and support working
- Liechtenstein Disclosure Facility deadlineOctober 8, 2015
- The Liechtenstein Disclosure Facility (LDF) provides a framework to assist UK taxpayers with investments in Liechtenstein which 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
- Bank Levy and other bank taxesOctober 8, 2015
- In the summer Budget, the Chancellor announced that the Bank Levy rate is to be reduced from 1 January 2016. The main rate will be reduced to 0.18% (from 0.21%). A proportionate decrease to 0.09% will be made to the half rate, also with effect from 1 January 2016. The rates will be gradually reduced
- UK Cider industry continues to growOctober 8, 2015
- In the March Budget earlier this year, the Chancellor announced a cut in the duty rates on lower strength cider by 2%. The measure saved cider drinkers around 1p on each litre of cider.
In the Summer Budget, the Chancellor made a further announcement that the existing duty exemption for small
- Automatic enrolment is three years old!October 8, 2015
- 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 for automatic enrolment came into effect on 1 October 2012. The pension rules are encouraging employees to start
- Paper Self Assessment return deadlineOctober 8, 2015
- Taxpayers that continue to submit paper Self Assessment returns are reminded that the deadline for submitting the 2014-15 return is 31 October 2015. Late submission of a Self Assessment return will become liable to a £100 late filing penalty. The penalty will apply even if there is no liability or
- HMRC taskforces recover £20mOctober 8, 2015
- For some time HMRC’s taskforces have targeted tax fraud and unpaid taxes in the restaurant trade at locations across the UK. One of these taskforces The South West and South Wales Restaurants Taskforce was launched in July 2012 and has been working in the area to target tax avoidance in the
- Offshore disclosure opportunitiesOctober 1, 2015
- There are four special disclosure facilities currently operating that allow taxpayers with assets in Liechtenstein, the Isle of Man, Jersey or Guernsey to come forward and settle any outstanding tax liabilities.
The Liechtenstein Disclosure Facility (LDF) is a framework to assist UK taxpayers with
- New alcohol wholesalers scheme delayedOctober 1, 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
- Child Trust Fund consultation launchedOctober 1, 2015
- HMRC has launched a new consultation to examine whether Child Trust Fund (CTF) accounts should be subject to lifestyling. ‘Lifestyling’ is the process by which the account provider adopts an investment strategy that aims to minimise variation in the capital value of a CTF caused by market
- Enterprise Bill publishedOctober 1, 2015
- The Enterprise Bill has had its first reading in the House of Lords. The Bill is expected to drive economic growth, create jobs and improve the business landscape especially for small businesses. It is hoped that the Bill will contribute to the Government’s plans to cut red tape for business saving
- Welsh meat wholesaler jailed for VAT fraudOctober 1, 2015
- Lindsey Stoneham, 53, of Bridgend, Wales has been jailed for three-and-a-half years following an HMRC investigation. Stoneham, a meat wholesaler faked invoices and falsified business records to claim £428,000 in VAT repayments
The fraud was discovered when an HMRC VAT officer became suspicious
- English plastic bag chargeOctober 1, 2015
- With effect from 5 October 2015 a minimum charge of 5p will be introduced on single-use carrier bags supplied by large shops in England. From this date, single-use carrier bags will no longer be given away free when people buy goods from large shops. Shoppers can avoid the charge by bringing their
- National Insurance Contributions for under 21sSeptember 24, 2015
- Employers that employ anyone aged under 21 years old (and over 16) are reminded to ensure they are using the correct National Insurance category letter to benefit from the new initiative. Since 6 April 2015, employers with employees under 21 years old are no longer required to pay Class 1 NICs on
- New penalty scheme?September 24, 2015
- Earlier this year, HMRC published a consultation that examined various options for strengthening the effectiveness of its penalties regime. The consultation looked at introducing a wider use of technology to deal with both compliant taxpayers and those who try to 'bend or break the rules'.
- National Minimum Wage - a further reminderSeptember 24, 2015
- A further reminder for employers that new National Minimum Wage (NMW) rates will come into effect on 1 October 2015. The hourly rate of the NMW will increase to £6.70 (a rise of 20p) for adults aged 21 years and older. This is a rise of 3% and represents the largest real-terms increase in the
- Cigarette smugglers jailedSeptember 24, 2015
- Two men from Sunderland have been jailed for a total of five years for smuggling cigarettes. One of the men, Brian Storey was caught red handed at the Port of Dover after arriving on a ferry from France in July 2013 with 4 million illicit cigarettes. The cigarettes worth £919,000 in unpaid duty were
- Cap on public sector exit paymentsSeptember 24, 2015
- The Government has confirmed that it is to continue with plans to end six-figure exit payments in the public sector. This policy was first announced on 23 May 2015 and a consultation was published shortly afterwards seeking views from interested parties on the proposed cap.
The core elements of
- Private Residence Relief - Tribunal appealSeptember 24, 2015
- The First-tier Tribunal recently heard an appeal by a Mr & Mrs Fountain against HMRC’s refusal to allow a claim for Private Residence Relief in respect of a building plot. In general there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief
- Pension Wise updateSeptember 17, 2015
- A free and impartial pensions guidance service, Pension Wise, was launched earlier this year to help provide individuals with pensions advice. The pension freedom which came into effect on 6 April 2015 allow people new ways to access their pension pots by taking lump sum payments.
The Pension Wise
- Former HMRC officer jailedSeptember 17, 2015
- A former HMRC criminal investigator has been jailed for a year for abusing his position and providing two of his friends with multiple warnings that their VAT scam had been uncovered. Richard Barr, aged 38 from Birmingham, was convicted of using his inside knowledge to forewarn Darren Oliver and
- Summer Finance Bill 2015September 17, 2015
- The Summer Finance Bill 2015 officially known as Finance Bill 2015-16 was presented to Parliament on 14 July 2015. The Committee Stage 1st sitting took place recently. The Bill will next be considered in a Public Bill Committee when MPs further consider the Bill in detail and can make amendments to
- Scottish Rate of Income TaxSeptember 17, 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 on behalf of the Scottish Government. The SRIT will start on 6 April 2016.
The question of whether or not a person is a Scottish taxpayer will be based
- £1bn tax haul from accelerated paymentsSeptember 17, 2015
- Since last July, HMRC has had significant new powers to demand upfront payment of disputed tax from taxpayers using avoidance schemes. Taxpayers that have used a tax avoidance scheme may have to make a payment of the amount that relates to their use of the scheme, before the final amount has been
- Syria charity singleSeptember 17, 2015
- The Chancellor, George Osborne, has announced that the Government is to waive the VAT on sales of Crowded House's charity single, a re-release of ‘Help is Coming’ to benefit Save the Children's work in Syria and Europe.
In recognition of the support Save the Children provides, the Government will
- PAYE Settlement for 2014-15 due October 2015September 10, 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
- Tax credits renewalsSeptember 10, 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 giving advice to taxpayers who missed the 31 July
- Government announces new fair pay measuresSeptember 10, 2015
- The Government has introduced a package of new measures to help ensure that employers pay their staff at least the minimum wage they are entitled to. The fair pay measures will also ensure that employees that are entitled to the new National Living Wage coming into effect next April are also paid
- Tax fraud restauranteur sent to jailSeptember 10, 2015
- A Chinese restaurant owner has been found guilty of tax fraud and jailed for 20 months following an investigation by HMRC. The restauranteur, David Ying Chung Lai, fraudulently claimed more than £100,000 in VAT repayments.
HMRC were first tipped off about the fraud when they noticed that the
- Autumn statement 2015September 10, 2015
- The Chancellor, George Osborne has announced that he will make his Autumn Statement to the House of Commons on 25 November 2015. The Chancellor will also publish a Spending Review on the same date. The Autumn Statement will be used to give an update on the state of the economy and will respond to
- National Minimum WageSeptember 10, 2015
- The new National Minimum Wage (NMW) rates will come into effect on 1 October 2015. The hourly rate of the NMW will increase to £6.70 (a rise of 20p) with effect from 1 October 2015 for adults aged 21 years and older. This is a rise of 3% and represents the largest real-terms increase in the National
- VAT refund schemeSeptember 3, 2015
- The deadline for the submission of a VAT refund request for expenses incurred in other EU member states during the 2014 calendar year is 30 September 2015. VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. There
- Advisory fuel rates for company carsSeptember 3, 2015
- The latest advisory fuel rates became effective from 1 September 2015. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December.
The rates are as follows:
Petrol – amount per mile
LPG – amount per mile
- Anti-money laundering reviewSeptember 3, 2015
- The Money Laundering Regulations (MLR) 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. HMRC has found that criminals are using ever more sophisticated techniques, for example creating
- Paper Self Assessment return deadlineSeptember 3, 2015
- Taxpayers that continue to submit paper Self Assessment returns are reminded that the deadline for submitting the 2014-15 return is 31 October 2015. Late submission of a Self Assessment return will become liable to a £100 late filing penalty. The penalty will apply even if there is no liability or
- National Living WageSeptember 3, 2015
- As part of the Summer Budget measures, the Chancellor announced the creation of a new National Living Wage from April 2016. A recent policy paper published by The Department for Business, Innovation & Skills (BIS) has now provided more detail about its introduction.
The National Living Wage
- Chancellor announces new funding for FaslaneSeptember 3, 2015
- The Chancellor, George Osborne, spent part of his August Bank holiday at Her Majesty's Naval Base Clyde (HMNB Clyde) in Scotland. The Chancellor was there to announce more than £500m of new funding for the Royal Navy’s flagship submarine base HMNB Clyde primarily based at Faslane. Faslane is the
- Deliberate tax defaulters list updatedAugust 27, 2015
- HMRC has updated its list of deliberate tax defaulters. The list includes individuals, businesses and companies and the amounts on which penalties are due and the amount of penalties charged. The details of a tax defaulter will be held on HMRC’s website for a maximum of twelve months from the date
- Genuine HMRC emailsAugust 27, 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 55. These emails are genuine and include valid links to pages on the GOV.UK website. HMRC is also
- New fees for tax tribunal casesAugust 27, 2015
- The Ministry of Justice (MOJ) has published a new consultation document on plans to introduce new Court and Tribunal fees. This consultation follows on from earlier measures that saw the introduction of fees for some Tribunals. Currently there are no fees charged in either the Tax Chamber or the
- English carrier bag chargeAugust 27, 2015
- A charge for single use carrier bags is to be introduced in England. With effect from 5 October 2015, a minimum charge of 5p will be introduced on single use carrier bags supplied. This new charge in England is the equivalent of the levy in place in Wales, Scotland and Northern Ireland.
- Dividend tax changesAugust 27, 2015
- From April 2016, a new dividend allowance will replace the present, notional dividend tax credit of 10%. The new dividend allowance means that no tax will be due on the first £5,000 of dividend income received regardless of the amount of non-dividend income.
However, dividends in excess of the
- Upper Tribunal reverses VAT default surcharge rulingAugust 27, 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
- New apprenticeships announced in the MidlandsAugust 20, 2015
- On a recent visit to the Midlands, the Chancellor gave a boost to the British motorcycle industry when he visited the world renowned Norton Motorcycles Ltd. The Chancellor announced £4 million of Government funding which will support 600 new jobs, including 200 new apprenticeships in a major boost
- Welsh weightlifter jailedAugust 20, 2015
- A man who represented Wales as a weightlifter at three Commonwealth Games in 1994, 2002 and 2006 has been jailed for VAT fraud. The weightlifter, Terrence Perdue, 44, failed to pay over £350,000 of VAT due on his activities as a scrap merchant and in connection with his waste recycling business.
- Pension auto enrolmentAugust 20, 2015
- 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 for automatic enrolment came into effect on 1 October 2012. The new pension rules are encouraging employees to
- Minimum wage offenders namedAugust 20, 2015
- The Government has published the latest list of employers that have failed to pay their employees the minimum wage. The addition of 75 employers brings the overall total of businesses that have been named and shamed to 285 since new rules were introduced in October 2013.
Commenting on the
- Tribunal case on special reliefAugust 20, 2015
- The First-tier Tribunal recently heard an appeal from a taxpayer who suffered from a number of problems including serious learning difficulties and dyslexia. The taxpayer, Mr John Clark had a mental age of about 12 and had previously relied on his wife to help with his paperwork. However, he
- Direct Recovery of DebtsAugust 20, 2015
- The new Direct Recovery of Debts (DRD) powers will allow HMRC to target non-compliant taxpayers that owe more than £1,000 and who have sufficient funds in their accounts to pay. The proposals included measures to leave a minimum of £5,000 so as not to create unnecessary financial trouble for those
- Tax credit deadline expiredAugust 12, 2015
- The deadline for renewing tax credits claims was 31 July 2015. In a recent press release, HMRC confirmed that more than 750,000 people renewed their tax credits online. This was almost double the amount of people that renewed online last year. The 30 July was the busiest day for online renewals when
- Pension reforms updateAugust 12, 2015
- The new pension reforms came in to effect on 6 April 2015. The changes have meant that over 500,000 people aged 55 and over can take advantage of the freedom 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
- Pensions annual and lifetime allowanceAugust 12, 2015
- The Government is keen to encourage individuals to save for their retirement and tax relief for contributions to pension schemes is given at the individual’s marginal rate of Income Tax subject to the annual and lifetime allowances.
The income and gains which arise as part of a pension scheme are
- Let Property Disclosure CampaignAugust 12, 2015
- HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax
- 20-year disqualifications for company directorsAugust 12, 2015
- A mother and son have both been disqualified from acting as company directors for a combined period of 20 years for submitting annual financial accounts containing false information. They also submitted false VAT returns to HMRC.
An investigation by the Insolvency Service found that the mother and
- Paper Self Assessment return deadlineAugust 12, 2015
- The 2014-15 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2015. Late submission of a Self Assessment return will become liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full
- PAYE tax refunds and underpaymentsAugust 5, 2015
- HMRC’s annual reconciliation of PAYE for the tax year 2014-15 is well under way. HMRC use salary and pension information to calculate if the correct amount of tax has been paid. Where the incorrect amount of tax has been paid, HMRC use the P800 form to inform taxpayers. The forms currently been sent
- HMRC’s Connect softwareAugust 5, 2015
- HMRC’s Connect software is a data matching tool that enables HMRC to cross check one billion pieces of data from HMRC records and third party data to identify links between people, organisations, assets and income in a matter of seconds. The software has been under development since 2008. HMRC has a