If you provide your business services via your own personal service company, rather than being employed directly by the organisation(s) using your services, you will probably know plenty about the infamous IR35. This is a long-standing way that HMRC often tries to argue that the income of your company should be taxed as your earnings. […]
This is a new tax relief (called the Cultural Gifts Scheme) for individuals and limited companies that gift a pre-eminent object to the nation. The tax reductions are certainly attractive: 30% for an individual and 20% for a limited company. Clearly, however, it is not everybody who is fortunate enough to own such an asset! […]
If you live in Scotland, you probably know that the Scottish Parliament now has the power to set a Scottish rate of income tax to be administered by HMRC for Scottish taxpayers. It is expected to apply from April 2016, so there is plenty of time to get ready for this extra layer of administrative […]
Last month we mentioned that the 100% tax write-off for a low emission car is due to end on 31 March 2015, and that from 1 April next year the level of qualifying CO2 emissions to get the full tax write-off goes down sharply from the current 110 g/km to 95 g/km. If you like […]
If you buy and sell goods online, either as a trade or business, please be aware that HMRC have launched a campaign that aims to tax those within this category if they have not declared this source of income. Naturally, this is not an issue for the odd transaction. However, if you do trade this […]
HMRC have released guidance setting out their risk-based approach to checking compliance with IR35. The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions through the use of personal service companies and partnerships. The rules do not stop individuals selling their services through either their own personal companies or a […]
It has been confirmed in the Queen’s Speech that charities will be able to claim top-up payments on up to £5,000 of small donations without needing to obtain Gift Aid declarations. The Scheme, called the Gift Aid Small Donations Scheme, should boost charities income and also reduce their administrative burden. From April 2013 charities will […]
HMRC have created a new dedicated telephone helpline and address for individuals who have suffered a bereavement and who need to contact them about PAYE and self assessment matters relating to bereavement. Family members or personal representatives of the deceased who phone HMRC about tax and bereavement will also have access to a dedicated team […]
The forms P11D, and where appropriate P9D, which report benefits and expenses for both employees and directors for the year ended 5 April 2012, are due for submission to HMRC by 6 July 2012. Employees pay tax on benefits provided as shown on the P11D, either via a PAYE coding notice adjustment or through the […]
Tax credits are state benefits which are generally available to lower income families. However, entitlement to the credits is significantly increased where individuals pay for childcare or suffer a drop in normal levels of income perhaps due to incurring trading losses or redundancy. Individuals who have already claimed tax credits for 2011/12 have to finalise […]
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