As you may be aware, HM Revenue and Customs (HMRC) has been stepping up its efforts to claw back undeclared tax as the Government looks to reduce the deficit. This has led to a number of campaigns over the past year, targeting specific sectors where HMRC believes individuals have undeclared income and, therefore, unpaid tax. […]
Despite the increased complexity of the UK tax system, there are still a number of tax planning opportunities available for non-domicileds, both before they arrive and while they are resident in the UK. One area of particular interest is that they can now invest overseas income or capital gains in a qualifying business without incurring […]
HMRC have issued a revised Notice 725, The Single Market, which includes a useful checklist (see section 16.19) to enable businesses to help spot incorrect VAT registration numbers at a glance. Customer’s VAT registration numbers can be verified using the Europa website VIES http://ec.europa.eu/taxation_customs/vies/ or by contacting the VAT Helpline on 0845 010 9000. Internet […]
According to a report issued by the Saga Foundation, millions of Britons due to retire over the next few years risk seeing £11.5 billion wiped off their retirement funds. The report factors in tax and benefit changes, which include the freezing of age related personal allowances from April 2013 and reduction in winter fuel payments, […]
The Health and Safety Executive has announced that it has implemented a Fee for Intervention (FFI) cost recovery scheme, which came into effect on 1 October 2012. Under The Health and Safety (Fees) Regulations 2012, those who break health and safety laws are liable for recovery of HSE’s related costs, including inspection, investigation and taking […]
HMRC have issued guidance to cover the situation where vocational or recreational trainers may be entitled to claim a refund of National Insurance contributions. The refunds are due following a change in guidance on charging national insurance contributions. HMRC’s briefing states: ‘Refunds may be made by trainers or instructors, or those who engaged them, and […]
HMRC are about to write to employers who they believe have a payroll scheme which is not being used. The letters are being sent in preparation for the introduction of RTI as HMRC are planning to close any payroll schemes which they believe are no longer needed. If you receive a letter regarding a payroll […]
Chancellor George Osborne has announced a new type of employment contract to be known as an employee-owner. Under the new contract employees will be able exchange some of their UK employment rights for shares in the business they work for. Gains on the disposal of the shares will be exempt from capital gains tax. Companies […]
For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2011/12 return was 31 October 2012. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is […]
HMRC are about to write to taxpayers who they believe will be affected by the High Income Child Benefit Charge. In Budget 2012, as part of the reforms to the welfare system, it was confirmed that Child Benefit will be withdrawn from households that include certain higher earners. Although the change applies from January 2013 […]
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