A HMRC advertising campaign is urging anyone who hasn’t sent in their 2011/12 self assessment tax return to do it now and find ‘inner peace’. The new advertising campaign highlights the imminent 31 January 2013 deadline for online returns, and the automatic £100 penalty for missing the deadline. The adverts will encourage people who still […]

HMRC will introduce a new online service which will enable Charities and Community Amateur Sports Clubs (CASCs) to submit repayment claims electronically, Charities Online, in April 2013. It will replace the current R68(i) Gift Aid and tax repayments claims form and will be a way for charities and CASCs to claim Gift Aid, tax repayments […]

HMRC have announced the following statutory payment rates for 2013/14. These rates are still subject to Parliamentary approval and will be confirmed by HMRC before the start of the new tax year. Statutory Maternity Pay (SMP)                              £136.78 per week Ordinary Statutory Paternity Pay (OSPP)            £136.78 per week Additional Statutory Paternity Pay (ASPP)         […]

New company car advisory fuel rates took effect from 1 December 2012. HMRC’s website states: ‘These rates apply to all journeys on or after 1 December 2012 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make […]

HMRC are reminding Child Benefit recipients with higher incomes that they have a month to decide whether to stop receiving the benefit or to pay a charge on it through self assessment. Lin Homer, HMRC’s Chief Executive, said: ‘Over 680,000 people have already looked at information on HMRC’s website that explains the changes and what […]

The CBI is calling on the Government to tackle ‘red tape’. The CBI is warning that economic growth faces being held back because of tens of millions of pounds in extra business red tape coming from the UK Government and Europe. It has published a report ‘Changing the rules – eight steps to a better […]

HMRC have announced that legislation will be introduced in Finance Bill 2013 to put the rules which determine an individual’s tax residence on a statutory basis.  The new statutory residence test will come into force from the start of the 2013/14 tax year. The new legislation includes circumstances such as the situation where a tax […]

The Chancellor is to proceed with proposals to make the tax system simpler for small unincorporated businesses from April 2013. Where a business has a turnover up to £77,000 it will be able to calculate its profits on a simplified cash basis. In addition it will not have to distinguish between revenue expenditure and capital […]

It was announced in the Autumn Statement that for tax year 2014/15 onwards: the annual allowance for pensions tax relieved savings will be reduced from £50,000 to £40,000 the standard lifetime allowance for pensions tax relieved savings will be reduced from £1.5 million to £1.25 million a transitional ‘fixed protection’ regime will be introduced for […]

For those aged under 65 the personal allowance will be increased from the current £8,105 to £9,440. This increase in the personal allowance is greater than the amount previously announced and is part of the plan of the Coalition Government to ultimately raise the allowance to £10,000. For basic rate taxpayers this increase in the […]