HMRC have published a list of common errors in the completion of forms P11D and guidance that medical benefits for lower paid employees are not reportable. The information is part of the lengthy Employer Bulletin so we have reproduced the guidance below. Common Mistakes The following is a list of common errors which are easily […]
HM Revenue and Customs (HMRC) have recently published figures showing that they have recovered £23.9 billion in additional tax revenue over the last year as the result of increased activity to ensure that people pay the taxes they owe. This signals that HMRC are willing to make every effort to pursue those who attempt to […]
HM Revenue and Customs (HMRC) have recently published figures showing that they have recovered £23.9 billion in additional tax revenue over the last year as the result of increased activity to ensure that people pay the taxes they owe. This signals that HMRC are willing to make every effort to pursue those who attempt to […]
A new report from the Institute and Faculty of Actuaries (IFoA) has found that only eight per cent of men and 15 per cent of women entering care today at the age of 85 would be likely to reach the government’s new social care cap, being introduced in 2016. Care costs include three types of […]
British workers celebrated Tax Freedom Day on 28 May, the day on which they stop paying everything they earn to the taxman and start earning for themselves. The date – which came three days earlier than in 2013 – is calculated annually by the Adam Smith Institute by adding up all the taxes paid by […]
New figures from the body that represents the UK’s insurance industry have highlighted the importance of cover in helping individuals and families cope with the financial difficulties arising as a result of a death, serious illness or injury. The Association of British Insurers (ABI) published figures on 27 May showing that in 2013, £3.1 billion was […]
According to a recent survey by the Forum of Private Business (FPB) almost one in four smaller businesses experienced an increase in the number of late payments during 2013. Approximately a third of businesses surveyed reported an increase in the average number of days beyond the payment deadline that payments were made. FPB Chief Executive […]
The government will consult on plans to introduce a new strict liability criminal offence for individuals who hide their money offshore. HMRC would no longer need to prove that individuals who have undeclared income offshore intended to evade tax, in order for the offence to be a criminal conviction. Currently HMRC have to demonstrate that […]
HMRC have issued guidance on a number of VAT changes including confirmation of the updated VAT Fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2014. Please do get in touch for further advice on VAT matters. Internet link: VAT update VAT fuel […]
HMRC have issued further guidance on late payment interest on PAYE and CIS payments for 2014/15 onwards and how to avoid it. HMRC now charges interest on any late PAYE and Construction Industry Scheme (CIS) payments. To avoid an interest charge employers should pay by the due date, the difference between the following: what they […]
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