In recent years more families are finding themselves subject to Inheritance Tax as a result of growing property prices. Currently individuals are each entitled to pass on £325,000 of wealth without being taxed, regardless of whether or not they own a property, while married couples and civil partners are entitled to share the allowance boosting […]
Businesses are being warned by accountants TWP to look at their plans for company cars to make sure they make the most of them without paying too much tax. The firm, based in Weybridge, is calling on businesses to consider using their capital allowances on the purchase of their next company cars to help them […]
The Department for Work and Pensions has confirmed the thresholds for pensions automatic enrolment for 2017/18. The main qualifying threshold or ‘trigger’ for employees to be automatically enrolled will be maintained at £10,000 per annum. The lower limit of the qualifying earning band and will be £5,876 and the upper limit £45,000. The written statement […]
HMRC have made available a telephone helpline (0800 904 7900) for anyone affected by severe weather or floods. The helpline allows anyone affected to get practical help and advice on a wide range of tax problems they may be facing. These could be financial issues regarding making payment, issues regarding lost or damaged records and […]
HMRC have revealed their top ten most significant fraud and organised crime cases of the last year. Simon York, Director of HMRC’s Fraud Investigation Service, said: ‘Day in, day out, HMRC is coming down hard on tax cheats. As these cases show, we’ll tackle anyone committing tax fraud, regardless of how well resourced, well advised, or […]
HMRC have released more unusual excuses from taxpayers who failed to complete their self assessment tax return on time. These include: ‘My tax return was on my yacht…which caught fire’ ‘A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed’ ‘My wife helps me with […]
In a change that will impact residential landlords, the amount of income tax relief available on residential property finance costs will be restricted to the basic rate of income tax. This change will mean that landlords will no longer be able to deduct all of their finance costs from their property income. They will instead […]
The government has revealed ten of the most bizarre excuses used by unscrupulous business owners who have been found to have underpaid workers the NMW. These employers used excuses such as ‘only wanting to pay staff when there are customers to serve and believing it was acceptable to underpay workers until they had ‘proved’ themselves’. […]
The government published their responses to the six consultations on making tax digital (MTD). In response to the consultations the government have decided the following: businesses will be able to continue to use spreadsheets for record keeping, but they must ensure that their spreadsheet meets the necessary requirements of Making Tax Digital for Business (MTDfB). […]
February/March 2017 Date What’s Due 1/02 Corporation Tax payment for year to 30/4/16 (unless quarterly instalments apply) 19/02 PAYE & NIC deductions, and CIS return and tax, for month to 5/02/17 (due 22/02 if you pay electronically) 28/02 Surcharge of 5% on 2015/16 self -assessment tax still unpaid. 1/03 Corporation Tax payment for year to […]
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