CIS Monthly Return Penalties - Amnesty Ends Contractors must make monthly returns even if the
return is a 'nil' return. Penalties have not been levied, to date, but at 20 October 2007
a penalty will be levied for each outstanding return. Also, a lot of employers are
forgetting to sign the forms.
Posted on 12 October 2007
Inheritance Tax nil band up to £1,000,000? George Osborne says Tories will raise the Inheritance Tax
nil rate band to £1,000,000.
Posted on 2 October 2007
Tax Relief on £50,000?
Consultation suggests that small businesses may benefit from an initial annual allowance of up to £50,000 - spent on assets (not cars).
If you would like up to date details, please contact us.
Posted on 2 October 2007
600,000 Pensioners have been given the wrong tax code The problem covers periods going back to 1983.
420,000 have underpaid tax. 180,000 have overpaid tax. If this is causing you a problem, please contact us.
Posted on 5 September 2007
Source TAXline
Is Your Financial Adviser Regulated ? See
www.fsa.gov.uk/pages/register
to check if your financial adviser is regulated.
In a recent case, a financial adviser conned his clients out of over £2 million to pay for his gambling.
He had been unregulated since 1997.
Posted on 26 August 2007
Source Which?
Contractors with subcontractors A reminder: verification is not an employment status check. Verification and employment status are not the same.
Being on the list as verified is not evidence that HMRC is granting guaranteed self employment status.
Posted on 19 August 2007
Arctic Systems The full text of the judgement can be found on the House of Lords website at:
http://www.publications.parliament.uk/pa/ld200607/ldjudgmt/jd070725/jones.pdf
Posted on 5 September 2007
Arctic Systems On the 25 July the House of Lords judgement was in favour of the taxpayers
in Jone v Garnett [2007].
On 26 July HM Treasury announced that legislation will be introduced to reverse
the effect of the decision.
Posted on 19 August 2007
Offshore Bank Account? Want to take advantage of the HMRC 10% Incentive? Give us a ring. The deadlines are very tight.
Posted on 18 May 2007
Undeclared Tax Liability? Want to take advantage of the HMRC 10% Incentive? This applies to many situations, not just the highly publicised Offshore Accounts.
Give us a ring. The deadlines are very tight.
Posted on 18 May 2007
Use of Home by the self employed. HMRC new guidance is here.
Posted on 23 January 2007
Source
AccountingWeb.
CIS Deduction Rate now 20% ... from April 2007 the new rates of CIS deduction are to be 20% (currently 18%), and 30% for unregistered contractors (as expected).
Posted on 23 January 2007
Composite Companies ... Managed service companies – first in the firing line! Time to think?
Posted on 2 January 2007
Source
AccountingWeb.
eBay traders reminded over registering with the Revenue (HMRC) ... don't get caught by the £100 penalty.
Posted on 2 December 2006
Source
AccountingWeb 2006.
Company Vans, again. Should you pay tax on your company van? www.hmrc.gov.uk/vans/van-facts.htm
Posted on 13 November 2006
The New Construction Industry Scheme - New Guidance from HMRC -
www.hmrc.gov.uk/new-cis/new_guidance.htm
Childcare Vouchers - Warning: it is possible for some employees to be worse off by taking vouchers. The figures need to be looked at in each case.
The interaction of childcare vouchers with tax credits can be hideously complex.
Considerations include whether they are taken as part of a salary sacrifice scheme, the employees tax credit position, and their marginal rate of income tax.
See some examples at www.litrg.org.uk/news/index.cfm?id=354
Source TAXline September 2006.
Posted on 10 November 2006
Use of Home HMRC to issue guidance on use of home claims for the self-employed.
Posted on 6 October 2006
Tax Efficient Childcare: from 6 April 2005 employers will be able to pay up to £50 a week tax and NIC free to employees to meet the costs of childcare for children up to the age of £15.
For more details, please contact us.
Posted 18 September 2005
Company Van Changes: escaping tax and paying tax on a company van.
Posted 18 September 2005
Civil partnerships: Same-sex couples have the chance from 5 December 2005 to register a civil partnership. Good news and tax-traps.
Posted 12 September 2005
Arctic Systems: Tax Faculty calls for
clarity: or Settlements or Sec.660. If you have a limited company you must read this.
Posted 25 May 2005
Tax Credit Errors: The Chartered Institute of Taxation has reminded tax credits claimants that they may be able to keep overpaid credits that the Inland Revenue seeks to recover.
Posted 16 September 2004
A few notes on the recent budget.
Posted 26 March 2004
More prosecutions for tax credit fraudsters.
Posted 15 February 2004
Good news for Adult Placement Carers. A new non-statutory tax relief for those who care in their homes for vulnerable adults.
Posted 14 February 2004
Working from home? Tribunal makes working from home less taxing. Plus, Revenue guidelines to expenses & benefits for homeworkers.
Posted 6 February 2004
Tax Cheats: thinking about divorce? Beware, your lawyer may have to turn you in.
Posted 29 October 2003
Your Mobile Phone: If your employer pays the bill will you get this benefit tax free? Check this out! If you get it wrong you won't benefit. This includes people who control their own company, which in turn employs them. (Something for nothing if you control your own company?)
Posted 15 October 2003
Your True Tax Rate: Does anyone pay tax at just 22%? How many rates of tax are there?
Posted 24 July 2003
Tax Credits are for everyone - almost: Should YOU claim Tax Credits NOW?
Posted 15 May 2003
Innocent businesses to suffer under VAT fraud crackdown.
NIC increase of 1%. How to claw the money back, a joke.
You Can Run, But You Can't Hide! A woman in Perth, Western Australia, received a tax demand from the (UK) Inland Revenue for £1.04.
The postage on the envelope amounted to £1.12.
Source The Daily Telegraph, March 2003.
100% capital allowances on your next new car. April 2002.
Get A FREE Pension! Definitely worth a browse. It's not often that you appear to be able to get something for nothing.
The Right to Know. 24 October 2001.
Check out our money-back price guarantee.
Funny? A case was reported of an actress in a meeting with a tax inspector. When the inspector showed her a piece of paper containing incriminating evidence, the actress asked if it was the only copy. Foolishly the inspector replied that it was. The actress then promptly snatched the item and ate it!
Source:
TaxZone