Our website uses cookies to enhance the visitor experience (what's a cookie
Cookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.). Are you happy for us to use cookies during your visits?
Please note: continuing without making a choice equates to giving us your consent, which you can withdraw at any time via our cookies policy page.
You are currently browsing the archives for the Personal Tax category.
The government recently announced an extension to the Self Employed Income Support Scheme (SEISS). The first grant covered a three month period to 13 July 2020. The second grant will cover the three months commencing 14 July 2020. Those eligible for the first quarter must have claimed SEISS by 13 July 2020. Can you claim[…] Read more »
What if I need to Access my Pension Savings For very many people, finances have suddenly become much more of a worry than we would have imagined little more than a month ago. With their customers effectively in lockdown due to the Coronavirus, even successful enterprises are finding that a collapse in Turnover is putting[…] Read more »
HM Revenue & Customs (HMRC) is under relentless pressure to raise money for the government from increased tax receipts. Inevitably that means more tax and VAT investigations. In 2018-19 HMRC collected £34.1 billion through compliance activity. How is HMRC collecting more money? HMRC’s Connect System is an £80m investment programme and now contains over 22bn[…] Read more »
HMRC have today confirmed that the claims service for the SEISS will open on 13th May and those eligible will have money paid into their bank accounts by 25th May or within six working days of completing a claim. HMRC have confirmed that those eligible will have to make their own claims and will therefore[…] Read more »
PAYING EXPENSES TO EMPLOYEES – What to report? As an Employer, what do I have to report to HM Revenue & Customs, when paying expenses to employees, or reimbursing them for costs incurred on behalf of the business? And do I have to deduct tax and National Insurance? The rules in this respect[…] Read more »
Disguised remuneration and the self-employed Newsletter issue – January 2017. Following the announcement in the Autumn Statement, HMRC have published the details of a measure designed to tackle the future use of avoidance schemes currently being used by some self-employed people to avoid paying income tax and NICs on their income. The measure will also[…] Read more »
Payrolling benefits in kind From 6 April 2016 employers can choose to utilise a new HMRC online service ‘payrolling benefits in kind’ which changes the way in which expenses and benefits are taxed and reported to HMRC. So what is payrolling? Payrolling essentially means that employers can put all benefits and expenses through the payroll,[…] Read more »
£50 is trivial, up to 6 times in a tax year! From 6 April 2016, employers no longer have to agree with HMRC that certain Benefits in Kind are ‘trivial’. Read the full requirements including the examples at https://www.gov.uk/government/publications/tax-exemption-for-trivial-benefits-in-kind-draft-guidance/tax-exemption-for-trivial-benefits-in-kind-draft-guidance. Example A is an employer who takes employees out for a meal to celebrate birthdays. Example[…] Read more »
What is “Marriage Allowance” all about? After making a claim for Marriage Allowance, a Basic Rate Taxpayer can receive a reduction in the Income Tax he or she pays of up to £212 for 2015/16. Many people though are unsure as to whether they can claim this, or how to go about making[…] Read more »
Do you know a potential first time home buyer? You might be one yourself, or you might be the parent or grandparent of one, buying soon or in a few years time? Available since 1 December 2015, George Osborne has created a Help-to-buy Individual Savings Account, sometimes known as a BISA, available to[…] Read more »
