Accountancy

This tag is associated with 25 posts

Are you prepared for digital tax returns?

Are you prepared for digital tax returns? As a business owner, you may be aware that as from this month, HMRC will begin to make changes which will eventually see all businesses supplied with a completely digital tax account.  By next year, it is envisaged that around five million businesses will have made the switch […]

New Dividend Tax Regime Post 5th April 2016

The first Conservative only budget in more than 19 years back in July 2015 was certainly not welcomed by the contracting community. From a contractor’s point of view one of the biggest changes announced in the budget is the change to the way in which dividends will be taxed from 6th April 2016. As it […]

Landlords dealt a double blow in tax changes

The property crisis during the last recession saw a sharp increase in the demand for rental properties across the country, due to difficulties experienced by significant numbers of potential home owners in securing credit.  For those in a stable financial position, buy to let quickly became an excellent option for investment, in many instances yielding […]

Changes to tax relief for travel and subsistence claims for contractors

Changes to tax relief for travel and subsistence claims for contractors In August 2014 the government outlined plans in its Autumn Statement to change the way in which it allowed tax relief on certain travel and subsistence expenses to be applied. A consultation document was subsequently published for the Summer Budget in 2015, which gave […]

IR35 Update

Amendments to IR35 (intermediaries legislation) The government announced recently that the IR35 rules are to be changed to ensure that the legislation applies to office holders or anyone regarded as an office holder for tax purposes. This follows media criticism of public bodies using personal service companies in situations where it was not always clear […]

Budget 2012

Budget 2012 The Chancellor of the Exchequer George Osborne presented his Budget for 2012 to Parliament on 21 March 2012. Headline summaries of the main announcements which affect businesses and individuals and listed below (source HMRC website www.hmrc.gov.uk) Income tax rates and Allowances 2012-13 and 2013-14 As announced at Budget 2011, the income tax allowance […]

Employment Taxes updates – October 2011

Employment Taxes updates – October 2011 –      Two First Tier Tribunal cases on employment tax status –      A reversal for Total People Ltd in the Upper Tribunal (lnvolving NIC refunds on car allowances) –      New HMRC guidance on visits to the UK where employees are seconded on full time contract abroad lan Mitchell v HMRC […]

Over 3 Million Could Get Tax Rebates

As HM Revenue and Customs reconcile their books, millions of tax payers could be in line for refunds. HMRC will soon send out approximately 3.5 million letters telling people that they have paid too much tax, those taxpayers could get a rebate of about £340  this year.  Another 1.2 million people will be informed that […]

HMRC Unnecessary Demands and Threats to Collect PAYE Liabilities

HMRC Unnecessary Demands and Threats to Collect Payment Nobody likes to receive letters from HMRC demanding money – particularly when none is due!  However that is exactly what can happen if you do not notify HMRC that there is no PAYE liability for a period. HMRC PAYE Payments (Income Tax and National Insurance) It is […]

Budget 2011 – An Overview for Limited Company Contractors

Budget 2011 – A General Overview Earlier today Chancellor George Osborne delivered his second Budget since the election of the coalition government in 2010. Addressing MPs, Mr Osborne said he did not need to ask the public for more taxes or more spending cuts.”This is not a tax-raising Budget, nor can we afford a give-away,” […]