HMRC

This tag is associated with 18 posts

Deadline looms for HMRC dispensation changes

6th April 2016 sees HMRC’s move to scrap the need for employers to apply for dispensation when reimbursing work-related expenses incurred by each employee and director, earning over £8,500 per annum. On the surface HMRC’s change in legislation would appear to spell good news for employers who will benefit from reduced paperwork and administrative procedures.  […]

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 […]

Real Time PAYE Starts in April 2013 – Important Information

Real Time PAYE Starts in April 2013 – Important Information The stressful Year End process of P35 and P14 submission will disappear starting from 6th April 2013, replaced with a submission to HM Revenue & Customs each time your business pays its employees. This is called Real Time Information, or RTI, and it will mean […]

Tax Planning – Maximum Profit Extraction

Tax Planning – Maximum Profit Extraction Increases in the National Insurance (NI) thresholds from 6th April 2013 will increase the optimum annual salary for Directors. The Primary Threshold (PT), the point at which salaries become chargeable to NI for employees, will rise to from £7,592 to £7,748 per year and the Secondary Threshold (ST), the […]

IR35 – HMRC’s Latest Risk Assessment Tests

IR35 – HMRC’s latest Risk Assessment Tests HMRC has now unveiled its latest attempt to provide more clarity over IR35 and a number of internet sites are already portraying the new risk assessment tests as an updated indicator of whether or not a contractor is likely to be subject to IR35. This is not the […]

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 […]

ESC C16 Deadline 1st March 2012

Directors of small businesses who want to wind-up their company and distribute surplus funds to shareholders have just over two weeks to take advantage of a tax break. Further to our earlier article on the proposed changes https://www.primusblog.co.uk/?p=388 we can now confirm the following changes. The ESC C16 tax concession – whereby money from a wound-up company […]

HMRC’s Electricians’ Tax Safe Plan

If you are working in the electrical industry, have not told HM Revenue & Customs (HMRC) about all your income and now want to get your tax affairs back on track, use the Electricians’ Tax Safe Plan (ETSP). An electrician is anyone who installs, maintains and tests electrical systems, equipment and appliances under stringent safety […]

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 […]

New Penalties for Late Self Assessment Tax Returns

New Penalties for Late Self Assessment Tax Returns  Tough new rules – For several years HM Revenue & Customs have been debating tightening the rules on late Self-Assessment returns, everyone knew that there were changes coming from this April, however, I think it is fair to say that the harshness of the new penalty system […]