Tax Codes

This tag is associated with 12 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 […]

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 […]

Profit Extraction – 6th April 2012

Tax Planning – Maximum Profit Extraction Increases in the National Insurance (NI) thresholds from 6th April 2012 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 £7,228 to £7,592 per year and the Secondary Threshold (ST), the […]

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 […]

PAYE – Tax Code Update

PAYE – Tax Code Update HM Revenue & Customs are looking to minimise further problems with tax codes, which is a welcomed acceptance that all is not well in the tax code processing office at HMRC, we have certainly experienced an increase in incorrect coding notices being issued to clients this year. The last two years have been […]

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 […]

Profit Extraction – 6th April 2011

Tax Planning – Maximum Profit Extraction Increases in the NI threshold from 6th April 2011 will increase the optimum annual salary for Directors. The point at which salaries become chargeable to NI will rise from £5,720 per year to £7,228 for employees and £7,072 for employers with effect from 6th April 2011. However, the increase […]