TAX
Payment of taxes
Changes to Tax Payment Options: No More Payments at the Post Office Keyword phrase: "tax payment changes 2017" As of 15 December 2017, significant tax payment changes 2017...
Interest rates for late payment of taxes
Understanding Changes to Tax Interest Rates Recent changes to tax interest rates have come into effect following the Bank of England’s decision to increase the base rate....
Almost £1.5bn UK tax relief claimed on individuals’ charity gifts
An article in The Times has stated that almost £1.5bn UK tax relief was claimed on individuals’ charity gifts last year. Around 50% of the donations declared were made by...
Further attack on personal service companies to come?
Governments have historically challenged tax avoidance through the use of “Personal Service Companies” (PSCs), but so far nothing substantial has been enacted to counter the...
Have you paid too much tax on your pension income?
For deaths after 5 April 2018 there is a welcome simplification. From the date of the account holder’s death they will retain their tax free status. So there will be no...
Do Company Directors need to file self assessment tax returns?
A recent case which was heard at tribunal looked at the question of whether a company director is required to file a self assessment tax return, in relation to an appeal...
Common Reporting Standard (CRS)
HMRC’s latest drive against tax evasion has placed the onus on tax professionals to write to clients, forwarding a copy of a letter from HMRC. As we were threatened with a...
Corporation Tax Payslips
Due to the problems experienced by some companies and their agents following HMRC’s decision to cease issuing Corporation Tax payslips, the CIOT asked HMRC if they could...
In-Year Adjustment (IYA) and In-Year Restriction (IYR) coding adjustments
HMRC tax code adjustments are changing, aiming to make use of real-time information to improve PAYE tax accuracy. This new strategy ensures the correct tax is deducted at...
A friend in need is a friend indeed!
You can now nominate a family member for tax affairs through the GOV.UK portal. This system provides a straightforward way to allow someone you trust to assist with your...
Tax-Free Childcare
The new scheme was launched on 28 April 2017, but not for all parents. If you have children aged under 2 you should have received a letter from HMRC inviting you to register....
Tax-free awards for long service – can these be increased?
The tax-free amount has remained at £50 per annum for each year of service with a minimum of 20 years service for a long time. The gift must not be cash or vouchers that can...