HOW IT WORKS In 2012/13 and later tax years, a proportion of the child benefit received by an individual may be taxable if the individual has “adjusted net income” exceeding £50,000 and either: a. he was entitled to child benefit for any week in the tax year, and no other person who was his partner […]
16
May
May
HMRC is currently investigating a large number of tax advisors and their clients who are suspected of concealing untaxed income and assets in off-shore tax havens. Due to their recent success in reaching tax accords with off-shore jurisdictions HMRC are now working their way through 400 gigabytes of data. The data has revealed the use […]
13
May
May
Banks are tarred with being the cause of the recession that has plagued the global and UK economy for the past four years. Whatever truth there is in this point of view one thing is certain: almost without exception they are now risk-averse. Unless you can prove that your need for financial support is well […]
07
May
May
1 May 2013 – Due date for Corporation Tax due for the year ended 31 July 2012. 19 May 2013 – PAYE and NIC deductions due for month ended 5 May 2013. (If you pay your tax electronically the due date is 22 May 2013.) 19 May 2013 – Filing deadline for the CIS300 monthly […]
07
May
May
HMRC have made it clear that they do not send taxpayers emails regarding their tax affairs. So the next time you receive an email purporting to be from HMRC you can safely bet that it is a scam and that it can be safely ignored. Whatever you do, do not follow any links in these […]
07
May
May
Readers may have noted that from the date the Finance Bill 2013 receives a Royal Assent, HMRC will be using new powers to stop abusive tax schemes from reducing a tax payer’s liability. The legislation is set out in the GAAR, the General Anti-Abuse Rule. It is worth noting that HMRC can use the GAAR […]
07
May
May
Usually, it is necessary to perform an action within a tax year in order to impact your tax liability for that specific year. One notable exception is the ability to carry back charitable donations to the previous tax year in certain circumstances. The following notes are copied from HMRC’s website and explain what is involved: […]
07
May
May
We are already two months into the 2013-14 tax year and those readers who need to file a tax return for the year ending 5 April 2013 have until 31 January 2014 to do so if filing online. In this article we will explain why it is advisable to gather your various P60s and other […]
07
May
May
If you retire and live abroad make sure that you understand the tax position of your pension before you leave the UK. The UK has a number of so-called “Double Tax” agreements with other countries that set out how income generated and paid from the UK, such as pensions, is taxable. For example the […]