UK'S LARGEST INDEPENDENT TAX WEBSITE
Are you a member ?
|
  • Editorial

    TW Ed IS Losing Sleep over HMRC and Tax

    Better late than never, (Mark will be pleased), something positive to say about HMRC this week.  Strictly, two things, albeit closely related. Firstly, we have the fact that HMRC is postponing RTI filing penalties for another few months until 6 March 2015 for ‘smaller’ employers. Of course I am not referring to the physical size of the employer but the number of employees engaged: fewer than 50. Those employers with 50 or more employees are set to fall into the penalty regime from 5 October – just a few weeks away.

    This is a good thing for many small employers who are still struggling to get to grips with the new reporting regime. If we assume that HMRC means what it says about penalties – that they are there to encourage compliance, rather than to raise money – this must surely be reflected in a penalty regime which is invoked relatively rarely, or that is ‘light touch’ and doesn’t bite too deep.  To my eyes, the RTI penalty regime is neither ‘light touch’ nor a nibble between meals. If too many small employers have not got to grips with RTI by the time the new penalty regime comes around, it will make the furore around the old CIS penalty regime look like a picnic. (Which is not to say that the new regime is much better).

    The problem for HMRC is that RTI is supposed to ‘feed’ Universal Credit. That regime has its own problems but the theory is supposed to be that employees’ entitlements are calculated in ...real time, and of course employers have to provide that information first.

    My second ‘good’ point is perhaps a little more selfish: have agents noticed that, this year, HMRC has been far more forthcoming about clients’ pay and tax details than for the last several years? I don’t think this is a coincidence but a ‘fringe benefit’ for agents, under the new order. If I have understood HMRC officers correctly, they are able to see up to date pay and tax information almost immediately, so 2013/14 pay and tax details are a walk in the park. This is most welcome. Of course P60-type information is not dependent on RTI but I am prepared to give HMRC two gold stars this week.

    But then, I am about to take away about half a dozen. (You didn’t really think I’d gone soft, did you?)...

    For the full article, see TW Ed IS Losing Sleep over HMRC and Tax

WELCOME TO TAXATIONWEB

TaxationWeb is a free database of UK tax information for accountants and the general public.

Feel free to find out more about us

Tax Tips Forum is a free service. Taxpayers can add questions or comments to the site on tax problems or tax matters in general. Accountants, tax advisers and others are invited to offer practical help and advice in a free and open forum.

Browse through our selection of tax articles written by tax specialist on a wide range of tax issues.

Do you have any interesting tax news, points of practice or press releases relating to taxation issues? Please contact us with this information, for inclusion in the news section of this site.

Advertise on TaxationWeb! - do you offer tax related products or services? Would your company benefit from being exposed to thousands of highly-targeted visitors a month? Contact us for details of advertising on TaxationWeb.

I was looking for some guidance on share buy-backs under Companies Act 2006 and you had the perfect article. It was just what I needed to point me in the right direction. Thank you, and I will tell all my contacts to visit your site. - Pascale Wood-Atkins, Wood-Atkins Commercial Law

I would like to say how impressed i am with your site which i have found very useful on several occassions. - Paul, via e-mail

Great site. Answered a car allowance question in under an hour ! - Rudy, via e-mail

I had the HMRC claiming an overpaymet of over £5000 and took them all the way through county court.. four hearings blah blah... anyway I won my case the HMRC never showed for the last hearing and the claim was struck out....  the information on your web site was important in this case..  and gave me the reassurance that i was right to continue my defense against such a ridiculous claim. - Sharron, via e-mail

Tax professionals and public alike all benefit from the varied help & advice. Haven't seen any other site like this. Brilliant! - Caron Smeaton, Thompson Kimti Ltd

Excellent innovative site. Well done! - Steven, via e-mail

Very well set-out & informative site. Good luck with it! - Colin Baines, Seymour Taylor

I found this website most interesting and impressive. - Denis Cremin, Ryan Glennon & Company

So far, an excellent site which does what it says. A great rarity on the net. Well done! - Mark, via e-mail

Get our free Newsletter

You are:
You are interested in (tick all that apply):

New!

  "September      News      Roundup" Click Here 

For the new video blog from Tony Magaritelli

 

Tax Books

BOOK OF THE WEEK

Core Tax Annuals 2014/15 Full Set

Includes six Core Tax Annuals plus CD-ROM and are all fully updated to the latest Finance Act

BOOK OF THE MONTH

Tax Planning for Family and Owner-Managed Companies 2014/15

This guide is designed to provide an invaluable source of money-saving advice for anyone who advises or runs a family or owner-managed company.
Pension Choices: A Tax Guide

A plain English guide to how the tax rules work in relation to pensions, and to the part those rules play in tax planning.
Core Tax Annuals 2014/15 Full Set

Includes six Core Tax Annuals plus CD-ROM and are all fully updated to the latest Finance Act
Ray and McLaughlin's Practical Inheritance Tax Planning, 11th edition

Widely recognised as one of the leading titles in the field, the eleventh edition of this book supplies the latest estate planning techniques and expert know how that will help save inheritance tax.
Hitwise Award Winner Apr-Jun 2008 Hitwise Award Winner Jul-Sep 2008 Hitwise Award Winner Oct-Dec 2008 Hitwise Award Winner Jan-Jun 2009 Hitwise Award Winner Jul-Dec 2009 Hitwise Award Winner 2011 Alexa - Most popular news and media website

TaxationWeb Limited (Registered in England No. 4571386), 6 Coleby Avenue, Peel Hall, Manchester, M22 5HH, United Kingdom

By using this website, you agree to using cookies. Cookies are small text files stored on your browser when you use websites and applications (learn more about cookies).
You can control how websites use cookies by configuring the privacy settings within your browser (please refer to your browser help function to learn more about cookie controls).
Note that if you disable cookies entirely, there are parts of this website which may not function properly (e.g. logging in, commenting, etc).

Website by Dorifor Internet Marketing