24/03/2011, by Taxbriefs Financial Publishing, Tax news - Budgets and Autumn Statements
This summary has been prepared by Taxbriefs Financial Publishing and is for general information only. The proposals are in any event subject to amendment before the Finance Act is passed. It is recommended you seek competent professional advice before taking any action on the basis of the contents of this publication.
After two Budgets and three Finance Acts in 2010, the 2011 Budget looked as if it might be a relatively mundane affair. In the event, it was anything but. George Osborne revealed a ... Continue Reading
23/03/2011, by Low Incomes Tax Reform Group, Tax article - Income Tax
LITRG explain how to challenge your 2011/12 PAYE coding if it shows a restriction for earlier tax underpaid and you have not yet agreed with HMRC you should repay it.
Introduction
HMRC have been sending out coding notices with “underpayment restrictions” included in them for the year 2011/12. These will attempt to collect tax which HMRC say has been underpaid for earlier years.
In many cases, HMRC will not have explained to their customers the reasons for the underpayments ... Continue Reading
23/03/2011, by Lee Sharpe, Tax news - Business Tax
Just a quick reminder: the much-used Extra-Statutory Concession B46, which allowed an extra 7 days from the filing deadline before penalties were incurred, will no longer apply from 1 April onwards.
This means that Corporation Tax Returns due on 31 March will no longer benefit from the concession; nor will Employers' Return Forms P35/P14.
HMRC's reasoning is that B46 was really introduced to allow for postal delays, and with all such returns being filed online - or the vast majority at ... Continue Reading
19/03/2011, by The Provincial Tax Practitioner, Tax article - General
The Provincial Tax Practitioner looks at HMRC's security measures.
Introduction
We’re all familiar with HMRC’s obsession with the risk of disclosing sensitive financial information to a third party not authorised to receive it: compulsive overkill probably resulting from the time they embarrassingly lost the personal records of 25 million individuals. Such vigilance is therefore to be commended, despite the annoying and repetitive requests ‘in the interest of security’ ... Continue Reading
19/03/2011, by HM Revenue & Customs, Tax article - Business Tax
Brian Redford, Acting Director, Business Customer Unit, highlights the benefits of keeping good, up-to-date records, and a new online tool to help small businesses.
Calling All Small Businesses: Are You Keeping the Right Records? Do You Know Which Records the Law Says You Need to Keep?
Whether you work for yourself or you run a small business employing others, good record-keeping has a number of benefits. For starters, if your records are up-to-date, it makes filling in your tax return ... Continue Reading
19/03/2011, by Tax Insider, Tax article - Property Taxation
Jennifer Adams of Property Tax Insider looks at problems and practical issues for individuals selling a property and seeking to claim 'Principal Private Residence' Relief for Capital Gains Tax purposes.
Introduction
Have you used the Capital Gains Tax 'Principal Private Residence' (PPR) exemption on several properties in quick succession recently? HMRC’s crackdown on the perceived abuse of the PPR exemption could mean a knock at the door...
Should any Chancellor decide ... Continue Reading
16/03/2011, by Low Incomes Tax Reform Group, Tax article - General
LITRG responds to the Ministry of Justice’s consultation on Legal Aid reform, warning that the rights of low-income tax credits claimants could suffer if they can no longer get help.
The consultation
The Ministry of Justice’s consultation document published in late 2010 on Legal Aid reform in England and Wales was a staggering 224 pages long. Yet within it, we only found one passing reference to tax credits, even though the proposals to remove welfare benefits (which ... Continue Reading
14/03/2011, by Low Incomes Tax Reform Group, Tax article - General
he 2010/11 tax year draws to a close on 5 April. So this month’s reminders article focuses on tidying up last year’s loose ends and looks forward to the year ahead.
Introduction
Each month, LITRG writes an article reminding you of topical tax, tax credits and related benefits issues. This month’s piece is broken down into a number of sections:
Tax on your wages or pension (PAYE) – make sure yours is right
Tax returns – dealing with ... Continue Reading
13/03/2011, by Low Incomes Tax Reform Group, Tax article - Income Tax
LITRG wants to see the level of all allowable expenses incurred by low income employees adjusted regularly to reflect economic realities.
Background
When costs go up, some tax reliefs and exemptions increase along with them. But the mileage allowance which employees can claim against tax for using their cars on their employer’s business has remained static for many years.
If an individual incurs expenses ‘wholly, exclusively and necessarily’ in doing their ... Continue Reading
12/03/2011, by Peter Arrowsmith FCA, Tax article - PAYE and Payroll Taxes, National Insurance, NICs
Peter Arrowsmith FCA highlights a selection of NIC matters, and provides a timely tip regarding childcare vouchers.
Urgent Action - For Some (Number 1)
Don't bother, say HM Revenue and Customs … which is probably every reason TO bother!
HMRC issued a brief note on 31 January confirming my earlier news that it is to appeal the Total People case concerning the use of the mileage allowance relief against lump sum payments (see NIC Update - October 2010).
It stresses that ... Continue Reading
