HMRC have introduced a new online facility for employers and agents enabling them to declare that they have no PAYE Employer Annual Return (P35 and P14s) to make for 2009–10.The facility can be accessed at www.hmrc.gov.uk/paye/payroll/year-end/annual-return.htm#4 and clicking on the relevant link under the heading ‘Notify online now ’. Continue Reading
The Finance Act 2009, Section 94 (Appointed Day) Order 2010 (SI 2010/574) has been laid before parliament and appoints 1 April 2010 as the day on which Finance Act 2009, s. 94 comes into force. Section 94 introduces a power allowing the Commissioners for HM Revenue & Customs to publish the details of deliberate tax defaulters.More than 90% of British citizens pay their taxes and the small minority who deliberately don't are taking money that would be spent on vital public services. HMRC deals seriously ... Continue Reading
LITRG comments on the impact of HMRC proposals to reshape their ever-dwindling Enquiry Centre service still further. Enquiry Centres – a slow deathEnquiry Centres were once the friendly “local” face of HMRC where an individual with a problem could drop in without an appointment and obtain face-to-face help. But HMRC have been cutting back on their face-to-face service for several years now with the result that we are left with ever fewer Enquiry Centres. And those that do remain frequently ... Continue Reading
This month, there will be significant focus on the looming Budget. But here LITRG draw attention back to the present, reminding you of issues to consider in June. Look at your circumstances in the roundTax, tax credits and benefits often interlink, as we have demonstrated on numerous occasions. For this reason, we always advocate that you look at your overall circumstances, so here we bring together a series of topical reminders which highlight issues to consider. The article raises various ... Continue Reading
Peter Arrowsmith FCA highlights a selection of NIC matters, and provides a tip about 'demands' for payment of National Insurance Contributions more than six years old.The NIC Small Earnings Exception for the Self-Employed It was previously possible for an employed person with a small, separate self-employment not to pay Class 2 NICs without the need for a Small Earnings Exception application. This was provided the self-employed profits were £1,300 or less for the year in question.As a result of ... Continue Reading
In this new series, a partner in a provincial firm of accountants takes a lighthearted look at the trials and tribulations of everyday tax work. Frustrating Phone CallsThis week I was struck by an overwhelming urge to throttle a small furry animal. The onset of this rather unsettling and very uncharacteristic compulsion could be laid firmly at the door of HMRC. I had spent the best part of a week trying to contact HMRC’s Charity, Assets and Residence section on: 0845 070 0040. Several phone ... Continue Reading
Steve Allen of VAT Advisers Ltd offers some helpful VAT hints.1. Should You be VAT-Registered?If your taxable UK supplies are above £70,000 p.a., you must register compulsorily, unless they are all zero-rated, in which case, you could apply for exemption from registration. If your taxable supplies are below £70,000, and your customers are mainly or wholly VAT-registered, you can register voluntarily to recover UK input tax. If you have a UK business establishment (including a branch or agency), ... Continue Reading
LITRG explain how you might have paid too much tax on employment income or pensions and how to go about claiming a refund.‘PAYE’ taxpayers – isn’t there a form to claim back tax?Confusingly, if you are not in the Self Assessment system, there is no form on which to claim a repayment if you have paid too much tax on your wages or pension. If you are, however, reclaiming tax on savings income you can use form R40. How might you pay too much tax on your wages or pension?Pay As You Earn (PAYE) ... Continue Reading
The Registered Pension Schemes (Standard Lifetime and Annual Allowances) Order 2010 (SI 2010/922) came into force on 15 April 2010.The Order specifies the rate of the standard lifetime allowance and the annual allowance for the tax years 2011–12 to 2015–16. The standard lifetime allowance will remain at £1.8m and the annual allowance will remain at £255,000 during this period. An explanatory memorandum accompanying the statutory instrument is available on the Office of Public Sector Information ... Continue Reading
A table of foreign exchange rates accepted by HMRC as the average rates for the years to 31 December 2009 and 31 March 2010, together with a table of spot rates on 31 December 2009 and 31 March 2010, is now available on the HMRC website at http://www.hmrc.gov.uk/exrate/. Continue Reading
