Posts Categorised: Tax

Have you claimed the transferrable marriage allowance

Don’t miss out on £220! HMRC has put out a reminder about a tax break that three quarters of eligible recipient haven’t claimed yet. The transferable marriage allowance came into action back in April 2015.  The allowance allows couples (who are married or in a civil partnership), where one person pays no tax because their income is… Read more »

Increase in HMRC Fines for Tax Return Errors

Key question is did you take “reasonable care”? The Daily Telegraph recently reported a rise of nearly 40% rise in the number of people fined by HMRC for deliberately understating income on their annual returns (28,663 fines in 2015-2016 compared to 20,740 in 2015-2015). A number of commentators have suggested this demonstrates a hardening of… Read more »

No Excuses – National Minimum Wage

Minimum Wage Obligation Whether or not you believe in a National Minimum Wage, you have to pay it to those of your staff who are eligible. HMRC has started a £1.7m campaign to remind employers of their obligation after investigators uncovered many instances of underpayment. As part of the publicity for the campaign HMRC has released… Read more »

Minimum Wage Rates 2017

Rates Change on April 1st 2017 Time to update your payroll system because National Minimum Wage rates are changing from April 1st. Here’s a before and after list for you to check.  Age  2016  2017  25 and over  £7.20  £7.50  21 to 24  £6.95  £7.05  18 to 20  £5.55  £5.60  Under 18  £4.00  £4.05  Apprentice  £3.40… Read more »

Happy New Year

How Are You (Tax) Planning The Year Ahead? All good things come to an end don’t they.  No more champagne breakfasts, tinsel on the Christmas tree or tables groaning with food. 2017 has started and no doubt you will be getting down to some serious work…on your tax return. Online forms for the 2015-2016 tax… Read more »

Ready to Make Tax Digital?

It could start as soon as 2018! We first mentioned this process back in September 2016 (“HMRC wants you to be software savvy“) after HMRC announced it’s intention to shift as much of the tax system as it can online. Fundamentally businesses will be required to: Keep digital records Update HMRC with quarterly reports Provide… Read more »

Pre-registration of VAT

VAT is deductible on assets used prior to registration The fact that HMRC allows businesses to recover VAT on goods and services used before registration isn’t new (if you didn’t realise then now is your opportunity). What’s different now is that HMRC has clarified the rules because of inconsistencies in the way businesses have been… Read more »

Self-Assessment Return Documentation

What documentation do you need? Filling in the tax return forms might be straightforward. Having the right information is the challenge. The deadline for online submission of your self assessment returns is coming up fast.  If you haven’t completed your return (and there are some clear benefits for submitting your tax return early) then remember… Read more »