Latest News

Please find a list of our news stories / press releases

Marginal rate of Income Tax
For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This results in the total loss of the personal allowance for taxpayers that had a total income over £118,880 in ...

Paper tax discs to be discontinued
The end of paper tax discs for cars, which were first introduced in 1921, is nigh. From 1 October 2014, the requirement to display a motor disc on a vehicle windscreen will be removed. In future, cars will be checked against the DVLA’s electronic ...

New crackdown on illicit tobacco and alcohol
HMRC has launched a new initiative to tackle some of the UK’s most notorious hotspots for the sale and supply of illicit tobacco and alcohol as part of its overall remit to tackle tax fraud. HMRC officers will lead new enforcement operations in high ...

Tackling offshore tax evasion
The Government has been targeting offshore tax avoidance and evasion and there have been a number of recent disclosure opportunities that offered taxpayers the opportunity to come forward and make a disclosure, with beneficial terms. In general, ...

Reduced charges for calling HMRC
Over the last year or so, HMRC has been moving away from 0845 numbers to 03 numbers. 03 numbers are non-geographic but are usually charged at the same rates as 01 and 02 numbers and are free with some telephone packages. All HMRC helplines now have ...

Deliberate tax defaulters
HMRC has published its seventh list of deliberate tax defaulters. The list includes fourteen individuals, businesses and companies and lists the amounts on which penalties are due and the amount of penalties charged. One of the companies listed, a ...

National Minimum Wage
The new National Minimum Wage (NMW) rates will come into effect on 1 October 2014. The hourly rate of the NMW will increase to £6.50 (a rise of 19p) for adults aged 21 years and older. The rate for apprentices under the age of 19 or in the first ...

New edition of the Employer Bulletin
HMRC has released the latest issue of the 'Employer Bulletin' publication which includes summaries of recent changes and updates that have been announced which are relevant to employers and agents. The topics covered in the latest edition include ...

Paper Self Assessment returns
The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Tax payers who are late submitting a Self Assessment return will be liable to a £100 late filing penalty. The penalty will apply ...

PAYE tax refunds
HMRC’s annual reconciliation of PAYE for the tax year 2013/14 is well under way. In the majority of cases, taxpayers that pay tax through the PAYE system will have paid the correct amount of tax. However, if too much or too little tax has been paid ...

Hows does the budget affect you?
Download our easy to ready guide to the Budget 2014 here: http://www.accountax.net/downloads/Budget2014.pdf  ...

New HMRC Residence Indicator Tool
From 6 April 2013 new Statutory tests were introduced to determine whether individuals are resident in the UK or not, generally making the rules much clearer than previously. There will still be situations where someone’s tax residence isn’t clear cut where they spend substantial time overseas and also make visits to the UK. ...

Tax Relief for Renewing White Goods in Let Properties
Controversially and without any prior warning HMRC removed the concession that allowed a tax deduction for the replacement of free standing equipment that does not qualify for capital allowances in unfurnished buy to let properties with effect from 6 April 2013.  ...

RTI penalties will not come into force in April!
RTI penalties were due to come into force on 6 April 2014. However, HMRC has just announced that it's decided to delay their introduction until later in the year. Why the U-turn and when will they come into force? ...

Best to be informed
If you are self-employed, as a sole trader or in partnership, and if we assume that your business year end is 31 March, then the profits you earn in the year to 31 March 2014 will form the basis of your tax payments on account for the tax year 2014-15 (unless the year to 31 March 2014 was your final year of trading). ...

HR Update Winter 2013/14
HR Update Winter 2013/14 ...

Employee Benefits
Where employees are provided with living accommodation, a car or a van, any private use is usually subject to specific scale charges or other rules. This article considers the provision of two further classes of assets provided for an employee’s or director’s personal use. ...

Tax office bogus emails
Readers are reminded that HMRC do not send communications to tax payers by email. ...

Salaried members of LLPs
HMRC published the draft Finance Bill 2014 last month. Included were changes to the taxation of certain partnerships. This article discusses the introduction of a new type of partnership member for Limited Liability Partnerships (LLPs) that will commence 6 April 2014: the "salaried member". ...