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Coding out debts
The coding threshold entitles taxpayers to have an underpayment of less than £3,000 collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding applies to certain debts such as Self Assessment ...

The Social Investment Tax Relief (SITR) scheme
The Social Investment Tax Relief (SITR) scheme is the Government’s new tax relief scheme to encourage individuals to support social enterprises and to assist social enterprises access new sources of finance. The scheme is available for investments ...

Pension changes
The most wide-ranging changes to pensions in many years were announced as part of this year's Budget. The changes affect individuals that have pensions savings in a defined contribution (DC) scheme, such as a personal pension. The changes, which ...

HMRC’s High Net Worth Unit
HMRC's High Net Worth Unit (HNWU) was established in 2009 to deal with taxpayers who have wealth in excess of £20 million. HMRC uses details from tax returns and other public information databases to identify almost 6,200 of the country’s taxpayers ...

Paper Self Assessment returns
The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Late submission of a Self Assessment return will become immediately liable to a £100 late filing penalty. The penalty will apply ...

Finance Bill receives Royal Assent
The Finance Bill 2014 was presented to Parliament on 25 March 2014. The Bill contains the legislation for many of the tax measures that have been announced by the Government. The Finance Bill 2014 was formally known as Finance Bill 2014-15. The ...

Class 2 National Insurance Contributions
Class 2 National Insurance Contributions (NICs) are paid by all self-employed taxpayers unless they qualify for the small earnings exemption or other exemptions which remove the necessity to pay NICs. Class 2 NICs are payable at a flat weekly rate. ...

Phishing emails scam
HMRC continues to warn taxpayers to be on the lookout for fraudulent phishing emails. The emails typically ask for taxpayers' personal and or financial information such as passwords, credit card or bank account details. The phishing emails often ...

Paperless notifications for Self Assessment
The move towards a paperless system for Self Assessment taxpayers has moved a step closer with the introduction of a new digital service that enables taxpayers to dispense with paper statements. The new digital service lets Self Assessment taxpayers ...

Is marriage break-up a reasonable excuse?
The First-tier Tribunal recently heard a taxpayer's appeal against Self Assessment, late payment penalties. The penalties were in respect of Capital Gains Tax arising on a disposal of shares during the tax year ending 5 April 2012. The tax due of ...

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". ...