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Late filing of Self Assessment tax returns
Taxpayers who have not yet filed their Self Assessment returns online face a daily penalty of £10 up to a maximum of £900 i.e. for three months from 1 May 2014. If the return still remains outstanding further higher penalties will be charged from six ...

Tax statements
The Chancellor of the Exchequer has announced that from October 2014 some 24 million UK taxpayers will receive a personalised statement setting out how much tax they paid in the previous year and how it contributed to public expenditure. This ...

Abolition of stamp taxes on recognised growth markets
With effect from 28 April 2014, the Government is abolishing the 0.5% stamp duty or stamp duty reserve tax charge on acquisitions of shares traded on recognised growth markets. To qualify as a recognised growth market, a market must be a recognised ...

Employers' excuses for not paying the minimum wage
To coincide with the 15th anniversary of the National Minimum Wage (NMW), HMRC has revealed some of the more unusual reasons given by employers for not paying their employees the legal wage: One employer claimed that a worker was his wife but when ...

VAT - Mini One Stop Shop
From 1 January 2015 changes will be made to VAT rules for consumer supplies of telecommunications, broadcasting and e-services. Currently these supplies are taxed in the Member State in which the business is established. However, from 1 January 2015, ...

Tribunal – late submission of P35
The First-tier Tribunal recently heard a taxpayer's appeal against penalties for late submission of the Employer Annual Return - P35 for the tax year ended 5 April 2013. The P35 should have been filed by 19 May 2013 but was ultimately filed on 17 ...

Basic PAYE Tools - 2014-15 update
The Basic PAYE Tools software for the 2014-15 has been published. The 2014-15 version of Basic PAYE Tools is an update to the existing version rather than a separate download, so existing users do not need to go to the HMRC website to get the ...

Change of gender
The Gender Recognition Act 2004 gave trangender people the right to be treated by their preferred gender. The Act allowed them to acquire a new birth certificate and receive full recognition of their acquired sex in law for all purposes, including ...

Real Time Information - penalties
It is now a year since the majority of employers began using the Real Time Information (RTI) system and more than 99% of PAYE records are currently being reported in real time. From 6 April 2014, interest charges will be applied for PAYE that is not ...

Finance Bill 2014
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 Bill had its second reading debate on 1 April 2014 and the Public Bill ...

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". ...