In the distant past Government supported home buying by offering tax incentives. It has been some years now since UK taxpayers could obtain tax relief for mortgage interest payments. The MIRAS arrangement, where tax relief at the basic rate was deducted from mortgage interest payments by the lender, was the last and fading effort at […]
Real Time Information (RTI) slow down
The following quote is from information recently published to HMRC’s website: ‘HM Revenue & Customs (HMRC) recognise that some small employers who pay employees weekly, or more frequently, but only process their payroll monthly may need longer to adapt to reporting PAYE information in real time. HMRC have therefore agreed a relaxation of reporting […]
Tax Diary April/May 2013
1 April 2013 – Due date for Corporation Tax due for the year ended 30 June 2012. 19 April 2013 – PAYE and NIC deductions due for month ended 5 April 2013. (If you pay your tax electronically the due date is 22 April 2013.) 19 April 2013 – Filing deadline for the […]
Tax Free Childcare
This new idea will eventually be worth up to £1,200 per child, and so will save a typical working family with two children under 12 up to £2,400 a year. It will not be phased in until Autumn 2015 and will ultimately be open to around 2.5 million families with children under 12. From the […]
Tax planning for high income earners 2012-13
High income earners have until 5 April 2013 to review their tax position for 2012-13. In most cases action will need to be taken prior to this date. Deferring income If you normally receive bonuses this month or a dividend from your company you should estimate your earnings for the next tax year, 2013-14, and […]
Finance Bill 2013 draft clauses published
The main tax announcements for the 2013-14 tax year, as announced 5 December 2012, have now been published as draft clauses for the forthcoming Finance Bill 2013. GAAR The new acronym stands for General Anti-Abuse Rule. It will give HMRC powers to stop companies and tax payers taking advantage of complex tax arrangements in order […]
Further reminder of payroll changes April 2013
Last month’s newsletter included details of the major change in reporting of PAYE information to HMRC from April 2013. The new process is to be known as Real Time Information (RTI) reporting. From 6 April 2013 you will be required to submit payroll data on or before the date that salaries and wages are paid […]
Self Assessment crack down in South East
HMRC issued a press release 12 February 2013 advising “tax cheats” in London and the South East that they will be targeted by a new taskforce. The taskforce will put the spotlight on people abusing the Self Assessment system fraudulently to claim back money they are not entitled to. It is expected to recover £6 […]
Tax Diary March/April 2013
1 March 2013 – Due date for Corporation Tax due for the year ended 31 May 2012. 19 March 2013 – PAYE and NIC deductions due for month ended 5 March 2013. (If you pay your tax electronically the due date is 22 March 2013.) 19 March 2013 – Filing deadline for the CIS300 monthly […]