As part of Making Tax Digital, HMRC has set out the priorities for its plans to make near real time adjustments to taxpayers’ tax codes so they pay the right amount of tax within the current tax year HMRC plans to introduce these changes in time for the 2017-18 tax year. The PAYE system is […]
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Self-Assessment is a system used by the HMRC to collect income tax from sources where it hasn’t been automatically deducted, such as self-employment and rental income, etc. If you need to file a self-assessed tax return, you should submit it at the end of the tax year on 5 April. You should be filing a self-assessed […]
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Setting up as a sole trader is without doubt the simplest way to start a business. All you need to do is inform HMRC that you are working as ‘self employed’, and account for your business activities through the annual self assessment tax process. Starting up in business as a limited company involves a more complex […]
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We all need to keep financial records for various reasons. If you fill in a tax return, VAT return or claim benefits or tax credits, there are some special rules. Here we tell you about: • how keeping accurate records helps you • why you need to keep records • the records you need to […]
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New tax changes come into effect at the start of each financial year. Here’s a list of things coming into effect in April 2016. 1. The personal allowance will increase to £11,000 and the higher rate threshold will increase to £43,000 The personal allowance is the amount of income you can earn before you start […]
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There is only one week to go until the Government’s new National Living Wage becomes law. If you’re working and aged 25 or over and not in the first year of an apprenticeship, you’ll be legally entitled to at least £7.20 per hour. That’s an extra fifty pence per hour. The Government is committed to increasing this every […]
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Business rates Business lobbies campaigning hard for business rates reform are claiming victory following the announcement of reliefs and the creation of a business rates roadmap to create “a level playing field for businesses”. The chancellor announced a new £15,000 threshold for small business rate relief, more than double the previous level of £6,000. He […]
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Online tax returns Midnight 31 January 2016
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FIGURES published by HM Revenue & Customs reveal that the cost of UK tax breaks has risen by 13% to £117bn, with the main cause attributed to the exemption of properties from capital gains tax. The tax authority reveals that the cost of excusing main properties from capital gains tax has risen from £10.5bn to £18bn […]
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31 July 2015 – 2nd Payment on Account for 2014/15 due to HMRC. 19 August 2015 – Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC. 22 August 2015 – Deadline for electronic remittance of PAYE, NICs and CIS to HMRC. 19 September 2015 – Deadline for postal payments remittance of PAYE, NICs and CIS to […]
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