Heads Up
Keep up to date with important news that affects your taxation status by regularly visiting this page!
We post articles of interest about changes in tax rules and legislation that could trip up the unwary if they miss a change that affects them, or might potentially offer significant savings to those who it aimed at.
Increase in Dividend Tax from April 2016
The bad news is that this will mean extra tax for most small company owners. At present, dividends carry a 10% tax credit, and are taxed at 10% at basic rate, which makes the effective tax rates:
Basi...
Is the new £5k nil-rate tax band for everyone?
Simple answer – No. But read on because it might be for you.
If you have earnings of more than £15600, then forget it. BUT… if you are income poor, with substantial non-dividend investment...
Supplying Digital Services?
This affects anyone supplying digital services outside their own EU member state. For example anyone selling access to downloadable programs, digital music, broadcast TV and radio, and subscriptions f...
HMRC is closing in on undeclared income
It’s worth mentioning that on the HMRC website, HMRC state they are closing in on undeclared income. Have you told HMRC about new sources of untaxed income?
If not it’s much better to tal...
HMRC 2nd Income Penalty “Amnesty”
HMRC is offering an “amnesty” for those who come forward with details of undeclared second incomes – i.e. from re-sale of goods at boot fairs, evening taxi driving, making and sellin...
Employment Allowance
Big benefits for Employers come from the HMRC’s £2000 reduction in Employer’s NIC (National Insurance Contribution) which can be claimed through Payroll software.
The benefit doesn’t...
Pay Up First – then disputeTax
In future, if you have tax in dispute with HMRC , and they are alleging that your ‘scheme’ is covered by the disclosure rules or the GAAR (general anti-avoidance Rules), HMRC can demand th...
£5000 Interest – Tax-Free allowance
From 6th April 2015, savers on low incomes will be able to earn £5000 interest etc without being taxed.
If you’re on a low income and have savings with a bank or building society you could be p...
Seed Investment Scheme News
The Seed Investment Scheme has now been made permanent. The scheme gives 50% income tax relief up to an investment of £100,000, and CGT exemption on the investment. You can also use it to exempt up to...
Charities – Gift Aid Tax Submissions
From 30th September, all Charities with over 1000 lines (donors) in the claim period will need to submit their Gift Aid returns online through 3rd party or in-house developed software.
Smaller claims ...
HMRC’s “My Tax Return Catch Up”
Good news if you have an overdue Tax Return!
HMRC have started a new campaign, called ‘My Tax Return Catch Up’, aimed at people who should have filed a self-assessment form for any year up...
HMRC Property Capital Gains!
Time is running out for you to tell HMRC about any property capital gains you have made in the last few years, and not told them about. (more…)