National Living Wage

From 1 April 2016 workers aged 25 and over will be entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage (NLW). HMRC are hosting a number of webinars for employers to find out about the changes and what needs to be done before 1 April 2016 to avoid penalties. 4th

Summary of tax changes from Budget 2015 (Income Tax)

Income tax Personal allowance and basic rate limit 2016-17 and 2017-18. As announced at Budget, legislation will be introduced in Finance Bill 2015 to increase the income tax personal allowance to £10,800 for 2016-17 and £11,000 for 2017-18. The higher personal allowance for those born before 6 April 1938 will be removed with effect from 2016-17, so that everyone

Budget 2014 – A summary

Devil is, as always, in the details but the headline changes in the 2014 budget were: Personal tax For 2015 to 2016 the personal allowance for those born after 5 April 1948 will increase to £10,500 and the basic rate limit will be £31,785 for 2015 to 2016. For 2015 to 2016 the starting rate for savings

Budget 2013 – the tax implications

As with all budgets the devil is in the details. The following information from HMRC summarises tax changes to be legislated in Finance Bill 2013 or other legislation having effect in 2013-14 and includes confirmation of previously announced policy changes and explains where changes, if any, have been made following consultation on the draft legislation. It also

Gift Aid Small Donations Scheme (GASDS)

GASDS is a new scheme being introduced in April 2013. It means that charities and Community Amateur Sports Clubs (CASCs) can claim a top-up payment on cash donations of £20 or less without the need to collect Gift Aid declarations. Charities will generally be able to claim on small donations of up to £5,000

Are you ready for Real Time Information?

From 6 April 2013 employers will have to start reporting PAYE information to HM Revenue & Customs (HMRC) in real time, referred to as Real Time Information or RTI. Payroll information must be sent to HMRC every time you pay an employee, on or before the time you pay them.  All this must be done

Penalties if you miss the tax return deadline this month

If you miss the deadline, the longer you delay, the more you'll have to pay. So it's important to send your tax return online to HMRC as soon as you can.  If a Partnership tax return is late, each partner will have to pay the penalties shown below. 1 day late - A penalty of

Do you buy and sell goods on ebay or other online auctions?

HMRC has issued notices to online auction sites requesting detailed information about the member registers they keep. The aim is the crack down on people who are trading online through an online marketplace or online auction, selling goods and services as a trade or as a business but who are not paying the right amount

Tax planning before Budget Day 2012

With further savings needing to be made by the Government and with general speculation as to whether or not there will be tax rises, it is a fair assumption that changes to tax and pensions will be announced on 21st March 2012. It is accepted practice that changes announced at the budget take effect from Budget Day and so if

Remember, new penalties now apply for late self assessment returns

New interest and penalty rules for self assessment tax returns will affect returns for the tax year 2010/11 and for all future tax years.  These penalties also apply to partnership and trust returns. The deadline for submitting the 2010/11 return and paying any tax due is 31 January 2012.  After this date the penalties for