Category Archives: General news

New fuel rates for company cars

Posted on 07/03/2011 by Jamie Hooper ATT CTA

HMRC has updated the advisory fuel rates applicable where employers reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel.  From 1 March 2011 the rates are: Engine size … Continue reading →

Posted in Employees, Employers, General news, Taxation | 1 Comment

Taxman considers amnesty for heating engineers

Posted on 04/03/2011 by Jamie Hooper ATT CTA

Permanent secretary for tax Dave Hartnett has suggested that gas fitters could be the next professional group to be offered a disclosure opportunity. Following tax amnesties for offshore account holders and healthcare professionals, HM Revenue & Customs (HMRC) may offer … Continue reading →

Posted in Corporate, General news, Taxation | Leave a comment

How good are your records?

Posted on 28/02/2011 by Jamie Hooper ATT CTA

HMRC believes 40% of the five million small and medium businesses in the UK maintain inadequate records.    Due to commence in the second half of 2011, the HMRC are introducing a new Business Records Check consisting of a visit to the business … Continue reading →

Posted in Business, Corporate, General news, Taxation | Leave a comment

Interest on employee loans to remain at 4.00%

Posted on 15/02/2011 by Jamie Hooper ATT CTA

HMRC have confirmed that the official rate of interest applying to interest-free or low interest loans made to employees will remain at 4.00% for the 2011–12 tax year, subject to review in the event of significant rate changes.

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Self assessment deadline next Monday

Posted on 20/01/2011 by Jamie Hooper ATT CTA

A self-assessment return for the 2009/10 tax year must be filed online and by 31 January or HMRC will impose a £100 penalty.  NOTE: The penalty will be reduced to nil is any tax due for 2009/10 is settled by the 31st.

Posted in General news, Personal, Taxation | Leave a comment

New HMRC guidance on Residence, Domicile and the Remittance Basis

Posted on 19/01/2011 by Jamie Hooper ATT CTA

HMRC have published a revised version of booklet HMRC6: Residence, Domicile and the Remittance Basis. A copy of the new booklet can be downloaded direct from the HMRC website.

Posted in General news, International Tax, Personal, Taxation | 1 Comment

PAYE payment dates alert

Posted on 18/01/2011 by Jamie Hooper ATT CTA

HMRC are tightening the rules on the payment of taxes.  To avoid paying late employers must ensure HMRC have cleared funds by the due date or, if the due date falls on a non-banking day, by the last bank working day before … Continue reading →

Posted in Employees, Employers, General news, Taxation | Leave a comment

20% VAT from 4th January 2010

Posted on 18/01/2011 by Jamie Hooper ATT CTA

Most businesses should now be aware of the increase in the standard rate of VAT to 20% on 4th Janauary 2010, however, many are still unsure of the detail.  Set out below are a few of the important issues for … Continue reading →

Posted in General news, Taxation, VAT | 1 Comment

HMRC issue incorrect penalities for 2009/10 PAYE

Posted on 08/10/2010 by Jamie Hooper ATT CTA

We have learnt the HMRC are once again issuing incorrect penalties for the late or non-filling of 2009/10 employer annual returns. Known errors include: penalties for PAYE schemes not setup by the client penalites for PAYE schemes closed down many years … Continue reading →

Posted in General news | 2 Comments

Family companies still under scrutiny by HM Revenue & Customs

Posted on 13/09/2010 by Jamie Hooper ATT CTA

Despite several high profile cases going against HM Revenue & Customs, the tax authority is continuing to pursue shareholders in family companies where there is perceived tax avoidance by income shifting.  Income shifting is the process of diverting income from … Continue reading →

Posted in Corporate, General news, Personal, Taxation | Leave a comment