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

Next CIOT Essex branch meeting is on Inheritance Tax & Trusts

On 26 February 2013 Andrew Burgess from Mercia Group is talking on Inheritance Tax & Trusts at The Pavilion, Essex County Cricket Club, County Ground, Chelmsford Essex CM2 0PG. Andrew has been working in tax for over 40 years, serving with HMRC as a District Inspector and subsequently with what was then the Solihull Special

Upto 101.3%* tax rate for higher earners claiming Child Benefit

HMRC are starting to send out letters to tax payers it believes earning in excess of £50,000 per year and are in receipt of Child Benefit.  These individuals may be subject to the High Income Child Benefit charge, a mechanism designed to clawback the Child Benefit from high earners and which will be introduced from 7 January 2013. Where

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

New fuel rates for company cars

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 Petrol Diesel LPG 1400cc or less 14p 13p 10p 1401cc to 2000cc 16p 13p 12p Over

Taxman considers amnesty for heating engineers

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 a new disclosure opportunity for heating engineers, gas fitters and other trades persons to declare

How good are your records?

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 premises by at least one officer for approximately four hours. Where the officer identifies significant

Interest on employee loans to remain at 4.00%

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