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30 April 2015

Class 3 NICs are a voluntary contribution paid by those wishing to fill gaps in their NICs’ record and can be used by those who have not made enough compulsory contributions in order to benefit from the full basic State Pension and for bereavement benefit purposes.

Individuals can pay by monthly direct debit or receive quarterly bills from HMRC in July, October, January and April.

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30 April 2015

An ISA is a tax exempt savings account available to UK residents. There is no minimum period for which an ISA must be held and there are many qualifying investments available. These include cash, stocks, shares as well as certain life assurance and National Savings products.

Since 1 July 2014 the ISA allows equal limits for cash and stocks and shares. This provides savers with the...

30 April 2015

The new marraige allowance came into force on 6 April 2015 and allows some couples to share part of their personal tax-free allowance. The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for Income Tax.

The new allowance will allow the lower earning...

30 April 2015

HMRC imposes a VAT default surcharge on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their return and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date. The normal deadline for submission of a VAT return and making payment is one calendar month and seven days after the end of the relevant VAT quarter....

22 April 2015

The Trust and Estate Tax Return (SA900) can be submitted online or by way of a paper return. The use of the online filing system allows for more generous filing deadlines and typically reduces the amount of time it takes for HMRC to process any tax repayments. Similarly to the main Self Assessment returns, the deadline for online returns is 31 January - three months after the 31 October...

22 April 2015

HMRC has published new guidance in respect of changes it is making to to help manage applications for advance assurance and Enterprise Investment Scheme (EIS) compliance statements from companies for investments made on or after 6 April 2015.
 
With immediate effect, HMRC will no longer process advance assurance applications in respect of companies that, in general:

  • are...
22 April 2015

Student Loans are part of the Government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly responsible for collecting the loans of borrowers outside the UK...

22 April 2015

A London businesswoman who was jailed for VAT fraud last October has been ordered to repay criminal profits of £207,000 within three months or face a further two years and nine months in jail. Jasvinder Mahal pleaded guilty to submitting false VAT returns by faking invoices and manipulated bank statements to claim VAT repayments that weren’t due. She was originally sentenced to 12 months in...

22 April 2015

The Low Income Tax Reform Group (LITRG) was established in 1998 to improve the policy and processes of the tax, tax credits and associated welfare systems for the benefit of those on low incomes. The LITRG has recently published a new press release warning taxpayers aged over 55 who are thinking of withdrawing money from their pension pot of the consequences.

According to the LITRG,...

16 April 2015

On 1 April 2015, Scotland’s new tax authority, Revenue Scotland, began to accept tax returns for the Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax.

The Scotland Act 2012 paved the way for the Scottish Parliament to launch these two new taxes. Further legislation established Revenue Scotland as the tax authority responsible for collecting Scotland‘s devolved taxes....

16 April 2015

The CA8480 form to apply for a refund of Class 2 NICs has recently been updated. Taxpayers might use this form if they paid too much Class 2 NICs, shouldn’t have paid Class 2 NICs or if they qualified for the small earnings exception.

Class 2 National Insurance Contributions (NICs) are paid by all self-employed taxpayers unless they qualify for the small earnings exception or other...

16 April 2015

A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for your employees.

The expenses or benefits included in a PSA must be defined as one of the following;

  • minor - e.g. a small birthday present
  • irregular - e.g. one-off relocation expenses over...
16 April 2015

HMRC has started a new email campaign inviting volunteer agents to try the ‘Agents online self-serve private beta service’ for PAYE employer accounts. The emails will contain a link to the service however no personal or financial information will be requested. These emails are genuine.

However, taxpayers need to be aware of the many fraudulent emails that are being sent supposedly by...

16 April 2015

HMRC’s Let Property Campaign targets landlords who have undeclared income from residential property lettings. The campaign was launched in September 2013 and currently does not have an end date. The campaign offers landlords the opportunity to get their tax affairs up to date under the best available terms. HMRC will allow landlords to come forward voluntarily throughout the entire time period...

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