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14 May 2015

Nearly all VAT registered businesses must submit VAT returns online and make any payments due electronically. VAT registered businesses can file VAT returns using either HMRC’s free online software or using commercially produced software. In either case, businesses must have already registered and enrolled for the VAT Online service in order to submit a VAT Return online. HMRC has recently...

14 May 2015

The employment allowance of £2,000 per year for all businesses and charities was introduced in April 2014. The allowance is offset against employers' Class 1 secondary NICs and can be claimed as part of the normal payroll process through their regular payroll processes. The maximum amount available is capped at £2,000 per year.

A recent press release published by the Low Incomes Tax...

14 May 2015

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2015. Claimants who do not renew on-time may have their payments stopped.

The child tax credit has been designed to help lower income families with children. Credits are available to families with low to moderate income. Child tax credit is paid directly to the main carer...

14 May 2015

The Government has announced the sale of another tranche of shares in taxpayer-backed Lloyds Banking Group, reducing its stake in the bank to below 20%. This latest sale means that over half of the £20 billion invested by the taxpayer in Lloyds has now been recovered. This sale sees a further £500 million returned to the taxpayer and continues the trend that all shares sold have been sold...

07 May 2015

There are many ways that taxpayers can make payments to HMRC. For most taxes, there are options to make payments using any of the following payment options.

  • Online or via telephone banking (Faster Payments) payments
  • CHAPS payments
  • Online debit or credit card payments
  • At a bank or building society
  • At the post office
  • BACS
  • By...
07 May 2015

HMRC compliance checks (formerly known as enquiries, visits and inspections) are the standard system used by HMRC to inspect taxpayers records. The standardised compliance check which applies to most HMRC taxes was first introduced in April 2009. The introduction of the standardised compliance check included the alignment of time limits for making tax assessments and claims at four years....

07 May 2015

HMRC's High Net Worth Unit (HNWU) is a specialist division of HMRC that deals with taxpayers who have wealth in excess of £20 million. HMRC uses details from tax returns and other public information databases to identify the country’s richest taxpayers. In certain circumstances, HMRC will also handle family members connected to a high net worth individual from within the HNWU.

The HNWU...

07 May 2015

With effect from 1 May 2015, Air passenger duty (APD) is no longer payable by children under 12 on all short haul (up to 2,000 miles) and long haul flights (over 2,000 miles). Each geographical band has two rates of air passenger duty, one for standard class and the second for 'other' higher classes of travel (usually business / first class).

Children under 12 will only continue to be...

07 May 2015

HMRC has launched a new online interactive map that demonstrates some of their successes in tackling tax evasion and avoidance. There are two maps, the first shows convictions resulting in jail sentences since April 2013. The second map shows the locations of HMRC taskforces since they were introduced in 2011.

According to the latest figures published between April 2010 and March 2014,...

30 April 2015

HMRC massively underestimated the impact of the new EU rules on micro digital businesses, according to a report published by Enterprise Nation. On 1 January 2015, the place of supply of certain B2C digital services changed. The place of supply is now determined by the location of the customer who receives the service rather than the location of the supplier. The new rules were put in place to...

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.

...
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...

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