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04 June 2015

HMRC has recently issued a clarification in respect of the advisory fuel rates to confirm that the rates are per mile (not per kilometre). The UK remains the only country in Europe, and the Commonwealth that defines speed limits in miles per hour.

The latest advisory fuel rates became effective from 1 June 2015. Fuel rates are reviewed four times a year with changes taking effect on 1...

04 June 2015

HMRC has commenced its annual reconciliation of PAYE for the tax year 2014/15 and has begun sending out tax calculations to some taxpayers using the P800 form. The form shows HMRC’s tax calculations in respect of the tax year ending 5 April 2015. This form is sent to taxpayers after HMRC have received details of the salary, pension and tax paid for each individual from employers and pension...

04 June 2015

The Rural Fuel Duty relief scheme provides support for motorists in remote areas where pump prices are significantly higher than the UK average, by cutting fuel duty by 5p per litre. The scheme was extended from 1 April 2015 and applies to the sale of unleaded petrol, diesel, biodiesel, bioblend and bioethanol blend in the Inner and Outer Hebrides, the Northern Isles, the islands in the Clyde...

04 June 2015

Following the success of the Pensioner Bond, it has been announced that the maximum investment in Premium Bonds has been increased to £50,000 from 1 June 2015. This £10,000 increase comes just a year after the maximum investment increased from £30,000 to £40,000.

Premium bonds offer tax-free returns in the form of a monthly prize draw. The minimum investment is £100 per person. A...

04 June 2015

The Solicitors’ Tax Campaign was launched in December 2014 and provided an opportunity for solicitors to disclose undeclared income and bring their tax affairs up to date. As a first step, solicitors who wanted to take part in the campaign had to advise HMRC by 9 March 2015 of their intention to take part in the disclosure opportunity. An actual disclosure along with an arrangement to make...

21 May 2015

HMRC has issued a tweet to remind people how to find a lost National Insurance number. Anyone who has lost or forgotten their National Insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60. If the National Insurance number still cannot be located a request can be submitted to HMRC using form CA5403. The completed form needs to be mailed...

21 May 2015

A new campaign has been launched to raise an extra £250,000 a year for charities that provide tax advice for those in need who cannot afford to pay for it.

The new 'Bridge the Gap' campaign is intended to help charities including TaxAid and Tax Help for Older People that provide tax advice to vulnerable people and were founded by members of the taxation profession. TaxAid helps resolve...

21 May 2015

Earlier this year, HMRC published a consultation that examined various options for strengthening the effectiveness of its penalties' regime. The consultation looked at adopting a more personalised approach for dealing with penalties as well as looking to harness technological developments to boost taxpayer compliance.

The consultation was open for comment until 11 May 2015. The...

21 May 2015

Three men have been jailed for a total of more than 11 years for smuggling cigarettes. The three men were caught red handed unloading more than three million illegal cigarettes following an investigation by HMRC officers. The cigarettes were hidden inside air conditioning units and were delivered to an industrial estate in Suffolk under the watchful eye of surveillance officers.

Paul...

21 May 2015

The paper counterpart driving licence is abolished from 8 June 2015. The green coloured paper counterpart is mainly used to show any driver endorsements and penalty points and when hiring a vehicle. The counterpart was introduced to display driving licence details that could not be included on the photocard. The advice being published on GOV.UK recommends that anyone with a paper counterpart...

14 May 2015

HMRC has updated its list of deliberate tax defaulters. The list includes over sixty individuals, businesses and companies and lists the amounts on which penalties are due and the amount of penalties charged. The details of a tax defaulter details will be held on HMRC’s website for a maximum of twelve months from the date they are first published and are not stored within the national archives...

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...

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