Two changes have been introduced by HMRC with regard to tax credit overpayments. First, claimants now only have three months to dispute overpayments. Secondly, HMRC will no longer suspend recovery of an overpayment whilst they consider a dispute. This emphasises the importance of checking overpayments notices and acting promptly. read more →

National Minimum Wage rates increase from 1 October 2013: 21 and over £6.35 18 to 20 £5.03 Under 18 £3.72 Apprentice £2.68 https://www.gov.uk/national-minimum-wage-rates read more →

With effect from April 2013, the renewals allowance for the replacement of plant other than trade tools will no longer be available. For residential rental properties the renewals basis gives a specific deduction for expenditure on the replacement of fixtures integral to buildings (e.g. bathroom fittings, central heating, boilers, windows and other similar assets).   The.. read more →

Individuals who were claiming tax credits for 2012-13 should be receiving a “Renewing your tax credits – Getting it right” pack. It is vital that you complete the Annual Review form for the year ended 5 April 2013 and send it to the Tax Credits Office (TCO) Preston before 31 July 2013. Failure to do.. read more →

Last year there was much huffing and puffing about the so-called “granny tax”, even though nothing had actually happened. What was announced in the 2012 Budget was that age-related allowances would be frozen with effect from April 2013 and would no longer be claimable by anyone born after 5 April 1948. In the meantime the.. read more →