A Budget for makers, doers and savers…. 1. Pensions – ‘far reaching reforms’ were announced, with tax restrictions being lifted allowing pensioners access to their pots. From April 2015 the 25% tax-free pot will continue, the excess currently suffers a 55% tax charge, this will be removed allowing the excess to be taxed at the.. read more →

Find out how the accounting treatment of investment properties held by individuals has changed.  Individuals who hold investment properties and receive rental income need to disclose the rental income on their tax returns. Until 5 April 2013 this had to be done using the accruals basis; however; from 6 April 2013 an individual with rental.. read more →

The period that private residence relief impacts on capital gains tax will be reduced from 6 April 2014. Private residence relief – or principal private residence relief – applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period.. read more →

Despite last minute calls to push back the deadline, a record number of self-assessment tax returns were filed before midnight on January 31st. In total, HM Revenue & Customs received 10.3 million tax returns for 2012/13, beating the previous year’s total of 9.61 million. Much of the increase was down to the Government’s controversial changes to.. read more →

There are only 7 weeks until the filing deadline for 2012/13 Self Assessment Returns. If your return is submitted late, you will be charged an initial penalty of £100. If your return has still not been submitted by 30th April, you will start to be charged a £10 daily penalty for up to 90 days (£900.. read more →

This month gives us an excuse to let our hair down and enjoy a well earned celebration with our work colleagues and partners. This article is a reminder of the tax concessions that apply to the costs of providing the Christmas bash. The cost of an annual staff party or similar function is allowed as.. read more →

A new tax campaign was launched by HMRC on 7 October 2013. The campaign targets: physiotherapists, occupational therapists, chiropractors, osteopaths, chiropodists and podiatrists; homeopaths, dieticians, nutritional therapists, reflexologists, acupuncturists, psychologists, speech, language and art therapists, and other health professionals are also covered. Health professionals have until 31 December 2013 to advise HMRC that they would.. read more →

UK residents, whose Swiss banking arrangements have been disclosed to HMRC under the UK/Swiss tax agreement, have started to receive follow up letters from HMRC. Earlier this year account holders were given a choice: To pay over a fixed percentage of their account balance to compensate for tax previously unpaid. Or, to authorise their Swiss.. read more →

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 →