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Posted by on in HMRC

The vast majority of employers are now reporting their PAYE information in real time. Following the introduction of RTI in April 2013, it was decided to stagger the start of the in-year late filing and payment penalties to give employers more time to adapt to reporting in real time.

The new late filing penalty regime starts on 6 October 2014 for employers with more than 50 employees. There is an exemption for small employers until 5 March 2015. HMRC began charging interest on any in-year payments not made by the due date in April 2014.

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Tagged in: HMRC Payroll
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An interesting consultation document has been issued by HM Treasury which looks at the possible restriction of the UK personal allowance entitlement for non-residents. Currently, many non-residents with taxable income arising from the UK can benefit from the personal allowance.

The personal allowance has increased significantly over recent years and is currently £10,000. The increase in the personal allowance was one of the main policies of the new coalition government when it came into office in May 2010.The allowance is set to increase further to £10,500 from April 2015.

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©Infomanagement
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Posted by on in HMRC

HMRC has issued a final version of their guide for completing a company tax return form (CT600). A company tax return must be submitted using HMRC's company tax return form (CT600) or another approved method. The submission must include the company's Self Assessment return alongside details of any trade and other losses such as capital losses.

Online Corporation Tax filing became compulsory for company tax returns delivered after 31 March 2011 for accounting periods ending after 31 March 2010. The accounts must be submitted using the iXBRL data standard.

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Posted by on in HMRC

The Annual Investment Allowance (AIA) allows businesses to write off 100% of the cost of qualifying plant and equipment, up to the allowed maximum, against taxable profits. It can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property business or a furnished holiday let. Only partnerships or trusts with a mixture of individuals and companies in the business structure are unable to claim the AIA.

Businesses can currently write off 100% of the cost of acquiring qualifying assets against their taxable profits, up to an annual limit of £500,000. The increase (from £250,000) came into effect from 1 April 2014 for companies and from 6 April 2014 for unincorporated businesses. From 31 December 2015 the limit will revert to its original amount of £25,000.

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©Infomanagement
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The taxman has lost an appeal against the Oldco Rangers "big tax case" verdict after a ruling by a High Court judge.

Lord Doherty has, in most part, dismissed HM Revenue and Customs appeal against the verdict.

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Tagged in: HMRC Tax
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Last month’s Budget was warmly greeted in many quarters. Indeed, there was much that was good in it. But George Osborne slipped in one announcement that is arguably the most pernicious measure introduced by a modern-day Chancellor of the Exchequer.

Starting next year, HM Revenue & Customs will be empowered to seize unlimited amounts from the private bank accounts of anyone it believes owes it more than £1,000 in tax.

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©Steven Glover - Dailymail artilce published on 10th April 2014
Tagged in: HMRC Tax
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Posted by on in HMRC

HMRC taskforces are comprised of multiple teams from across HMRC including special investigations, local compliance and criminal investigation units for targeting specific sectors and locations where there is a high risk of tax evasion.

The taskforces use local knowledge and risk profiling to help create a list of businesses to target. The taskforces also use special software to uncover business areas where tax evasion is common place as well as to target specific businesses.

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This section relates to the finalised awards statistics for individuals and households claiming Working Tax Credits (WTC) and/or Child Tax Credits (CTC). These statistics illustrate the complete retrospective picture for the year, based on a finalised view of family incomes and circumstances.

Most families have until 31 July following the end of the entitlement year to renew their award reporting their finalised income for the year in question. However, families that report income from Self Assessment (for example, the self-employed) have until 31 January of the following year to finalise their income. As a result, the full picture is not known until at least February the year after the entitlement year ends and consequently publication is delayed until May.

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©HMRC
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The Code was introduced in 2009 and strengthened by the Government in 2010. The Government feels it is now time to further strengthen the Code to ensure that the Code remains as effective as possible for the future.

©HMRC
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