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Subscribe to this list via RSS Blog posts tagged in HMRC
Thursday, 5 February 2015

 

Welcome to the Exceed monthly newsletter.

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Tagged in: HMRC Newsletter Tax
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Posted by on in Taxation
Young men likeliest to miss tax return

The deadline for completing tax returns is 31 January

Young men working in the communications industry are the most likely to miss the looming tax return deadline, HM Revenue and Customs figures suggest.

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©BBC News
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If you are required to file a Self Assessment tax return there are compelling arguments to support the notion that you should calculate your tax position as soon as you can after the 5 April. Don’t forget, it is possible to work out your tax position for 2014-15 and consider your planning options before you file the return. Certainly, we can undertake this for you.

By the end of May or early June 2015 you should be able to draw together most of the information.

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©UKTaxworld / Infomanagement
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Posted by on in Payroll
Payroll Giving

The Payroll Giving scheme allows taxpayers to make a tax free donation to charity directly from their pay or pension. The use of the scheme has reduced over time and last year, a consultation was launched jointly by HM Treasury, the Cabinet Office and HMRC seeking views on plans to improve the scheme and increase overall donations to charity.

Following this consultation, the Government announced a number of new measures to help encourage greater use of the scheme. The most important announcement concerns the reduction in the number of days it takes for a donation to be processed from 60 to 35 days. This will allow charities faster access to monies that have been donated.

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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 Taxation

Our Fee Protection Insurance provider, Taxwise reported a clear trend in the activity of HMRC, not only over the last few years but also a seasonal trend within each tax year.

The continued increase of activity from HMRC has been unrelenting, one of the key focus points for HMRC has been the SME and the Sole Trader. Many enquiries are relatively brief and produce little return for HMRC however they are clearly continuing to cast their net as widely as possible regardless of the implications on the SME economy which is continually quoted as the back bone of Britain in the economic recovery.

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©Taxwise - specialist providers of TAX FEE Protection Insurance
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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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Posted by on in Other

The deadline for filing the 2013/14 returns of benefits and expenses paid to employees is 6 July 2014. Note that there can be significant penalties for incorrect returns so they need to be completed with great care.

The most common benefits in kind that need to be reported are company cars and loans over £5,000 on beneficial terms. Remember that unless the employer holds a dispensation from HMRC employees’ and directors’ reimbursed expenses, such as travel and subsistence, also need to be reported. 

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Tagged in: HMRC Payroll Tax Year Ends
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