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plumbers tax safe plan

HMRC target plumbing industry

plumbers tax safe plan

A reminder for those of you who took advantage of the plumbers tax safe plan.

an update on the july statements

If you have received your copy in August HMRC have confirmed that they will not charge interest on the second payment on account (normally due by 31 July) if payment is received by 27 September 2011.

non-resident landlord scheme

When you are moving abroad the last thing you will probably want to think about is tax.

gaines cooper court case concerning tax residency status

The announcement that Mr Gaines-Cooper has lost his case at the Supreme Court last week has resulted in a number of headlines about the issue. The case went on for a long while, arguing that mere day counting for determining an individuals tax residency status is not enough and the IR20 Residents and non-residents leaflet should be looked at as a whole. They key point that was determined was the an individual should have a 'distinct break' in the pattern of their life in the UK in order to become non-resident. It is at this point that the day count is considered when looking at an individuals UK residency status.

tax alert for health professionals

HMRC has launched a campaign to recover unpaid tax from health professionals. 2,500 doctors and dentists have received a letter asking them to come forward within 21 days and confirm their tax liabilities. If the warning is ignored they may incur significant charges, or be referred to the Criminal Investigations department.

hmrc have admitted issuing over 17,000 final reminder letters in error

If you received a penalty letter from HM Revenue & Customs then do not panic. HM Revenue & Customs have admitted that over 17,000 final reminder letters have been sent out in error. It would appear from reports that I have read that the incorrect notices relate to individuals who made their payments in December but had yet to be allocated correctly on HM Revenue & Customs system.

tax free personal allowance increase

It was announced in the budget that the tax free personal allowance will be increasing to £9,205 from 6 April 2013. This is a £1,100 rise on the already announced 2012/2013 allowance of £8,105. It is proposed that this increase will bring some 840,000 people out of income tax altogether. Whilst this is good news for lower paid individuals, people earning over £42,000 will only see one quarter of this benefit as the amount of earnings being taxed at 20% is reducing which will remove the majority of this benefit.

withdrawal of child benefits

One of the biggest changes announced was the way that Child Benefits are to be withdrawn. As part of the budget the government have reintroduced the availability of claiming Child Benefits for households where someone earns up to £60,000. The amount of Child Benefit will be gradually reduced by way of an income tax charge where the individual earns between £50,000 and £60,000 per annum.

hmrc launches app

HMRC have launched a tax calculator app that can be used to estimate the amount of Income Tax and National Insurance you can expect to pay on your income. It will also tell you how this money is expected to be spent by the government. The app is free to download and is part of an initiative that will see the government sending all tax payers individual statements about how much they have contributed to individual government departments from 2014-2015.

Ensure you make a will

I have just finished working on a client’s affairs which very clearly highlights the need to have good advice so that your tax affairs are correctly structured and your will is effective.

Tax matters in the spotlight

Our Tax Partner, Bryan Elkins, features in the January edition of All About Horsham magazine. He provides an interesting review of the Chancellor’s Autumn Statement and looks at what sort of impact new measures could have on individuals. Bryan covers issues including the tax free Personal Allowance and Child Benefit.

Tax Return Catch Up

HMRC have announced a new campaign which allows tax payers who have not completed their tax returns up until 2011-12. By registering for the campaign the level of penalties payable should be substantially reduced. If you know you owe tax and cannot afford to pay it all now, there are dedicated helplines which may allow you to negotiate a payment term with HMRC. Individuals who haven’t submitted prior year returns need to register with HMRC from now until 15 October 2013 in order to take advantage of the scheme. All returns must be submitted and outstanding liabilities paid by the October deadline.

Self-Assessment - Are you filing on time?

With the introduction of the child benefit charge, the number of individuals who are now within the self-assessment system is ever increasing. The deadline for filing a 2012/13 electronic return is 31st January 2014, with any outstanding tax liabilities also being due by this date. The deadline for filing a paper return was 31st October 2013.

Unwarranted tax assessments - best to include a calculation first

In the recent case of Cotter v HMRC, the Supreme Court found that where the taxpayer had included information in his tax return that did not feed into the year’s calculation, HMRC were not obliged to give effect to it. As Mr Cotter had not calculated the tax due in his reurn, HMRC were not required to include a claim for loss relief in the earlier year’s assessment.

Single Tax Code For Homeworkers

Following the Office of Tax Simplifications review of employee benefits and expenses a recommendation has been made to introduce a new single tax code for homeworkers, including freelancers. This will distinguish between individuals who work from home because they can, and those who have a genuine business need to do so.

Taxpayers warned about Copycat ‘HM Revenue & Customs’ websites

The Low Income Tax Reform Group (LITRG) has warned taxpayers when filing online Self-Assessment returns to be wary of commercial Self-Assessment tax websites that charge to forward the return onto HMRC.

Non-domicile remittance basis flexibility retained

The government has now concluded its consultation on remittance basis flexibility. The consultation, which was announced in the 2014 Autumn Statement, looked at setting a minimum claim period for the remittance basis for non-domiciled individuals (“non-doms”). It has been decided to leave the existing rules unchanged, allowing non-doms to continue to choose from year to year whether to claim the remittance basis or not.

Chancellor announces extending averaging for farmers

One of the announcements made by The Chancellor in his Autumn Statement 2015 related to self-employed farmers.

HMRC stop sending paper self-assessment reminders for January 2016 deadline

HMRC will not send paper statements or payslips to self-assessment taxpayers to remind them of the 31 January 2016 filing and payment deadline.

HMRC reminds self-employed to guard against phishing e-mails

HMRC has warned that millions of people due to complete online tax returns by the end of January may be targeted by fake e-mails claiming to be from HMRC.

Spofforths exhibiting at better business 2016

Our Worthing Office partners Jo-Anne Haulkham and Chay Took will be at the Better Business Show 2016 today at Worthing Assembly Hall. The event is a must for local, new or growing businesses and runs from 10.00 am until 4.00 pm.

IR35 status took announced by HMRC

HMRC to launch an online Employment Status Indicator (ESI) tool to test contractors' and freelancers' IR35 status will be available by Spring 2016.

New personal allowance and higher rate tax threshold 2017

The Chancellor announced that the personal allowance for the 2017/18 tax year will be set at £11,500. In addition the basic rate tax threshold will increase to £33,500. No higher rate tax will be payable by individuals who have taxable income of less than £45,000.

Small Tax Savings for the Self-Employed

The Class 2 National Insurance charge (commonly known as the “stamp”) is to be abolished from April 2018, which will provide an annual tax saving for self-employed individuals of approx. £150 per annum.

Lifetime ISA

George Osbourne announced in his speech today that a new Lifetime ISA will be introduced from April 2017.

Spofforths trading as Kreston Reeves from January 2017

Following the merger of Spofforths and Kreston Reeves in June this year, Spofforths will trade as Kreston Reeves from January 2017.