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- Tax Saving Accountants
- 9 Sep 13
Bankers Delay Bonuses for Tax Benefit
It has been revealed that some banking professionals had their bonuses for the 2012/2013 tax year delayed until after April. They were therefore paid in the new tax year, which saw the top rate of income tax reduced to 45%. The top rate affects income above £150,000.These bonuses fell into that category, and so the […]
- Tax Saving Accountants
- 19 Aug 13
No New Tax for Online Sales
The treasury have revealed that a potential online sales tax will not go ahead. This tax was designed as a way to lessen the advantage online businesses have over brick-and-mortar ones. Online businesses tend to have fewer overheads than traditional ones, which can lead to lower prices and more new companies starting up. The value […]
- Tax Saving Accountants
- 14 Aug 13
HMRC to Introduce Single Compliance Process for SMEs
HM Revenue and Customs has announced plans to make things easier for SMEs by introducing a new Single Compliance System. It is hoped that this will produce a faster, more consistently high-quality enquiry process. It is also intended to ensure that individual enquiries are more appropriate to the cases they address. A trial of the […]
- Tax Saving Accountants
- 7 Aug 13
OTS Calls for Employee Benefits Tax Overhaul
The employee benefits tax and administration system is “ripe for a complete overhaul” according to the Office of Tax Simplification. In a recent report, the OTS identified four areas of major concern, and recommended a full overhaul of the entire system. The report was produced as part of a review the OTS is currently conducting […]
- Tax Saving Accountants
- 17 Jul 13
Quarry Firms Requested to Pay HMRC Pending Appeals
A number of Scottish quarry firms who have been withholding disputed tax, which accounts to around £10 million, have been asked to pay up or face their assets being seized. This comes as a result of a ruling in a Court of Session. The firms in question have banded together and formed the British Aggregates […]
- Tax Saving Accountants
- 28 Jun 13
Small and Start-Up Businesses are Missing out on Jobs Tax
Just this month, it has been discovered that start-up companies are missing the chance to claim back thousands of pounds of tax that were paid unnecessarily. Accountant David Bennett, who is at tax partner at the Moore and Smalley Charted Accountants, has recently said that many businesses that started between June 2010 and up to […]
- Tax Saving Accountants
- 21 Jun 13
HMRC Admit Self-Employed Tax Mistakes
There’s nothing worse than receiving a letter from HMRC when you know full well that you’ve completed your tax forms correctly. HMRC has admitted recently that problems have arisen, which they are now dealing with. The problems were largely associated with the Schedule 36 Notice, which should be issued when an informal request is not […]
- Tax Saving Accountants
- 14 Jun 13
Further Assistance on HMRC Rebate Tax Treatment
It was in March this year that HMRC announced that income tax would be levied on rebates starting from April. This initially sparked debate over the issue, with many demanding to have clean share classes from the fund managers. Since those calls, HMRC is now providing further assistance and guidance on the matter so that […]
- Tax Saving Accountants
- 7 Jun 13
SME PAYE Real-Time Reporting Exemption Extended To April 2014
Great news for small business owners – it’s now been announced by HM Revenue and Customs that there will not be an additional six months given to business owners to prepare for their PAYE. This is of course the ‘pay as you earn’ information that has to be provided to the government. Any business that […]
- Tax Saving Accountants
- 22 May 13
Income Tax Introduced For The First Time In Andorra
On the 2nd May this year, it was announced that Andorra is to introduce a tax on personal income for the very first time. Its European neighbours have been putting pressure on the country for a significant period of time, claiming that this level of ‘tax evasion’ needed to be tackled. The head of the […]