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- Tax Saving Accountants
- 17 Feb 14
Record Number of Self-Assessments Filed
A record number of self-assessments was filed at the end of January. This comes in part because HMRC stood firm on the 31st January deadline, despite many calling for it to be pushed back until the 3rd of February. With a rise in self-employment in the past tax year and a record number of new […]
- Tax Saving Accountants
- 10 Feb 14
50% Tax Rate “Not Anti-Business” Says Balls
Ed Balls has defended Labour”s pledge to bring back the 50% top rate of tax. In particular, he has insisted it does not mean that his party has an “anti-business agenda.” Ed Balls Wants To See Tax Rates Falling Balls also said that even though those earning over £150,000 would pay more in tax, he […]
- Tax Saving Accountants
- 27 Jan 14
Government Grants Tax Cut of £200 per Employee
The government is set to introduce an employment allowance in April. This will result in a tax saving of £200 for each employee. Thanks to this allowance, employers are set to save nearly £5.5 billion by the end of the current parliament, according to figures from the treasury. The allowance will also reduce employers’ total […]
- Tax Saving Accountants
- 20 Jan 14
690 Convictions for Tax Fraud in 2013
HM Revenue and Customs have confirmed the number of tax fraud convictions made in 2013. It has been revealed that almost 700 perpetrators of fraud where discovered and convicted. Tax Fraud Convictions Have Risen Since 2012 2012 saw only 477 successful convictions as a result of HMRC’s efforts to combat tax fraud. In 2013, this […]
- Tax Saving Accountants
- 13 Jan 14
Record Numbers of Christmas Tax Returns
The number of tax returns submitted over the three core days of the Christmas period has reached a record. The number has been rising for several years, and continued to do so in 2013. The busiest of the three days was Christmas Eve. Roughly 17,000 people chose the day before Christmas to submit an online […]
- Tax Saving Accountants
- 6 Jan 14
“Overcomplicated Tax Rules” says OTS
The Office of Tax Simplification has said that the rules surrounding employee expenses are a complex “minefield,” and said that they need to be updated. The rules in question have remained unchanged since the 1990s. For example, the OTS has highlighted the example of a restaurant bill. They have suggested it should simply be an […]
- Tax Saving Accountants
- 9 Dec 13
Paperless Self-Assessment Coming
Following an HMRC consultation, it has been announced that paperless self-assessment may soon be introduced. Under this system, all communications from HMRC to taxpayers will take place through electronic methods rather than through the post. At present, only a quarter of communications that HMRC send to ten million self-assessment taxpayers in the UK can be […]
- Tax Saving Accountants
- 14 Oct 13
HMRC Pay Over £354k due to “Careless” Errors
HMRC is facing criticism after it has emerged that the number of tax complaints in 2012-2013 was more than double the previous year’s figure. 60% of all complaints were at least partially upheld, leading to a total of £354,321 paid in redress. Complaints relating to PAYE were particularly prominent. Many of the mistakes made by […]
- Tax Saving Accountants
- 7 Oct 13
Outstanding Tax Cases Near 27,000
Outstanding first-tier tax tribunal cases have been on the rise for some time. In 2012/2013, it has now been revealed, the number nearly reached a record of nearly 27,000. In 2009/2010, this number was only 13,456, meaning that the volume of outstanding cases has almost exactly doubled over the past four years. However, HMRC has […]
- Tax Saving Accountants
- 23 Sep 13
Partnership Tax Reforms Prove Unpopular
HMRC have recently announced several reforms to the way Limited Liability Partnerships are taxed. The latest plans, however, have proved unpopular with advisors in the professional service industry. The plans in question are aimed at tackling two issues. Chiefly, they target businesses who disguise junior employees as partners for tax benefit. They also aim at […]