HMRC will issue personal tax return penalties for late filing and late payment of any tax liabilities due. As accountants and tax advisors we strongly recommend that you file your personal tax return on time. However, should this not be possible, below are the penalties you can expect to be issued by HMRC. Late Filing …
The National Minimum Wage will rise in April 2020 to £8.72 per hour for those aged 25 and over. Lower rates are applicable for those aged under 25. The April 2020 Minimum Wage increases in full The following rate increases are to be applied from April 2020: Aged 25 and over will be entitled to …
There are several ways in which you can pay personal tax liabilities. We go though each option on how to pay personal tax, so that you can decide which option is most convenient for you. Recap: Who needs to pay personal tax UK individuals who are registered for self-assessment must pay their personal tax liabilities …
With less than 2 months to the Self-Assessment tax return deadline of 31st January 2020. HMRC have been urging individuals to complete their tax returns earlier to avoid the last minute mad panic. Who needs to complete a Personal Tax Return? Not all taxpayers need to complete a Personal Tax Return. This is because in …
What is an Allowable Christmas Gift and Gifts in general? As Christmas Party Season is now approaching, what constitutes as a Christmas gift? More importantly, what is an allowable Christmas Gift for Tax Deduction purposes? Many Companies over the festive period are unsure what the tax treatment may be, whether providing staff a Christmas party …
Staff Christmas Presents and the Tax Consequences Read More »
As Christmas Party Season is now approaching, what constitutes as a Staff Christmas Party? More importantly, what is an allowable Christmas Party for Tax Deduction? DISCLAIMER – Please note that the content contained in this article is for general information only and is not a substitute for professional advice – read our full disclaimer
What is the dividend allowance for the 2018/19 year? What are its effects and what therefore does it mean to me and my business? Past and Current dividend allowances The current dividend allowance for the 2018/19 tax year has reduced from £5,000 to £2,000. This will then determine the way in which a company or …
Influencers and Tax! Are you a Social Media Influencer, Vlogger or Blogger? Did you know you may have to pay Tax on your online earnings? What is a Social Media Influencer, Vlogger or Blogger? The above terms are effectively referring to online/ digital entrepreneurs, using various types of Social Media. Examples of such platforms are …
HMRC are issuing controls which should prevent fraudsters from spoofing HMRC’s most recognisable 0300 numbers. How are HMRC controlling the issue? HMRC have recently issued a warning of the increasingly mimicked legitimate HMRC helpline numbers (usually beginning with 0300) to steal tax payers money. When taxpayers check the number online, they believe it to belong …
Supply chain fraud can manifest itself in many forms. Here we will concentrate on payroll services. Due Diligence when Choosing a Payroll Provider HMRC have recently issued a warning in their Employer Bulletin 78. The warning relates to supply chain fraud in payroll services/providers. It warns employers to undertake the following. Sufficient and proportionate due …