There is a limit on the amount of income tax relief that an individual may claim for deduction from their total income in a tax year. The limit applies from 6th April 2013. The limit in each tax year is the greater of £50,000 or 25 per cent of […]
This might seem like a strange question. Clearly they have little in common?! Well it’s not as little as you at first might think. Two of our accountants Amy Park and Michael Smith are taking part in a Children’s Foundation Abseil Challenge this coming weekend. The funds raised will in […]
As of 1 October, amendments to the Health and Safety (First Aid) Regulations 1981 mean that employers will no longer be required to obtain first aid training and qualifications that have been approved by the Health and Safety Executive (HSE). The changes are designed to make it easier for […]
New figures show that rising house prices contributed to families paying £3.1 billion in IHT over the last 12 months. Inheritance tax (IHT) planning is therefore more important than ever. IHT is currently payable on estates worth more than £325,000, levied at 40 per cent on the balance above that […]
HM Revenue and Customs (HMRC) is giving landlords who let residential property the opportunity to put their tax affairs in order. HMRC and the Treasury believe that up to 1.5 million landlords may have underpaid or failed to pay tax owed, and the loss is estimated at up to £500 […]
If you are an employer and have not yet started auto-enrolment, then you need to ensure that you are fully prepared ahead of your start date. New figures recently announced show that the scheme is already proving more popular with employees than expected. According to a survey by the […]
From April 2014, every business, charity and CASC will be entitled to an annual “employment allowance” of £2,000 to reduce their liability for Class 1 secondary National Insurance Contributions (NICs). The allowance is expected to benefit up to 1.25 million businesses and result in around one third of all […]
HMRC’s Specialist Investigations Offshore Coordination Unit are now sending out letters to individuals holding accounts held in Switzerland. Details of these accounts have now been obtained by HMRC. This was where the taxpayer allowed the banks to disclose details of their accounts to HMRC. The letter invites them to sign one of […]
HMRC are inviting those who work in the field of health and wellbeing, such as physical therapy, alternative medicine or therapy and other forms of therapy, and who do not currently pay the right amount of tax, to make a voluntary disclosure. This voluntary disclosure opportunity, which is open […]
If you have won compensation for mis-sold payment protection insurance (PPI) then you need to be aware of your obligations for reporting this to HMRC. PPI payouts are usually formed from three elements. The first two constitute the compensation. They are: A refund of the premiums paid; and Interest you […]
