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Self Assessment
Class 2 NICs Underpayments Through the Tax Code
From April 2014, HMRC will have the power to collect underpayments of Class 2 National Insurance Contributions through the tax code. Previously, this power had only been used to collect Self-Assessment debts or Tax Credit overpayments. HMRC have advised that they have commenced sending payment requests to people that have underpaid Class 2 [...]
RTI Countdown, Employment Law Payments and Awards 2013, Auto-Enrolment Thresholds 2013, Class 2 NICs Underpayments Via the Tax Code, Beneficial Loan Interest Rates 2013/14, Consultation on Payroll Giving, Draft Pensions Bill 2013 and OTS Final Report on Review of Pensioner Taxation
I cannot believe that January is almost at a close. We only put our decorations back into the loft at the weekend. Mind you, I seem to be behind with everything at the moment – it was only last week I finally decided that my evenings annoying the neighbours with my chiminea had to come [...]
Reminder – Self-Assessment Deadline 31 January 2013
This is just another reminder that the deadline for 2011/12 Self-Assessment Tax Returns is midnight on Thursday 31 January 2013. Failure to submit by this time will incur a late filing penalty plus failure to settle all outstanding liabilities by the same date will result in a late payment penalty. Comment Importantly, taxpayer will have [...]
Registering a Business with HMRC
Any new business that delays in registering with HMRC may incur a penalty. Form CWF1 could be used to notify HMRC of this new business. HMRC have speeded up the registration process by allowing this to be done online. Completing the below online form will also allow the creation of a Government Gateway account as [...]
‘May Day Call for Tax Returns’ by HMRC
HMRC have issued a press statement aimed at anyone who was due to complete a SA Tax Return by 31 January 2012 but has not. The reason for this is that HMRC’s penalty structure allows for an initial fixed penalty in the sum of £100.00 to be imposed for late receipt after 31 January, with [...]
Week 53 Provisional Tax Collection
In March, we advised that we had been communicating with HMRC about underpayments of tax that may arise from the correct application of Week 53 procedures. Tax is collected via PAYE on a provisional basis to ensure, amongst other things, that there are no fluctuations in net pay simply as a result of there being [...]
Week 53 and Provisional Tax Collection
The Learn Centre (TLC) has received quite a few queries about the possibility of underpayments of tax due to increased instances of Week 53 situations in the 2011/12 tax year. Therefore, this warranted an in-depth discussion on the topic. The tax year is divided into 52 weeks, 26 fortnights or 13 four-weekly pay periods. However, [...]
Office of Tax Simplification
The Office for Tax Simplification (OTS) was established on 20 July 2010 with the purpose of providing independent advice to Government on areas of possible simplification of the tax system for taxpayers and businesses. This advice, in the form of a report, is presented to the Chancellor ahead of his Budget statement which may, or [...]
HMRC Issues Self-Assessment Penalties
From last week, HMRC began a two-week process of issuing penalty notices for over 800,000 taxpayers who failed to meet the 31 January 2012 deadline for online filing 2010/11 tax returns and the payment of any outstanding tax ( In fact, this deadline was extended this year to 02 February 2012 in light of industrial [...]
Government Scraps ‘SA Donate’
The SA Donate scheme allows a Self-Assessment taxpayer to direct any tax refund to a charity which has registered with HMRC to receive such sums. Section 429 of the Income Tax Act (ITA) 2007 allows for such redirections of a tax refund to be eligible for tax relief under Gift Aid. As the deadline for [...]
HMRC Tax Return Deadline – Reasonable Excuse
The 31 January filing deadline applies to all taxpayers required to complete a SA tax return by HMRC. This is, of course, unless they can demonstrate that there is a ‘reasonable excuse’ for not doing so. In this regard, last week, BBC’s Money Box programme discussed the issue of a member of Britain’s armed forces [...]
HMRC Self-Assessment Tax Return Reminder
This is the final repeat of the news items from last week and the week before. HMRC’s Press Office has also issued another reminder – however, see the below press release dated 26 January 2012: In its New Year message, HMRC have issued a reminder to those who have still got to complete their Tax [...]
HMRC Tax Return Deadline – Extension
The Public and Commercial Services (PCS) Union advises that some HMRC staff are likely to stage a series of ‘short strikes’ on 31 January this year. This is to object to the use of two private companies, Sitel and Teleperformance, who have been engaged to handle trials in HMRC tax credit contact centres. These year-long [...]
Adoption Bill, Self-Assessment Reminder, Tax Information Exchange Agreement Aruba, Tax Codes for 2012/13, HMRC 0T Draft Regulations and RTI – The Employer Alignment Submission
I do like to think of myself as an optimist. I try to see the good in a situation and in people – a half full rather than a half empty person. However, in this life and after a few years on this earth, I have learned that I must apply some realism to a [...]
HMRC Self Assessment Tax Return Reminder
This is just a repeat of the news items from last week, as it is especially relevant at this time of year. In its New Year message, HMRC have issued a reminder to those who have still got to complete their Tax Return for 2010/11. This has to be filed: Online, and By midnight 31 [...]
Self Assessment Tax Return Reminder
In its New Year message, HMRC have issued a reminder to those who have still got to complete their Tax Return for 2010/11. This has to be filed: Online, and By midnight 31 January 2012 The quote from HMRC says: Missing the 31 January deadline will mean that Self-Assessment taxpayers will face penalties…. we want [...]
