Just like ladies’ hats at Royal Ascot and strawberries and cream at Wimbledon, summer would not be the same without some contact from HMRC. Now in their third year, HMRC’s annual tax calculations (P800) are being sent out to approximately two million people who pay tax under Pay As You Earn (PAYE) and whose other.. read more →
On 9 April 2014 HMRC published details of their latest campaign to encourage taxpayers to declare and pay unpaid tax on second incomes. HMRC will expect settlement of any taxes due four months from the date of declaration of untaxed income sources to HMRC. The types of income highlighted by HMRC include: consultancy fees, for.. read more →
George Osborne has laid his cards on the table and we now know what the tax landscape looks like for 2014-15 (subject to any changes before the Finance (No. 2) Bill 2013-14 receives Royal Assent). Here’s a list of the main changes: For those born after 5 April 1948 the personal tax allowance is.. read more →
The new statutory residence test explained. Last year, HMRC introduced a new statutory residence test, which has been designed to provide greater certainty as to whether or not individuals are UK resident for tax purposes. It is a welcome development as many clients have faced years of uncertainty over their residence status. However as with.. read more →
A Budget for makers, doers and savers…. 1. Pensions – ‘far reaching reforms’ were announced, with tax restrictions being lifted allowing pensioners access to their pots. From April 2015 the 25% tax-free pot will continue, the excess currently suffers a 55% tax charge, this will be removed allowing the excess to be taxed at the.. read more →
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David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation