A new tax campaign was launched by HMRC on 7 October 2013. The campaign targets: physiotherapists, occupational therapists, chiropractors, osteopaths, chiropodists and podiatrists; homeopaths, dieticians, nutritional therapists, reflexologists, acupuncturists, psychologists, speech, language and art therapists, and other health professionals are also covered. Health professionals have until 31 December 2013 to advise HMRC that they would.. read more →
UK residents, whose Swiss banking arrangements have been disclosed to HMRC under the UK/Swiss tax agreement, have started to receive follow up letters from HMRC. Earlier this year account holders were given a choice: To pay over a fixed percentage of their account balance to compensate for tax previously unpaid. Or, to authorise their Swiss.. read more →
Two changes have been introduced by HMRC with regard to tax credit overpayments. First, claimants now only have three months to dispute overpayments. Secondly, HMRC will no longer suspend recovery of an overpayment whilst they consider a dispute. This emphasises the importance of checking overpayments notices and acting promptly. read more →
National Minimum Wage rates increase from 1 October 2013: 21 and over £6.35 18 to 20 £5.03 Under 18 £3.72 Apprentice £2.68 https://www.gov.uk/national-minimum-wage-rates read more →
With effect from April 2013, the renewals allowance for the replacement of plant other than trade tools will no longer be available. For residential rental properties the renewals basis gives a specific deduction for expenditure on the replacement of fixtures integral to buildings (e.g. bathroom fittings, central heating, boilers, windows and other similar assets). The.. read more →
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David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation