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HMRC and Late Filing Penalties – No New News!
Have you seen the recent news coverage about HMRC cancelling their usually strict £100 penalty if you are late with your tax returns? We need to tell you that this is not new news!
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Tax Credits Changes and the Risk of Overpayment
Tax credits are state benefits that provide extra money to people responsible for children, disabled workers and other workers on lower incomes. There are two types of tax credits – child tax credits and working tax credits.
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New Business Growth and Improvement Programme
Do you feel you need help to give your business a jump start? Or perhaps you’ve been trading successfully for some time but now need direction about how to grow further?
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Changes to the Collection of Class 2 NICs from 2015
Following our policy of keeping you up-to-date with key HMRC news, we have information that there are changes to the collection of Class 2 National Insurance Contributions from the 2015/16 tax year.
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Taxation – The Intentions of the Main Political Parties
Following our promise to keep you as up-to-date as possible with all things financial, we have obtained an at-a-glance guide to the intentions of the main political parties regarding taxation.
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New Marriage Allowance Tax Break
From 6th April this year the new Marriage Allowance is a tax break available for more than 4 million married couples and 15,000 civil partnerships.
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Do You Work From Home?
Do you work from home? Are you aware that you can claim a variety of costs from HMRC? Most people working from home have claimed the £4 per week allowance based on HMRC guidance, but this has now been updated.
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Changes to Pensions – How Much Tax Will You Pay?
From April this year it will be possible to take money purchase pensions benefits as virtually any mix of lump sum and income. The details are still being worked out but many people are not aware that there are tax implications to this.
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Income Tax Relief on the Seed Enterprise Investment Scheme
New businesses often struggle to find investors at the time when they really need funds. The Seed Enterprise Investment Scheme (SEIS) is designed to help small businesses raise equity finance through tax reliefs to investors who purchase shares in the company. It is very appealing to investors due to this generous tax relief.
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New Rules About Wills and Inheritance Tax
There has recently been an announcement about new rules surrounding wills and inheritance tax (IHT). The rules make the legal situation more clear and precise, so it’s a good idea to ensure you have a will, chose your executors wisely, and let your close family members know you have a will.
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Real Time Information – We’re Not Ready!
HM Revenue & Customs has had to postpone a major overhaul of payroll taxes because small businesses have complained that they’re not ready. Real Time Information or RTI was originally introduced for employers to provide information about tax and National Insurance each time they pay an employee, instead of annually – due in October this…
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Self-Employed and Need a Mortgage?
Obtaining a mortgage used to be reasonably straight forward but recent changes mean lenders want to see strong proof of income plus the ability to keep-up mortgage payments if interest rates rise.