Until now, HMRC’s online VAT services have been basic, but he’s recently added some genuinely useful tools. What’s to know? HMRC has recently made some additions to the VAT online services. While they are not the functions that you need on a daily basis, they will however simplify and speed up some of his application […]
For savers, the annual ISA contribution limit will rise modestly from the current level of £11,280 to £11,520 from April 2013, a rise of 2.1%.. But previously it was said that this would be increased in line with inflation. What about pensions? The basic state pension will rise by 2.5% next year to £110.15 a […]
If your company is looking at ways of investing spare cash then investment opportunities relating to woodlands is worth considering. The reruns from these investments are sizeable and also come with tax incentives. If you search for details it’s not difficult to find reports of investments in woodlands producing annual returns in double figures. Usually […]
If you own more than one property in the UK, you can opt into nominate which property should be treated as your main residence for tax purposes. When you opt in for such an election there are different tax implications, based on the qualifying conditions. But you should note that three are strict time limits […]
Real Time Information on PAYE will be available from April next year, but employers have the chance to use it earlier according to HMRC. RTI is a system that is intended to make life simpler for employers. In reality, its function is to clamp down on businesses that fail to make PAYE payments on time. […]
Have you ever thought of claiming a tax deduction for your birthday gift? According to the laws of HMRC, you can freely do so provided that they are used for business purpose. If you spend money on your business, you can expect set off the cost against your tax bill. But as with all other […]
If your company has made a profit, it is highly likely that every director will receive a share from it as bonus. In order to get an early tax deduction, these bonuses must be paid within a specified time, but on the otherhand there will be a large PAYE bill.
The application of VAT law has been done incorrectly by HMRC. The law states that how much VAT is payable where businesses pay for fuel used for private mileage.
The last two years has been a difficult time for the HMRC’s National Insurance and PAYE Service. Soon after its launch vast numbers of incorrect tax code numbers were sent out and it automatically issued thousands of demands for tax that people had no idea. After being stung by criticism, HMRC has become more proactive […]
There are different benefits for people who work less than 16 hours a week and for people who work 16 hours or more. How will the tax credit be calculated based on hours or work? If you have more than one job, you should add the hours from both jobs together.However, if the number of […]