On Wednesday 8th July, George Osborne will present his first budget of the new parliament. He has indicated that there will be no hikes in the major taxes: Income Tax, National Insurance, VAT and Corporation Tax. We shall see… What he will be revealing is how he intends to reduce public expenditure in order to […]
Category Archives: News Updates
If you are an old hand at setting up a new business most of the content of this article will be a timely reminder of the issues you need to cover in your project to-do list. For first timers, use this article as a guide to see you through what can prove to be an […]
From April 2016, the Scottish Parliament has devolved powers to set the Scottish Rate of Income Tax (SRIT). Within the last few weeks it has been widely publicised that this may mean a higher rate of Income Tax in Scotland as compared to the Income Tax rates in other parts of the UK. HMRC have […]
HMRC have started the process of sending formal statements to taxpayers who may have under or over paid Income Tax for 2014-15. In a recent press release they said: “We are sending P800s that show an overpayment of tax first, followed by a cheque around a fortnight later. You don’t need to do anything. The […]
1 July 2015 – Due date for Corporation Tax due for the year ended 30 September 2014. 6 July 2015 – Complete and submit forms P11D return of benefits and expenses and P11D (b) return of Class 1A NICs. 8 July 2015 – The second Budget Day for this year. 19 July 2015 – Pay […]
Its official, HMRC does not want to charge penalties! HMRC have made the following announcement on their approach to the £100 late filing penalty for people sending in tax returns late: “We want to focus more and more of our resources on investigating major tax avoidance and evasion rather than penalising ordinary people who are […]
The north of England may become a Scottish executives’ area of choice to live if the Scottish Parliament sets the Scottish income tax at higher rates than the rest of the UK. In effect the north of England could become a dormitory for wealthy families, presently living in Scotland, who for tax reasons, will seek […]
You usually need to renew your tax credits once a year. You should receive your renewal pack by 30 June. If you haven’t got your pack, call the Tax Credit Helpline. You can’t renew your tax credits until you get your renewal pack. If you claimed tax credits after 6 April, your renewal pack is […]
The Competition and Markets Authority (CMA) recently fined an association of estate and lettings agents, 3 of its members and a newspaper publisher over £735,000 for agreeing to restrict the advertising of fees or discounts in a local newspaper. In light of this case, the CMA has sent warning letters to a number of estate […]
David Cameron announces plans to double free childcare for working parents, with some families set to benefit as early as next year. Parents set to benefit from 30 hours of free childcare, with rollout to start from 2016 – a year earlier than planned. Childcare funding rates to increase, with review promised before summer. New […]