Category: Tax

Comments Off on Personal Credit Card Payments to HMRC Will Stop in January

Personal Credit Card Payments to HMRC Will Stop in January

Personal Credit Card Payments to HMRC Will Stop in January

HMRC have advised that from 13 January 2018, they will no longer be accepting payments from personal credit cards. HMRC have accepted credit card payments from individuals, but from 13 January 2018, this method of payment will no longer be available. HMRC’s hand has been forced due to a change in EU law, which prohibits … Continued

Comments Off on HMRC are Gearing Up for the New Corporate Criminal Tax Offences

HMRC are Gearing Up for the New Corporate Criminal Tax Offences

HMRC are Gearing Up for the New Corporate Criminal Tax Offences

Legislation providing for new corporate criminal offences of failure to prevent the facilitation of tax evasion is now in effect. The new offences, contained in the Criminal Finances Act 2017, will make businesses vicariously liable if an employee or other ‘associated’ person criminally facilitates tax evasion whilst acting in that capacity for the business, even … Continued

Comments Off on HMRC to Tackle Offshore Non-Compliance

HMRC to Tackle Offshore Non-Compliance

HMRC to Tackle Offshore Non-Compliance

Over recent years, HMRC has adopted a zero-tolerance attitude towards offshore tax evasion. It has sent a clear message that the days of any safe havens for tax evaders are numbered. In December 2016, the government published draft legislation for Finance Bill 2017 and its response to the consultation document Tackling Offshore Tax Evasion: a … Continued

Comments Off on Buy-to-let Regulations Fuel Rent Rises

Buy-to-let Regulations Fuel Rent Rises

Buy-to-let Regulations Fuel Rent Rises

Landlords are increasing rent prices due to the recent introduction of buy-to-let tax regulations, according to a study. Estate agent Your Move analysed rental prices on around 20,000 properties and found the average rent in England and Wales rose by 3.1% in the past year to £874. The rise in rental prices can be attributed … Continued

Comments Off on Finance Bill 2017-19 Round-Up

Finance Bill 2017-19 Round-Up

Finance Bill 2017-19 Round-Up

The government has published Finance Bill 2017-19, containing a number of changes that will affect both savers and investors. Many of the measures in the Bill were expected in April 2017 but were withdrawn due to the snap general election, which took place on 8 June 2017. Most of them have now been reinstated with … Continued

Comments Off on Paper Tax Return Deadline Reminder

Paper Tax Return Deadline Reminder

Paper Tax Return Deadline Reminder

The deadline to submit your self-assessment paper tax return for the 2016/17 tax year is 31 October 2017. All income received during the tax year running from 6 April to 5 April must be accounted for in your tax return. To report your income, claim tax reliefs or any outstanding repayments, you need to complete … Continued

Comments Off on High value dealers need to register for cash payments

High value dealers need to register for cash payments

High value dealers need to register for cash payments

Businesses accepting cash payments of €10,000 or more in exchange for goods are required to register with HMRC under money laundering regulations (MLR). Recent changes to regulations mean that companies accepting cash payments on or above the threshold limit (or equivalent in sterling) will be classed as high value dealers. Transactions that are considered high … Continued

Comments Off on Sick pay valued over other benefits

Sick pay valued over other benefits

Sick pay valued over other benefits

Self-employed people would prefer to receive sick pay than any other statutory benefit, a study has found. FreeAgent and The Freelancer & Contractor Services Association (FCSA) polled 900 micro-business owners and found 76% do not currently offer sick pay and other benefits such as maternity leave, holiday or redundancy pay. Attitudes towards statutory benefits varied … Continued

Comments Off on Second payment on account deadline reminder

Second payment on account deadline reminder

Second payment on account deadline reminder

The second annual deadline to submit advance payments towards your self-assessed tax bill for the previous year is due on 31 July 2017. ‘Payments on account’ take place every six months – on 31 January and 31 July – and include class 4 national insurance contributions if you’re self-employed. Each payment is half your previous … Continued

Comments Off on HMRC urged to extend executors’ inheritance tax deadline

HMRC urged to extend executors’ inheritance tax deadline

HMRC urged to extend executors’ inheritance tax deadline

Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills. Under current rules, the executor of a will can manage a person’s estate following their death by applying for a ‘grant of representation’ – otherwise known as probate. The process … Continued