HMRC

How to get your SA302 for mortgage applications

2018-09-12T00:31:01+00:00September 21st, 2018|Categories: Articles & Guides, HMRC, Personal Finance|Tags: , , , , |

How to get your SA302 for mortgage applications How to get proof of earnings for mortgage or loan applications. What’s new? From 4 September 2017 HMRC will not send SA302s on paper to Agents. HMRC maintain a list of lenders who have agreed to accept the online self-service copy in place of a SA302. Tax overviews and online copy of SA302 tax calculation HMRC advise that a large number of mortgage or loan lenders should now be accepting a self-service copy in place of a paper SA302 sent from HMRC. Typically, the lenders will want to see a tax overview [...]

Personal Tax Account

2018-09-12T00:36:42+00:00August 18th, 2017|Categories: Articles & Guides, HMRC, Taxation|Tags: , , , |

Personal Tax Account (PTA) What is a Personal Tax Account? How do I get one? What can I do with it? HMRC launched this account in December 2015 It is intended to make it easier for individuals to review and manage their tax affairs online, together with other interactions with HMRC such as tax credits or child benefit. See below for a list of features and services available through the account By December 2016, 7 million people had accessed their account. Setting up a PTA Before you can set up your account you will need to verify your identity with [...]

HMRC launch consultation on employee expenses

2017-05-10T15:54:03+00:00May 10th, 2017|Categories: HMRC|Tags: , , |

As confirmed the Spring Budget 2017, HMRC have launched a consultation on the use of the income tax relief for employees' business expenses, including those that are not reimbursed by their employer. The main objectives of the consultation, which will run until 12 June 2017, are to understand: - if the current rules or their administration can be clearer and simpler; - whether the tax rules for expenses are fit for purpose in the modern economy; and - why the cost to the exchequer of the tax relief for expenses which are not reimbursed has increased. Expenses form an integral [...]

HMRC launch MTD pilot

2017-05-05T15:50:20+00:00May 5th, 2017|Categories: HMRC|Tags: , , |

HMRC have already confirmed that they are committed to having Making Tax Digital (MTD) fully operational by 2020, and recently announced that they would be running a pilot scheme from April 2017 until April 2018. The pilot has now been launched, with customers (both businesses and agents) being invited to sign up for a new way to report income and expenses online. At different stages of the pilot, customers will help HMRC develop and improve the service by: - using accounting software to record their business income and expenses; - sending summary reports of their income and expenses direct from [...]

Apprenticeship Levy

2017-04-20T22:03:40+00:00April 20th, 2017|Categories: HMRC|Tags: , |

The new Apprenticeship Levy takes effect from 6 April 2017. Although the levy affects employers in all sectors, it will only be paid on annual pay bills in excess of £3 million - this means that, according to government estimates, less than 2% of UK employers will pay it. However, from 1 May 2017, changes are also being made to the way that apprenticeships are funded in England. The changes are designed to make it easier for employers of all sizes to navigate and choose the apprenticeship training they want to purchase. Apprentice funding Employers who currently have apprentices working [...]

Increase in the cash basis threshold

2017-04-12T21:50:05+00:00April 12th, 2017|Categories: HMRC|Tags: , , |

As announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government's initiative for simplifying tax paid by unincorporated businesses and runs alongside the Making Tax Digital project. Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. General partnerships may use the cash basis - as long as the partnership meets the receipts and other entry criteria, [...]

Changes to IR35 rules confirmed

2017-03-04T01:06:49+00:00March 4th, 2017|Categories: HMRC, Limited Company|Tags: , |

HMRC have recently announced changes to the way the intermediaries legislation (known as the 'IR35 rules') will be applied to off-payroll working in the public sector. In particular, contractors who provide their services to a public authority through an intermediary will need to be aware for the changes, which take effect from 6 April 2017. Broadly, from 6 April 2017, responsibility for deciding whether the legislation should be applied will move from the worker's intermediary to the public authority the worker is supplying their services to. Where the rules apply, the fee-payer (the public authority, agency, or other third party [...]

Implementation timetable for Making Tax Digital extended

2017-02-13T01:01:43+00:00February 13th, 2017|Categories: HMRC|Tags: , , |

Following representations from the House of Commons Treasury Committee, HMRC have published proposals to undertake a year-long pilot of the Making Tax Digital programme. HMRC are committed to having Making Tax Digital fully operational by 2020, and a pilot scheme is expected to run from April 2017 until April 2018. Software developers have been invited to participate in the pilots, by asking their clients to sign up to trials. In the first six months of 2017, testing is scheduled for digital reporting of income from letting property, while participating taxpayers will be asked to report additional sources of income through [...]

Company cars: ultra-low emissions vehicles

2017-01-20T00:52:55+00:00January 20th, 2017|Categories: HMRC|Tags: , |

At Budget 2016, the government said it would consult over the summer on changes to the ultra-low emission vehicles (ULEV) bands for taxing company cars to 'focus incentives on the very cleanest cars'. As a result of the consultation, HMRC have now published details of eleven new bands, which will be introduced for ULEVs with emissions below 75gCO2/km from 2020/21, including a separate zero emission band. Some of the lowest CO2 bands are based on the 'electric range' of the vehicle, as well as the CO2 emissions. This is the maximum distance the vehicles can travel in pure electric mode [...]

Finance Bill 2016 receives Royal Assent

2016-10-26T22:32:37+00:00October 26th, 2016|Categories: HMRC|Tags: , |

The Finance Bill 2016 finally received Royal Assent on 15 September, enacting proposals announced in the 2016 Budget, Autumn Statement 2015 and Summer Budget 2015. Amongst other things, Finance Act 2016 includes provisions relating to income tax rates and allowances; restrictions on tax reliefs for travel and subsistence expenses (in effect since April 2016), the reduction of the lifetime allowance on pension contributions from £1.25m to £1m (again, effective from 6 April 2016); and the reduction in the main rate of corporation tax to 17% for financial year 2020. The Act is based on George Osbourne's final Budget. The annual [...]

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