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HMRC launch MTD campaign

2019-09-01T23:06:09+01:00November 4th, 2018|Categories: Blog, HMRC, MTD|Tags: , , |

According to recent research undertaken by the Institute of Chartered Accountants in England and Wales (ICAEW), over 40% of businesses that will be affected by Making Tax Digital (MTD) for VAT are not yet aware of it. With only six months to go until MTD goes live for some businesses in April 2019, HMRC have only recently launched a major communications campaign to try and build awareness amongst small businesses. The ICAEW survey also shows that although there has been a significant increase in the number of businesses now using accounting software, a quarter of all businesses are still [...]

Class 2 NICs to remain

2019-09-01T22:08:17+01:00October 20th, 2018|Categories: Articles & Guides, Blog, HMRC, Self Employment|Tags: , , , , |

Self-employed earners (i.e. sole traders or partners) over the age of 16 and below state retirement age are currently liable to both Class 2 and Class 4 National Insurance contributions (NICs) unless specifically excepted by provisions contained in the Social Security Contributions and Benefits Act 1992. Former Chancellor, George Osborne, made proposals to abolish Class 2 NICs and reform the system for paying Class 4 NICs. The proposals were designed to simplify the tax system for the self-employed and offer them more equal access to contributory benefits. However, the Treasury recently announced that it will not now proceed as [...]

How to get your SA302 for mortgage applications

2019-09-01T22:08:01+01:00September 21st, 2018|Categories: Articles & Guides, HMRC, Personal Finance|Tags: , , , , |

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 and full tax calculation for the tax years they [...]

Personal Tax Account

2019-09-01T22:05:21+01:00August 18th, 2017|Categories: Articles & Guides, HMRC, Taxation|Tags: , , , |

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 There are two ways [...]

HMRC launch consultation on employee expenses

2019-09-01T22:02:40+01:00May 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 [...]

HMRC launch MTD pilot

2019-09-01T12:04:27+01:00May 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 [...]

Apprenticeship Levy

2019-09-01T12:03:55+01:00April 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 [...]

Increase in the cash basis threshold

2019-09-01T12:03:01+01:00April 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 [...]

Changes to IR35 rules confirmed

2019-09-01T12:00:24+01:00March 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 [...]

Implementation timetable for Making Tax Digital extended

2019-09-01T11:59:18+01:00February 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 [...]

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