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 [...]

Obtaining Gross CIS Payment Status

2018-09-12T00:16:00+00:00September 11th, 2018|Categories: Blog, Taxation|Tags: , , , , |

Obtaining Gross CIS Payment Status Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile. To be eligible to gain CIS gross payment status and receive payments from contractors gross, your ‘construction’ turnover, net of materials, has to be greater than £30,000. For partnerships and companies this limit increases by £30,000 for each additional partner or director, up to or exceeding £100,000. HM Revenue & Customs will [...]

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 [...]

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 [...]

HMRC’s tougher approach to offshore tax evasion

2017-02-02T00:58:14+00:00February 2nd, 2017|Categories: Taxation|Tags: , , |

HMRC have implemented various measures over recent years designed to encourage those not paying the right amount of tax across their offshore tax affairs to make full disclosures. Whilst there has been a positive approach to the facilities provided, HMRC have recently reminded taxpayers that things are about to get even tougher for those who try to hide investments offshore. To date, over 100 countries have committed to exchange information on a multilateral basis under the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS) ,which means that HMRC will be receiving new financial information about their customers from [...]

Employment Allowance consultation launched

2016-12-14T21:58:46+00:00December 14th, 2016|Categories: PAYE|Tags: , , |

HMRC have launched a technical consultation on proposals to restrict the Employment Allowance (EA) from employers of 'illegal workers'. The consultation is open for comments until 3 January 2017. Budget 2016 announced that from April 2018, the EA would be removed for one year from those who receive civil penalties for employing illegal workers. Broadly, the allowance entitles the vast majority of businesses, charities, and community amateur sports clubs to a reduction of up to £3,000 per year on their employer National Insurance Contributions (NICs) bill. Whilst the allowance has very broad eligibility, the Government believes that those who break [...]

HMRC clarify pre-registration of VAT policy

2016-12-12T21:50:06+00:00December 12th, 2016|Categories: VAT|Tags: , , |

HMRC have recently published Brief 16 (2016), entitled Treatment of VAT incurred on assets that are used by the business prior to VAT registration. Broadly, the brief aims to clarify when, and to what extent, VAT is deductible and what to do if the correct treatment has not been applied. A business registering for VAT may recover tax incurred on goods and services before their effective date of registration (EDR). This allows the recovery of VAT against goods and services as long as they are used by the taxable person to make taxable supplies once registered. Services must have been [...]

MAKING TAX DIGITAL

2018-06-21T01:22:06+00:00September 23rd, 2016|Categories: Blog, MTD|Tags: , , |

MAKING TAX DIGITAL CONSULTATION OVERVIEW From 2018, the UK will have a digital tax system, which means most businesses, self-employed and landlords will need to use software or an app to keep their records digitally and update HMRC quarterly. This is all part of HMRC’s Making Tax Digital and with six consultations now released, here we review the key points you should be aware of. (If you are a small business or landlord you may be particularly interested in the exemptions section of Consultation One). Consultation One: Bringing business tax into the digital age This consultation focuses on [...]

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