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The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is not worthwhile if it will be clawed back in full via t ...

Tax

The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities.   There is a penalty of £100 if a taxp ...

Tax

HMRC has issued the latest Employer Bulletin. This issue includes articles on a number of areas including: guidance for employers on reporting PAYE information in real time when payments are made early at Christmas electronic payment deadline falls on a weekend Ultra Low Emission Vehicle High Income Child Benefit Charge deadline 31 January Tax-Free Childcare payments up ...

Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy t ...

Tax

According to a report published by the Charity Commision, the majority of UK charities admit fraud is a major risk, but are still failing to carry out basic tasks in order to protect themselves. More than 3,300 charities took part in the Charity Commission's survey into fraud awareness, resilience and cyber security in the sector. Over two thirds of charities agree that fraud ...

HMRC has published the October 2019 issue of the Employer Bulletin which contains guidance on a number of issues relevant for employers. Topics in this edition include: Changes for UK employers sending workers to the EU, the EEA or Switzerland PAYE Settlement Agreements and Welsh rate of Income Tax Guidance for employers on reporting PAYE information in real time when paym ...

With less than 100 days until the self assessment tax return deadline of 31 January 2020, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. HMRC report that last year more than 2,000 people submitted their tax returns on Christmas Day. Taxpayers should consider submitting their returns early to avoid the stress of a last minu ...

Tax

On 25 October 2019 the Chancellor of the Exchequer Sajid Javid wrote to the Treasury Select Committee to confirm that the Budget will not now take place on 6 November 2019 as originally planned. You can read that letter here. We will keep you informed of developments. Internet link: GOV.UK Budget  ...

On Monday 28th October 2019 we held a Charity Halloween Cake Bake in aid of Stand Up To Cancer, at our offices in Weybridge, Uxbridge and Sunninghill. We received some astounding spooky creations from some talented bakers! All the entries were judged using strict criteria and after a tough marking session, the winner from each office received a prize! We would like to say a m ...

The government has initiated a review of the Loan Charge and whether the policy is an appropriate way of dealing with disguised remuneration loan schemes used by individuals who entered directly into these schemes to avoid paying tax. Sir Amyas Morse, the former Comptroller and Auditor General and Chief Executive of the National Audit Office (NAO), will lead an independent rev ...

Tax