Income Tax

5
Nov

Employer Bulletin: Guidance for employers

Employer Bulletin: Guidance for employers HMRC has published the October 2019 issue of the Employer Bulletin which contains guidance 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 payments

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7
Apr

Changes to income tax bands for 2019/20

  Changes to income tax bands for 2019/20 The new tax year brings changes to income tax bands and allowances. The personal allowance is £11,850 for 2018/19 and increases to £12,500 for 2019/20. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000. The reduction is £1 for every £2 of income above £100,000.

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7
Feb

‘Unbelievable excuses’ for late filing of tax returns

  ‘Unbelievable excuses’ for late filing of tax returns HMRC has revealed some of the most ‘bizarre excuses’ taxpayers have given for failing to file their self assessment tax return on time. Excuses included ‘I’m too short to reach the post box’, and ‘my boiler had broken and my fingers were too cold to type’. One taxpayer claimed that a junior

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17
Jan

Self assessment deadline approaching

  Self assessment deadline approaching The deadline for submitting your 2017/18 self assessment return is 31 January 2019. 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.

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17
Dec

Phishing warning: Tax refund email targets university students

  Phishing warning: tax refund email targets university students HMRC has warned that university students are being bombarded with fake tax refund emails. The scammers have targeted university students in an attempt to steal their banking and personal details using.ac.uk email addresses that look genuine, in order to avoid detection. Mel Stride, Financial Secretary to the Treasury said: ‘Although HMRC

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6
Nov

HMRC countdown: file your tax return

  HMRC countdown: file your tax return With less than 100 days until the self assessment tax return deadline of 31 January 2019, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. The deadline for submitting 2017/18 self assessment tax returns online is 31 January 2019. An automatic penalty of £100

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6
Nov

Personal tax allowance and basic rate band increases 

  Personal tax allowance and basic rate band increases At the Budget, the Chancellor announced that increases to the personal tax allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which

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6
Nov

Personal tax allowance and basic rate band increases 

  Personal tax changes – allowance and basic rate band increases At the Budget, the Chancellor announced that increases to the personal tax allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold

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4
Oct

Self assessment tax returns: ‘Paper’ return deadline

  For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2017/18 return is 31 October 2018. Self assessment tax returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid

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6
Sep

HMRC warning: time to declare offshore assets

  HMRC warning: time to declare offshore assets HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax

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