Income Tax
Mini Budget U-Turn
Mini Budget U-Turn A dramatic mini budget U-Turn was witnessed last week. The Chancellor is reversing the plan to scrap the 45p top rate of income tax announced at the end of September in the Mini budget. This decision comes after several Tory MPs voiced their opposition to the proposed plan. Why? The government had been planning to borrow money
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
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.
‘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
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.
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
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
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
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
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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