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Posts Tagged ‘Tax News’

Tax Cuts for Limited Companies

A piece of good news has arisen as a result of the vote to leave the European Union. George Osborne has promised to cut corporation tax in order to continue encouraging business investment. As part of his plan to build a “super-competitive economy” the likelihood is that the chancellor will reduce corporation tax by 5%[...] Read more »

HMRC self assessment late returns fines amnesty

If you are one of the nearly 900,000 individuals who sent in their self-assessment tax return after the January 31st 2015 deadline, you may have had a lucky escape from the £100 fine. A report in the Telegraph newspaper says that tax officials at HMRC have been instructed not to make any checks on appeals[...] Read more »

Extension of tax return date in some circumstances

The following news item has been put up on the Tolley Tax Intelligence website regarding an extension of the tax return deadline. “Filing extension for those submitting a 2012/13 Tax Return using free HMRC software Anyone who has ever used the free HMRC software to file, or help a friend or family member to file,[...] Read more »

All I want for Christmas is a Government Gateway reference number

The frosts are getting harder, there’s a chill in the air and we are all starting to turn our minds urgently to that special time of year. That’s right – it’s nearly time for those without an accountant to submit an online Self Assessment tax return! This is a critical time for those running small[...] Read more »

Students working in their holidays may be overpaying tax this year!

HMRC have scrapped the P38(S) form which allowed students working only in their holidays to ask their employer not to take tax off their wages. Previously students had the whole year to spread their tax allowance over; so if the annual income exceeded the threshold only then would they be liable for tax. Now the[...] Read more »

Tax credit claimants must renew before 31 July, says HMRC

People who claim tax credits are being reminded by tax officials that an annual deadline is approaching for them to renew their claim. Claimants have until 31 July to renew, otherwise they face losing the payments, HM Revenue and Customs (HMRC) has said. Tax credit renewal packs have been sent to 5.8 million people since[...] Read more »

Late Outstanding Tax Returns?

Take advantage of HMRC’s new campaign “My Tax Return Catch Up” – see below for details. Want an accountant to act on your behalf call Coastal Tax and Accountancy 01273 420127 for professional and friendly help with your tax affairs. Update from HMRC website: HM Revenue & Customs (HMRC) are offering you a quick and[...] Read more »

Working Tax Credits for Self Employed

WORKING TAX CREDIT –  SELF EMPLOYED Update your information by the 31st July – Make sure your accountant has completed your tax return and that you have provided all the relevant information. HMRC Tax Credits Helpline on 0345 300 3900 It’s an oft-held criticism that some people are better off on benefits than working. The[...] Read more »

Are you ready for RTI Payroll?

HMRC is updating the PAYE system this year in the biggest change to PAYE in 60 years. If you haven’t already heard, the new system is to be known as Real Time Information (RTI) and it means that HRMC must be informed by employers every time the payroll is run (so instead of being completed[...] Read more »