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This Month

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.

Thursday, September 6, 2018

Stamp duty cut

According to the latest statistics 121,500 first-time buyers have saved a total of £284 million.

Thursday, September 6, 2018

Software suppliers - Making Tax Digital for VAT

HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019.

Thursday, September 6, 2018

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 September 2018.

Thursday, September 6, 2018

HMRC latest guidance for employers

HMRC has published the latest edition of the Employer Bulletin.

Thursday, September 6, 2018

'No deal' Brexit guidance

The government has issued some 'no deal' Brexit technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised.

Thursday, September 6, 2018

Bank of England raise interest rate

The Bank of England has raised the interest rate from 0.5% to 0.75%.

Thursday, August 2, 2018

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV).

Thursday, August 2, 2018

Scotland introduces relief for first time buyers

First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT).

Thursday, August 2, 2018

Next round of tax draft tax legislation published

The government has published draft legislation for Finance Bill 2018-19 which is currently open for consultation.

Thursday, August 2, 2018

One million couples still eligible for tax boost

HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break.

Thursday, August 2, 2018

Consultation on pensions cold calling ban

HMRC has launched a consultation on draft proposals to ban pensions cold calling.

Thursday, August 2, 2018

Use Tax-Free Childcare over the summer holidays

The Government is reminding 'stressed out parents' that help may be available for childcare costs during the summer holidays.

Thursday, August 2, 2018

Other

Budget Report

Information and links about the budget report

Thursday, September 20, 2018

Autumn Statement

Information and links about the autumn statement

Thursday, September 20, 2018

Diary

Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High Income Child Benefit Charge for 2017/18 if no tax return has been issued.

This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2018 but who believe they have received income or capital gains which will result in a tax liability. This deadline is also relevant to individuals who are liable to the High Income Child Benefit Charge.

Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31st January 2019.

If we have already dealt with this matter on your behalf you need take no action.

Tax and NI due under a 2017/18 PAYE Settlement Agreement.

This deadline is relevant for employers who have entered into a PAYE settlement agreement to pay tax and national insurance in respect of benefits in kind for their employees for the year ended 5th April 2018.

Where the payment is made electronically the deadline for cleared receipt of cleared payment is 22nd October 2018.

PAYE, Student loan and CIS deductions are due for the month to 5th October 2018.

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.  

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd October 2018. In year interest will be charged if payment is made late. Penalties also apply.

PAYE quarterly payments are due for small employers for the pay periods 6th July 2018 to 5th October 2018.

This deadline is relevant to small employers only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd October 2018. In year interest will be charged if payment is made late. Penalties also apply.

Deadline for submitting 'paper' 2017/18 self assessment returns.

This deadline is relevant to individuals who need to complete a self assessment tax return for 2017/18 and wish to file the return in a 'paper' form. Self assessment returns submitted after this date must be submitted electronically.

Please note that this deadline is not relevant if we are going to submit an online return for you or you are going to deal with the completion of an online return yourself. The deadline for submission of online returns is 31 January 2019.

If we are already dealing with this matter on your behalf you need take no action.

Deadline for submission of 2017/18 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2019/20 PAYE code.

This deadline is only relevant for those individuals who complete a 'paper' self assessment tax return and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2019/20.

Please note that where your return is submitted online then the filing deadline for 'coding out' is 30 December 2018.

If we are already dealing with this matter on your behalf you need take no action.

Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2018.

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement.  The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.  This notification may be made by completing and printing off the relevant by paper or online forms.

Where one car is merely replaced with another, this may be notified online.

A change in car for car benefits which are being 'payrolled' should not be reported on a P46(car).

PAYE, Student loan and CIS deductions are due for the month to 5th November 2018.

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.  

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd November 2018. In year interest will be charged if payment is made late. Penalties also apply.

Advisory Fuel Rates.

New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found by visiting https://www.gov.uk/government/publications/advisory-fuel-rates

PAYE, Student loan and CIS deductions are due for the month to 5th December 2018.

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.  

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st December 2018 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd December. In year interest will be charged if payment is made late. Penalties also apply.

Online filing deadline for submitting 2017/18 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2019/20 tax code.

This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2019/20.

If we are already dealing with this matter on your behalf you need take no action.