News

PAYE tax refunds
16/05/2012 - More...
The annual reconciliation of PAYE for the tax year 2011/12 has now been completed and HMRC have begun sending out tax calculations in some cases to taxpayers. In approximately 85% of cases, taxpayers that pay tax through the PAYE system will have paid the correct amount of tax. However, if too much or too little tax has been pai...

The Scotland Act 2012
16/05/2012 - More...
The Scotland Act 2012 came into law on 1 May 2012. The Act gives the Scottish Parliament the power to set a Scottish rate of income tax which will be administered by HMRC for Scottish taxpayers. The new Scottish income tax rate is expected to apply from 6 April 2016. If for example, the Scottish Parliament set a rate of 9%, the Scottish ...

Employment law reforms confirmed in Queen’s Speech
16/05/2012 - More...
The Queen’s Speech has set out the Government’s plans for the Enterprise and Regulatory Reform Bill. From an employment law perspective, this Bill will overhaul the workplace dispute resolution system to facilitate the earlier resolution of disputes via a more efficient and streamlined employment tribunal system. This will be ac...

SDLT on expensive residential properties
09/05/2012 - More...
Residential property that is purchased by certain persons (broadly companies, collective investment schemes and partnerships with a member who is a company or a collective investment scheme) will be subject to a 15% SDLT charge if the value of the property acquired exceeds £2m. The process of purchasing in this way is sometimes described ...

PAYE Employer Annual Return
09/05/2012 - More...
The filing date for the 2011/12 PAYE Annual Return is 19 May 2012. The Return including a P14 for each individual employee and a P35 summarising the entire workforce must be filed. The vast majority of employers are required to file annual and in year forms online. If no return is due, HMRC must be notified – this can be done using the ne...

Fraudulent emails from 'HMRC'
02/05/2012 - More...
Fraudulent emails are still being sent to taxpayers. These emails aren’t genuine HMRC messages and should be disregarded. The emails are part of a 'phishing' exercise that use bogus e-mails and websites to trick taxpayers into supplying confidential or personal information. The 'phishing’ emails are being sent from inside the UK and ...

Electricians disclosure opportunity
02/05/2012 - More...
The deadline for electricians to regularise their tax affairs is fast approaching. The Electricians Tax Safe Plan (ETSP) is designed for people who work (or worked) installing, maintaining and testing electrical systems, equipment and appliances – and covers any tax owed, for whatever reason. The ETSP is aimed exclusively at electricians ...

Sunday Trading Bill receives Royal Assent for Olympic Games
01/05/2012 - More...
The Sunday Trading (London Olympic Games and Paralympic Games) Bill has now received Royal Assent. The Act suspends restrictions on large shops' Sunday trading hours for eight weeks from 22 July to 9 September 2012 during the London Olympic and Paralympic Games. The provisions of the Act mean that shops with a relevant floor area of ...

Late filing of self-assessment tax returns
25/04/2012 - More...
Taxpayers who have not yet filed their self-assessment returns online for the tax year ending 5 April 2011 face a daily penalty of £10 up to a maximum of £900 i.e. for three months from 1 May 2012. If the return still remains outstanding further higher penalties will be charged from six months and twelve months late. These penalties are ...

PAYE Employer Annual Return
25/04/2012 - More...
All employers are reminded that the filing deadline for submitting the 2011/12 PAYE annual return is fast approaching. The filing date for the annual return is 19 May 2012. The Return including a P14 for each individual employee and a P35 summarising the entire workforce must be filed. The vast majority of employers are required...

UK / Switzerland tax agreement
25/04/2012 - More...
The UK and Switzerland recently signed a landmark tax agreement that will introduce enormous changes to the taxation of offshore bank accounts in Switzerland from 2013. Under the agreement UK taxpayers will have the option to make a full disclosure of their existing banking relationships in Switzerland and pay any outstanding taxes, inte...

Average value of employment tribunal awards
25/04/2012 - More...
From April 2012, the Government is now publishing the average value of awards and the time taken to reach an employment tribunal hearing and this information is now included within the guidance on making an employment tribunal claim and responding to a claim. The aim is for the parties to have a greater understanding of what to expec...

HMRC launch new bereavement services team
18/04/2012 - More...
With effect from 11 April 2012, HMRC has established a dedicated bereavement services team to deal with PAYE and Self Assessment which arise when taxpayers die. The new team arose as a result of an HMRC working group with tax agents and the voluntary sector, to improve HMRC’s service to taxpayers and provide a single point of contact...

Buying and selling goods online
18/04/2012 - More...
The deadline for online traders to regularise their tax affairs is approaching. The latest campaign to be launched known as the e-Markets Disclosure Facility targets taxpayers who should be paying tax on income they earn from buying and selling goods direct to others using online marketplaces such as EBay. The campaign does not target peo...

PAYE dodgers targeted by HMRC
18/04/2012 - More...
Since 6 April 2012 HMRC have new powers to ensure that employers pay their PAYE tax deductions or Class 1 National Insurance contributions (NICs) on time. The new powers allow HMRC to obtain a security from employers where there is a serious revenue risk employers won’t pay over their PAYE tax deductions or NICs. New guidance has rec...

Holiday cottage qualifies for business property relief
11/04/2012 - More...
A recent First Tier Tribunal decision has ruled that a property used as a holiday cottage qualifies for inheritance tax business property relief (BPR). The property was a large bungalow which overlooked the sea and had direct access to the beach. HMRC had denied BPR on the 25% share of a holiday cottage owned by a taxpayer who died in Jun...

Cap on unlimited tax reliefs
11/04/2012 - More...
The Chancellor announced as part of the 2012 Budget that legislation is to be introduced in Finance Bill 2013 that will seek to apply a cap to income tax reliefs claimed by individuals from 6 April 2013. Such a move would introduce for the first time a limitation to existing reliefs.  This cap will be set at 25% of income or £50,000...

Submitting online VAT returns
11/04/2012 - More...
VAT Returns must be submitted online and payment must be made electronically for accounting periods beginning on or after 1 April 2012. This measure applies to virtually all VAT registered businesses in the UK. Since 1 April 2010, all VAT registered business with a turnover exceeding £100,000 and all newly VAT registered businesses had b...

Youth Contract opens for business
05/04/2012 - More...
The Youth Contract has opened for business and nearly half a million young people are set to benefit as £1 billion becomes available to get them into new jobs or training.  The Youth Contract supports businesses to get young people earning or learning. Those out of work aged between 16 and 24 are being urged to go to their Jobce...

Finance Bill 2012
04/04/2012 - More...
The Finance Bill 2012 was presented to Parliament on 26 March 2012. This is known as the first reading and there was no debate on the Bill at the time. The Bill contains the draft legislation for some of the proposals announced by the Chancellor in the 2011 and 2012 Budgets. The Bill is expected to have its second reading and a debate on ...