2016 SELF ASSESSMENT RETURNS
We are pleased to announce that despite a hectic month, for the tenth year running we managed to achieve a 100% submission of Self Assessment Tax Returns by the deadline on 31 January
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#2016
MAKING TAX DIGITAL
The government published their responses to the six consultations on making tax digital (MTD) - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#Digital
PAY THE NMW - NO EXCUSES
The government has revealed ten of the most bizarre excuses used by unscrupulous business owners who have been found to have underpaid workers the NMW - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#NMW
LANDLORDS TO RECEIVE LESS TAX RELIEF ON INTEREST
In a change that will impact residential landlords, the amount of income tax relief available on residential property finance costs will be restricted to the basic rate of income tax - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#Landlords
MORE SILLY TAXPAYER EXCUSES FROM HMRC
HMRC have released more unusual excuses from taxpayers who failed to complete their self assessment tax return on time - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#Excuses
TAX CHEATS – HMRC’S CRIMINAL CASE HIGHLIGHTS OF 2016
HMRC have revealed their top ten most significant fraud and organised crime cases of the last year - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#Cheats
TAX HELPLINE FOR PEOPLE AFFECTED BY SEVERE WEATHER AND FLOODING
HMRC have made available a telephone helpline (0800 904 7900) for anyone affected by severe weather or floods - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#Helpline
PENSIONS AUTO ENROLMENT
The Department for Work and Pensions has confirmed the thresholds for pensions automatic enrolment for 2017/18 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#Pensions
2016 SELF ASSESSMENT RETURNS
We are pleased to announce that despite a hectic month, for the tenth year running we managed to achieve a 100% submission of Self Assessment Tax Returns by the deadline on 31 January.We were shocked that more clients than ever before seemed to delay bringing in information to complete their tax returns but it came as a greater surprise to both us and to the relevant clients that from those returns made in January, 30% resulted in repayment claims and the total claims exceeded £45,000.
In essence this means that HM Revenue & Customs were holding that client money for at least 6 months and in some cases longer, simply because the submission of the tax return is the only evidence based document which can release the money.
We would encourage taxpayers within the Self Assessment regime to submit details at the earliest opportunity after April each year because if there is tax payable then it can be planned for in advance, if appropriate we can make claims to reduce tax payments due to be made in July and finally it will release any repayments much earlier.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-111#2016
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