Headlines from our latest newsletter. Please click on any of the links below for more information:
BUDGET ANNOUNCEMENTS
George Osborne delivered his second budget of the year on 8 July 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Budget
CHANGES FOR 'BUY TO LET' LANDLORDS
It was announced in the Budget that the government will restrict the amount of income tax relief landlords can claim on residential property mortgage interest costs to the basic rate of income tax - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Changes
ANNUAL INVESTMENT ALLOWANCE CERTAINTY
The Chancellor announced that Annual Investment Allowance will be set permanently at £200,000 from 1 January 2016 providing certainty for businesses - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Annual
THE FAMILY HOME AND IHT
The government has announced the introduction of a new transferrable nil rate band for the family home. The additional band will apply where a residence is passed on death to direct descendants such as a child or a grandchild - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Family
NATIONAL LIVING WAGE
The government has announced the introduction of a new National Living Wage (NLW) for working people aged 25 years and above - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#National
PAYE LATE FILING PENALTIES
HMRC have now issued the first in-year penalties notices to employers with fewer than 50 employees who missed the deadline for sending PAYE information to HMRC - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#PAYE
CLAIMING THE MARRIAGE ALLOWANCE
The Low Incomes Tax Reform Group published updated guidance on how to apply for the new transferable personal allowance, known as the marriage allowance, for married couples and civil partners which came into effect on 6 April 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Claiming
PHISHING EMAILS HMRC EXAMPLES
HMRC have updated their list of examples of emails, letters, text messages and bogus calls used by 'scammers' and fraudsters to get taxpayers personal information - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Phising
HMRC CHECKING EMPLOYEES HAVE PAID THE CORRECT AMOUNT OF TAX ON THEIR PAY
HMRC have started to check that people have paid the right amount of tax in 2014/15, a process they refer to as the annual End of Year Reconciliation process - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#HMRC
STATISTICS SHOW EMPLOYMENT RISE IN 2015
The Office for National Statistics (ONS) has released figures showing that UK employment rates were up between February and April compared to the three months to January 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Statistics
Thursday, 16 July 2015
Tuesday, 14 July 2015
Tax Time to Pay Arrangements – HMRC Announce Mandatory Direct Debit
HMRC can use discretionary powers to agree to payment of a debt by
instalments after the due date, where the customer is genuinely unable to pay
by the due date and is able to commit to agreed payments to bring their tax up
to date.
Direct Debit has always been the preferred method of payment for
any regular time to pay arrangement, however from 3 August 2015 payment by
direct debit will be mandatory.
HMRC say that they are moving to direct debit by default because:
- It is more cost effective and more secure than
other payment methods
- It removes the chance that the customer will forget to
make payment
- Payments are more likely to be correctly allocated
- Reduces the need for subsequent customer contact,
saving time for the customer and HMRC
- Direct Debit scheme includes a guarantee to protect the
customer
HMRC say that they recognise that there will be exceptional
circumstances where a customer is unable to set up a direct debit, perhaps
because their bank account will not allow it. In such cases payment by other
methods may be agreed.
HMRC state that it is not
their intention to routinely revisit any existing non-direct debit agreements
however for any new agreements we will expect the customer to agree to payment
by direct debit.
Tuesday, 7 April 2015
NEWSLETTER 91
Headlines from our latest newsletter. Please click on any of the links below for more information :
IT TAKES A TEAM TO PICK A PLUM
We are pleased to announce that Walker Thompson has recently assisted in the arrangements for the sale of Coventry IT company Plum Software Ltd to Australian based software specialist Praemium
IT TAKES A TEAM TO PICK A PLUM
We are pleased to announce that Walker Thompson has recently assisted in the arrangements for the sale of Coventry IT company Plum Software Ltd to Australian based software specialist Praemium
BUDGET 2015
George Osborne presented the final Budget of this Parliament on Wednesday 18 March 2015PERSONAL TAX RATES AND ALLOWANCES
For those born after 5 April 1938 the personal allowance will be increased to £10,600. For those born before 6 April 1938 the personal allowance remains at £10,660TAX BANDS AND RATES FOR 2015/16
The basic rate of tax is currently 20%. The band of income taxable at this rate is being decreased from £31,865 to £31,785 so that the threshold at which the 40% band applies will rise from £41,865 to £42,385 for those who are entitled to the full basic personal allowanceSTARTING RATE OF TAX FOR SAVINGS INCOME
From 6 April 2015, the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings will be increased from £2,880 to £5,000, and this starting rate will be reduced from 10% to 0%PROPOSED PERSONAL ALLOWANCES TO COME
The Chancellor announced that the personal allowance will be increased to £10,800 in 2016/17 and to £11,000 in 2017/18PERSONAL SAVINGS ALLOWANCE
The Chancellor announced that legislation will be introduced in a future Finance Bill to apply a Personal Savings Allowance to income such as bank and building society interest from 6 April 2016HELP TO BUY ISA
The government has announced the introduction of a new type of ISA, the Help to Buy ISA, which will provide a tax free savings account for first time buyers wishing to save for a homePENSION FREEDOMS FOR THOSE WITH ANNUITIES
The Chancellor has announced a new flexibility for people who have already purchased an annuityNATIONAL MINIMUM WAGE RISES
The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paidAUTO ENROLMENT GUIDANCE FOR SMALL EMPLOYERS
The Pensions Regulator (TPR) has launched a new step-by-step guide to help small businesses get ready for their automatic enrolment dutiesBUSINESS RATES SYSTEM - HAVE YOUR SAY
The government has launched a wide-ranging review of national business rates in EnglandFriday, 20 March 2015
Budget 2015
George Osborne presented the final Budget of this Parliament on Wednesday 18 March 2015.
In his speech the Chancellor reported ‘on a Britain that is growing, creating jobs and paying its way’.
Towards the end of 2014 the government issued many proposed clauses of Finance Bill 2015 together with updates on consultations. Due to the dissolution of Parliament on 30 March some measures will be legislated for in the week commencing 23 March, whilst others will be enacted by a Finance Bill in the next Parliament (depending on the result of the General Election).
The Budget proposes further measures, some of which may only come to fruition if the Conservative Party is in power in the next Parliament.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was announced we have included our own comments. If you have any questions please do not hesitate to contact us for advice.
Main Budget tax proposals
• Increased personal allowances
• The introduction of a new Personal Savings Allowance
• Changes to ISAs including the introduction of a new type of ISA
for First Time Buyers
• Changes to pensions
• Potential business rate reform in England
• Entrepreneur’s Relief – changes to qualifying conditions
See more at : http://www.walkerthompson.co.uk/Budget-2015
In his speech the Chancellor reported ‘on a Britain that is growing, creating jobs and paying its way’.
Towards the end of 2014 the government issued many proposed clauses of Finance Bill 2015 together with updates on consultations. Due to the dissolution of Parliament on 30 March some measures will be legislated for in the week commencing 23 March, whilst others will be enacted by a Finance Bill in the next Parliament (depending on the result of the General Election).
The Budget proposes further measures, some of which may only come to fruition if the Conservative Party is in power in the next Parliament.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was announced we have included our own comments. If you have any questions please do not hesitate to contact us for advice.
Main Budget tax proposals
• Increased personal allowances
• The introduction of a new Personal Savings Allowance
• Changes to ISAs including the introduction of a new type of ISA
for First Time Buyers
• Changes to pensions
• Potential business rate reform in England
• Entrepreneur’s Relief – changes to qualifying conditions
See more at : http://www.walkerthompson.co.uk/Budget-2015
Monday, 9 February 2015
100% Submission
January 2015 saw the usual period of collating those last minute tax returns but for the tenth year running, we achieved a 100% submission for those returns where we had received all the necessary information. Unfortunately there were a very small number of clients who for numerous reasons could not get information to us and who will unfortunately be receiving a £100 automatic penalty and a further penalty for late payment of any tax falling due for payment.
We urge every client to collate their information in good time before the January 31 deadline and now is a good time to put a note in the diary to let us have any information before Christmas.
We urge every client to collate their information in good time before the January 31 deadline and now is a good time to put a note in the diary to let us have any information before Christmas.
Newsletter 89
Headlines from our latest newsletter. Please click on any of the links below for more information :
GOVERNMENT PUBLISHES GUIDANCE ON NEW 'FIT FOR WORK' SERVICE
The Government has published guidance on its new Fit for Work service, which aims to help tackle the problem of long-term sickness absence.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Government
ACCELERATED PAYMENT NOTICES
HMRC have announced that they have secured almost all of the disputed tax due from the first group of tax avoidance scheme users to receive Accelerated Payment notices (APNs).
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Accelerated
HMRC WARN OF PHISHING EMAIL SCAM
HMRC are warning taxpayers to be wary of the latest in a long line of email phishing scams that claims taxpayers have ‘made mistakes while completing their last tax form application’.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#HMRC
AUTO ENROLMENT LETTERS AND UPDATED THRESHOLDS
The Pensions Regulator (TPR) is to write to all small and micro businesses in the coming months as part of a new campaign to give them key information on auto enrolment, including when the duties affect their businesses.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#HMRC
GOVERNMENT WANTS SUGGESTIONS FOR BUDGET 2015
HM Treasury is encouraging groups, individuals and representative bodies to submit their ideas for consideration in advance of Budget 2015.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Budget
PENSION WISE
The government has announced the launch of ‘Pension wise’ which will offer free and impartial guidance to people on the new pension freedoms which comes into effect in April.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Pension
STRONG DEMAND FOR NATIONAL SAVINGS ‘PENSIONER BONDS’
The National Savings & Investments website and helpline are experiencing a high volume of enquiries following the launch of their 65+ Guaranteed Growth Bonds which are being referred to as ‘pensioner bonds’.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Strong
GOVERNMENT PUBLISHES GUIDANCE ON NEW 'FIT FOR WORK' SERVICE
The Government has published guidance on its new Fit for Work service, which aims to help tackle the problem of long-term sickness absence.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Government
ACCELERATED PAYMENT NOTICES
HMRC have announced that they have secured almost all of the disputed tax due from the first group of tax avoidance scheme users to receive Accelerated Payment notices (APNs).
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Accelerated
HMRC WARN OF PHISHING EMAIL SCAM
HMRC are warning taxpayers to be wary of the latest in a long line of email phishing scams that claims taxpayers have ‘made mistakes while completing their last tax form application’.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#HMRC
AUTO ENROLMENT LETTERS AND UPDATED THRESHOLDS
The Pensions Regulator (TPR) is to write to all small and micro businesses in the coming months as part of a new campaign to give them key information on auto enrolment, including when the duties affect their businesses.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#HMRC
GOVERNMENT WANTS SUGGESTIONS FOR BUDGET 2015
HM Treasury is encouraging groups, individuals and representative bodies to submit their ideas for consideration in advance of Budget 2015.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Budget
PENSION WISE
The government has announced the launch of ‘Pension wise’ which will offer free and impartial guidance to people on the new pension freedoms which comes into effect in April.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Pension
STRONG DEMAND FOR NATIONAL SAVINGS ‘PENSIONER BONDS’
The National Savings & Investments website and helpline are experiencing a high volume of enquiries following the launch of their 65+ Guaranteed Growth Bonds which are being referred to as ‘pensioner bonds’.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Strong
Tuesday, 20 January 2015
Newsletter 88
Headlines from our latest newsletter. Please click on any of the links below for more information:
CHANGES TO THE CONSTRUCTION INDUSTRY SCHEME (CIS)
The government has announced that it will implement a package of improvements to the CIS. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Changes
VAT AND DIGITAL SERVICES
HMRC have issued some additional guidance for small businesses which supply digital services to consumers in other EU Member States. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#VAT
1,773 ‘HAPPY RETURNS’ AT CHRISTMAS
HMRC have reported that they received 1,773 online tax returns on Christmas Day, with the busiest time for online returns on 25 December between midday and 1pm, when 148 Yuletide returns were delivered electronically. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Christmas
HOLIDAY PAY AND OVERTIME UPDATE
We have previously reported that in the judgment an Employment Appeal Tribunal (EAT) decided that holiday pay should reflect non-guaranteed overtime. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Holiday
TAX ON THE DIVERTED PROFITS DUBBED THE NEW 'GOOGLE TAX'
The government has published draft tax legislation to implement the new tax on diverted profits which has been referred to as the ‘Google tax’. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Tax
SOLICITORS’ TAX CAMPAIGN
Solicitors are being given the chance by HMRC to bring their tax affairs up to date or face tougher penalties, as part of a new tax campaign. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Solicitors
RTI: FILING PENALTIES AND APPEALS
In the latest Employer Bulletin HMRC are reminding employers that they are about to issue penalty notices to those employers who have failed to meet their RTI filing obligations. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#RTI
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