Her Majesty’s Revenue & Customs (HMRC) has issued a warning that fraudsters are sending out fake e-mails promising rebates. An estimated five million people filed their tax returns online last month and now many of them are receiving emails which purport to come from HMRC saying there has been an error in calculating their [...]
There has been much publicity and comment about “non doms” – these being persons who whilst resident in the UK are not domiciled there (see here for more information on what this means). The popular belief is that these people are unfairly avoiding tax on income or capital gains made outside the UK by claiming [...]
HMRC have published new regulations relating to the payment of Class 2 and voluntary Class 3 national insurance contributions (NICs) for past years. Class 3 contributions for the 2006-07 tax year which are paid after 5 April 2009 and voluntary Class 2 contributions for the 2006-07 tax year which are paid after 5 April 2008 [...]
HMRC (Her Majesty’s Revenue & Customs) have announced that they are gearing up to mount an attack on Managed Service Companies (MSCs) based in the UK and offshore. Background For many years now HMRC has battled to try and stop what it perceives to be the unacceptable use of limited companies as a way for [...]
HMRC have published the long delayed survey which they commissioned on Save As You Earn (SAYE) and Share Incentive Plans (SIP), which considers whether the schemes have met their policy objectives. The survey on SIPs was due in 2005. While the report provides some useful statistics, it is disappointing that HMRC have failed to address [...]
International businessman Robert Gaines-Cooper has failed to persuade the Court of Appeal that he has changed his UK domicile. We read a lot in the UK press about “non-doms” and how they don’t pay their fair share of tax. Recent legislation has made it more difficult for “non doms” to benefit but as usual the [...]
An Individual Savings Account (ISA) allows any UK taxpayer aged 18 or over to save up to £7,200 each year (for 16-17 year olds this is £3,600 cash) and not pay tax on the income they receive from the investment. They are now a permanent feature of the UK savings landscape. Tax Advantages of ISAs All income [...]
COMPANY CAR: If you have a company car which you can also use for private use then as from 1st July 2008 the following rates apply for reimbursement of fuel costs for business mileage: These rates don’t often change but you should be aware that they may and they will if VAT rates change. [...]
Here are some simple ways to save tax: Keep accurate accounting records, remember to note down all business expenses; File your tax return before the 31 January and avoid unnecessary fines; Pay your tax on time so avoiding having to pay interest as well as a 5% surcharge; If you are married consider organising your [...]
Inheritance Tax (IHT) is probably not at the forefront of most people’s minds. However given the relentless rise in UK property prices over the past few years (and even allowing for the current, probably short term price drops) many individuals and couples are likely to find that they have been pushed over the current threshold. [...]
The so called IR35 Legislation came into force in the UK in April 2000. It seeks to tax freelance workers providing services via their own limited company. Its stated aim was to prevent employees setting up a limited company and performing their duties through that company with the resulting tax advantage. Generally it is more [...]
Accountants come in all shapes and sizes, both good and bad. To many people they are a necessary evil but a good accountant can add value to your business and help you sleep at night. But how do you find the right one for you? The first step is to accept that you need an [...]
Taking out a pension does not guarantee you a comfortable retirement. You have to pay enough into it to make it worth while. How much you need to pay in will depend on what type of pension scheme you are a member of and also whether you are self-employed or not. You can pay as [...]
Yesterday was Midsummer Day here in the Northern Hemisphere – and the weather? Rain, more rain, violent storms and high winds! Yes, 21st June was the “longest day” of the year. Well, it was 24 hours long just like all the others, but I suppose it’s called the longest day because it has more hours of [...]
Gordon Brown is a serial offender. Master of the U-turn. And every time he does turn he blames other people for the financial chaos he has caused. We all know about the debacle over the abolition of the 10p tax rate and the criticism heaped on Gordon Brown. Rightly so. He only has himself to [...]
Capital Gains Tax (CGT) is a levy which may need to be paid when you sell certain types of asset, such as residential or commercial property, stocks and shares or other investments such as antiques, artwork – paintings, sculptures - and cars. Strictly speaking only individuals pay CGT but companies don’t escape as any gain they [...]
