- Posted 29th March 2015
HMRC Gets Blamed for its Failure to Check Tax Reliefs
A report from the Public Accounts Committee (PAC) has accused HM Revenue & Customs (HMRC) for not monitoring the tax reliefs properly for the taxpayers.
MPs also added that ‘HMRC doesn’t check if the tax reliefs are being abused by the applicants’. Moreover, lack of knowledge about the cost of tax reliefs on HMRC's side has also concerned PAC.
Tax reliefs are designed to make the tax system fairer and encourage good behaviours. For instance, income tax personal allowance are inte...
- Posted 28th March 2015
What Causes VAT Inspection?
Heard of the term ‘VAT inspection’? If you have, you perhaps know what will happen on these inspections. But, do you know what actually triggers such inspections? Well, there are plenty of reasons for such assessment.
Causes of VAT inspection
• You fail to submit VAT returns on time.
• HMRC receives information concerning your business.
• There are certain types of businesses which pose as a risk factor to HMRC. They believe such businesses do not deal with their VAT properly. If your ...
- Posted 27th March 2015
Tips for Filling in Your Tax Return
Are you afraid of filling in a tax return? Well, you can relax as filling a tax return form is not as difficult as you think. Normally, the basic tax return consists of 8 pages, but extra pages may be added by HMRC depending on your specific circumstances.
Whether you choose to submit and complete a tax return online or on paper, it is up to you. When choosing to submit a return on paper, you may or not ask for any extra sections. Likewise, when you submit a tax return online, HMRC sends you ...
- Posted 27th March 2015
Important Tax Dates & Deadlines for April 2015
Those who have suffered penalties in the past probably know what should be done before hitting those deadlines. But, those who do not know what is to be done, here is a list of important tax dates and deadlines.
In the UK, it is important that all the self-employed and individuals bookmark these dates and do the required before these dates arrive.
Key tax dates and deadlines for April 2015:
• 5th April - End of 2014/15 tax year. This is the last date for individuals to use their annual ex...
- Posted 26th March 2015
Social Care Homes Paying Under Minimum Wage ‘Named & Shamed’
HM Revenue & Customs (HMRC) is investigating about 100 social care homes in England for their failure to pay their workers a national minimum wage.
Along with that, the government announced that HMRC has initiated investigation into six of the largest employers in the sector but has declined to name them due to taxpayer confidentiality. It has recently revealed East Midlands Crossroads for non-compliance and underpaying 184 care workers with just over £37,500. This was by far the largest...
- Posted 26th March 2015
What to do when HMRC Investigation Occurs?
Tax investigations can be very stressful. With the uncertainties lurking around it, it is something that every business and individuals try to stay away from.
Investigations occur mainly due to late filing of tax returns, late payment of tax, errors and inconsistency in tax returns and so on. In addition to that, deliberate fraud in your part can also trigger an investigation.
If you are chosen for HMRC investigation, then here are some tips to help you through the experience.
Don't panic and j...
- Posted 25th March 2015
UK Tax Codes Explained
What is a Tax Code?
A tax code consists of letters and numbers. It is shown on your payslip, P60 you get after the end of tax year, your P45 when you leave a job and on PAYE coding notice. A tax code gives your employers and pension providers’ information on how much they should charge tax from your salary before giving it to you.
When you are self-employed, get company benefits or a pension, HM Revenue & Customs(HMRC) will revise your tax code. Your tax code should always be correct a...
- Posted 25th March 2015
Tax Penalties: What you need to Know?
If you fail to file tax returns or pay tax payments on time, you will be liable to tax penalties. Careless errors, deliberate tax evasion or fraud can also incur you penalties. Apart from these, there are other common causes of tax penalties like failing to register for VAT when your turnover reaches the threshold, and failing to implement HMRC recommendations for improvements.
One of the best ways to stay away from penalties is to have professional tax accountants to deal with your taxes. Th...
- Posted 24th March 2015
Pension Changes for 2015
The Chancellor, George Osborne has announced that new pension rules would allow six million people to sell their retirement annuities for cash which will be introduced on 6 April. In the past, the pensioners were allowed to put their pension into annuity only and not allowed sell it.
However, the phone line for booking sessions and appointments is still not yet opened for the people over-55s to cash in their pensions savings or keep an annuity.
According to the Chancellor, the new pension ...
- Posted 24th March 2015
What do medical accountants offer you?
Medical professionals are responsible for many lives. That is the reason they always concentrate their focus towards them. While they juggle between patients and personal life, taking care of other aspects of their practice seems to be very hard to fit on their busy schedule. On top of that, they have the time to keep tabs on the changing rules and regulations in the medical sector which affect their practice.
If you are a medical professional, you need to hire a medical accountant who unders...