- Posted 13th September 2015
New Harsh Rules for Tax Evaders
People always look for ways to avoid taxes. But, sadly, some take the wrong route of hiding their income or money overseas simply to evade tax. For tackling such activities, HM Revenue & Customs (HMRC) gave chances to tax evaders to come forward and regularise their affairs in the past.
This approach of HMRC is no longer available and HMRC has introduced a new regime for the tax evasion. According to this new regime, there are four consultations which include:
A new criminal offence is i...
- Posted 11th September 2015
Child Benefits in the UK
Child Benefits are paid to every family with children in the UK. This means if you have a child, you are entitled to claim a Child Benefit for a child under 16.
Whether you or your partner have an individual income over £50,000 per year, you have to pay extra tax for receiving the full amount of Child Benefit. However, you and your partner have an income below the £50,000 limit; you will receive the full amount of Child Benefit without paying any extra tax.
If you do not like the idea of...
- Posted 10th September 2015
General Anti-Abuse Rule (GAAR) – What You Should Know
Being a tax payer, do you have any idea what GAAR is? If not, it is important that you know about it because it directly affects you.
In the UK, the General Anti-Abuse Rule (GAAR) is a system introduced by the government to prevent abuse of the tax code with the help of tax schemes or avoidance arrangements. It is designed to counteract tax arrangements which are abusive and prevent taxpayers from entering and promoters from promoting such arrangements.
From 13 July 2013, the GAAR has been app...
- Posted 9th September 2015
Tips for Choosing a Personal Pension Scheme
Do you plan on retiring in the near future? If you do, put some thought into pension as it is one of the great ways of saving for your retirement.
When you decide to take a pension scheme for saving up, you can either take out your personal pension or stakeholder pension. Usually, insurance companies or your workplace provides such pension schemes.
With so many personal pensions on the market, choosing a one can be a bit different. So, to help you choose the right one, here are some useful tip...
- Posted 8th September 2015
How Can Pharmacists Cut Tax Bill?
Pharmacists are the ones who dispense medicines and know exactly what to and what not to prescribe to the patients. However, managing finance and cutting tax where applicable, may not be their specialty.
If you are a pharmacist and having trouble keeping up with your finance, here is a list of tax saving ideas which can help to make your financial position steady.
Pension contributions
As a pharmacist, your pension contributions are normally deducted from profits for corporation tax. However...
- Posted 3rd September 2015
VAT Returns: Surcharges & Penalties
Have you missed the deadline for submitting your VAT return and making VAT return payments? If you have, you should know about the surcharges and penalties that you could face for missing the deadlines.
You can contact HMRC to find out whether you have to submit your returns through online or paper. If you are submitting your VAT return online, you will need a VAT number and VAT online account.
If HM Revenue & Customs (HMRC) do not receive your VAT return by the deadline or hasn’t re...
- Posted 2nd September 2015
National Insurance Categories
People working in the UK must know what National Insurance is and must have been paying it. However, to those of you who don’t have much knowledge on this subject; let me shed a light on this subject for you.
National Insurance is a system of contributions made by the workers and employers to qualify for certain state benefits including the state pension. Thus, whether you are self-employed or employed, you first need to have a National Insurance number to pay such National Insurance Contri...
- Posted 1st September 2015
War Disablement Pension
Have you served in Her Majesty’s Armed Forces? If you have, then the war disablement pension is available in case you have been injured or disabled during a war or a result of service in Her Majesty’s Armed Forces before 6 April 2005. Such pension is paid by the Veterans Agency.
Eligibility for war disablement pension• If you were injured, injured or suffered any illness during while serving HM Armed Forces, including the Ulster Defence Regiment (now known as the Royal Irish Regiment), the...
- Posted 31st August 2015
What is a self assessment tax return?
Do you know what self-assessment is? In case if you don’t, here is the answer for you.
Self-assessment is a system for collecting income tax, which is usually deducted from wages, pensions, and savings. This system is used by HM Revenue & Customs (HMRC).
If in the last tax year (6 April to 5 April the following year), the following cases have been applied to you, you are required to send self-assessment tax return to HMRC.
• You were self-employed
• You got £2,500 or more in...
- Posted 30th August 2015
How to Cancel VAT Registration
If your taxable turnover is more than £82,000 in the UK, you must register for VAT with the HM Revenue & Customs (HMRC). However, there are a number of reasons that can make you cancel your registration.
The reasons can be:
You stopped making VAT taxable supplies
You joined a VAT group
Your legal status changes
You sold your business
If your taxable turnover falls below the de-registration threshold of £80,000, you should ask HMRC to cancel your registration.
If all of these re...