Tax - Returns, forms & HMRC admin

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PAYE - 08.07.2024

Why your tax code is now more important than ever

The amount of tax you pay on your salary depends on your tax code. If it’s wrong you’ll pay too much or too little. For many this can be a temporary issue, for others it can be permanent. What’s the problem and what can you do about it?
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MAKING TAX DIGITAL - 01.07.2024

MTD for Income Tax Self-Assessment - what’s the latest?

In February 2024 important amendments to the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) rules became law. How will the changes affect your business when MTD ITSA becomes mandatory?
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ENQUIRIES - 24.06.2024

HMRC targets retailers for investigation

Warning letters. HMRC is writing to businesses that use electronic tills and which it suspects aren’t declaring all their income. If you receive one of these letters do not ignore it! HMRC says it will allow 30 days from the date of issue of the letter before it will escalate the matter. In practice there will be a little leeway, but don’t bank on it. ...
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PENALTIES - 24.06.2024

New late payment fines

HMRC has finished consulting on draft regulations for changes to its new system for late payment penalties. Why is the change needed and who will it affect?
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PAYROLL - 24.06.2024

Directors’ remuneration - avoiding HMRC penalties

The timing of HMRC payroll reporting for employees is straightforward. However, for directors’ salaries etc. special rules can mean you need to send a report to HMRC sooner than you might think. What are the trigger points for reporting?
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CONSTRUCTION INDUSTRY SCHEME - 19.06.2024

Change to refund claim process

The construction industry scheme (CIS) requires contractors to withhold tax from subcontractors. As this is at a flat percentage, overpayments are common. How has HMRC’s refund process changed recently?
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Tax - Returns, forms & HMRC admin

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SELF-ASSESSMENT - 17.05.2024

HMRC excuses taxpayers from self-assessment

Letter from the Taxman. If your total employment and pension income is between £100,000 and £150,000, you have probably received a letter from HMRC telling you about its new rules regarding whether you need to submit a self-assessment tax return. No self-assessment needed. The letter says that you might not need to complete a tax return for 2023/24 if your last return showed that your only income was taxed through PAYE and was no more than £150,000. The previous threshold was £100,000. This exception doesn’t apply if there’s another reason which HMRC identifies as requiring self-assessment . HMRC has an online tool for checking this but in our view it’s flawed. You might owe tax or be due a refund, which if you followed HMRC’s advice could result in penalties or missing out on a refund. ...
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STUDENT LOANS - 12.06.2024

New student loan procedure

The PAYE system has resulted in thousands of taxpayers over repaying their student loans. HMRC says its new procedure will help prevent this. What’s the full story?
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PENALTIES - 24.06.2024

New late payment fines

HMRC has finished consulting on draft regulations for changes to its new system for late payment penalties. Why is the change needed and who will it affect?
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