Autumn Budget – 29 October 2018

So, we already knew about some of the announcements before the chancellor, the Rt. Hon. Philip Hammond MP, spoke yesterday, so much so he even made a joke about toilets and leaks. As ever there was good news and bad news for taxpayers, a full summary is on our website but here are some good… Continue reading Autumn Budget – 29 October 2018

Why has my tax code changed?

“How do I know if my tax code is correct?” Your tax code is used by your employer to calculate how much tax needs to be deducted from your pay. HMRC tells your employer which code to use to collect the right amount of tax from you. You can check your income tax online to… Continue reading Why has my tax code changed?

Are You Washing Away Your Potential Tax Refund?

If you wear a uniform or protective clothing at work and you have to wash it yourself you may be due a tax refund from HMRC, and if you don't claim it, you'll lose it after 4 years. This typically applies to: Retail staff Hospitality & catering Nurses, doctors, dentists and other healthcare workers Police… Continue reading Are You Washing Away Your Potential Tax Refund?

The Apprenticeship Levy

The Apprenticeship Levy is charged on employers’ “paybills” at a rate of 0.5%. The levy is payable through Pay as You Earn (PAYE) and is payable alongside income tax and National Insurance. To keep the process as simple as possible “paybill” will be based on total employee earnings subject to Class 1 secondary NICs. Each… Continue reading The Apprenticeship Levy

Construction Industry – Subcontractor verification changes from 6 April 2017

Construction Industry - subcontractor verification's HMRC have confirmed in the latest Employer Bulletin that changes will be made to the verification of subcontractors in the construction Industry Scheme (CIS) from 6 April 2017. From 6 April 2017, contractors must use an approved method of electronic communication to verify their subcontractors. So from 6 April 2017… Continue reading Construction Industry – Subcontractor verification changes from 6 April 2017

Spring Budget 2017

I am sure that you have seen the headlines in the papers this morning about the Budget and for a detailed analysis please see the report on our website: http://www.torrwaterfield.co.uk/news/budget-report. The items that have caught my attention and I think are relevant to most people are as follows: National Insurance for the self-employed At present,… Continue reading Spring Budget 2017

Autumn Statement 2016

On Wednesday 23 November 2016 our new Chancellor of the Exchequer, Philip Hammond, delivered his first (and last) Autumn Statement.  “No other major economy makes hundreds of tax changes twice a year, and neither should we” – this is perhaps the most welcome measure announced in the Autumn Statement.  In recent years the Autumn Statement… Continue reading Autumn Statement 2016