Time To Pay Tax

If coronavirus means you can't pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems. It is important to appreciate that TTP cannot be used to reduce tax liability. TTP is just that - it buys time, giving you breathing space and spreading… Continue reading Time To Pay Tax

Tax calendar: April 19th 2020 Deadlines

Automatic interest is charged where PAYE tax, Student loan deductions, Class 1 NI or CIS deductions for 2019/20 are not paid by today. Penalties may also apply if any payments have been made late throughout the tax year. This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to… Continue reading Tax calendar: April 19th 2020 Deadlines

Call for review of High Income Child Benefit Charge

The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is… Continue reading Call for review of High Income Child Benefit Charge

Self assessment deadline approaching – 31st Jan 2020

Happy New Year ! Get 2020 off to a good start by making sure you submit your Tax Return by 31st January 2020. The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in… Continue reading Self assessment deadline approaching – 31st Jan 2020

HMRC countdown: file your tax return

With less than 100 days until the self assessment tax return deadline of 31 January 2020, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. HMRC report that last year more than 2,000 people submitted their tax returns on Christmas Day. Taxpayers should consider submitting their… Continue reading HMRC countdown: file your tax return

HMRC collects record amounts of IHT

The government has announced that HMRC collected a record sum of £5.4 billion in inheritance tax (IHT) during the 2018/19 tax year. The increase comes on the back of a 15% rise in the number of estates liable for IHT. Between 2015/16 and 2016/17, the number of estates paying IHT rose by 3,600 to 28,100.… Continue reading HMRC collects record amounts of IHT

Stamp Duty Land Tax

If you are thinking of buying a house, Stamp Duty Land Tax (SDLT) could be one of the major costs that you need to consider. However it is not always payable on all properties or for all buyers.  For example, did you know that there are different rules if you are buying your first home… Continue reading Stamp Duty Land Tax

Get help with saving.

If you are entitled to Working Tax Credit or are receiving Universal Credit, or know someone who is, then this could be for you. The “Help to Save” is a type of savings account; it allows people who are entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1… Continue reading Get help with saving.

Tax Refund Scams – What to look out for

Now that the Tax Return season has ended you may receive an email claiming you are due a tax refund. Be aware that it’s a scam to steal your personal details. Criminals are targeting the millions of people who file Self-Assessment Tax Returns online. The fraudsters are sending fake emails purporting to be from HMRC… Continue reading Tax Refund Scams – What to look out for

HMRC helps teenagers prepare for the world of work

Last June HM Revenue and Customs launched two educational videos which are aimed at preparing teenagers for working life. One of the videos will help 14 to 17 year olds understand what it means when they receive their national insurance number and the benefits of using a personal tax account. The other new video is… Continue reading HMRC helps teenagers prepare for the world of work