Entries by Taxfile

Taxfile: Scholarship Income

By scholarship we mean an exhibition, bursary or any other similar educational endowment. If the holder of the scholarship is receiving full-time education at a university, college or school then the income from the scholarship is exempt from tax. The rate of payment including lodging, subsistence and travelling allowances is now £15,480 a year, £1,290 […]

Maintenance Payments Relief

Our blog today is dedicated to some of our clients who wanted to know more about tax relief on alimony or child support payments.This relief is officially known as Maintenance Payments Relief. Maintenance Payments Relief can reduce your tax bill if you make maintenance payments to your ex-spouse or former civil partner or child. If […]

Tax Enquiries: Guilty Until Proven Innocent!

An enquiry is defined as seeking information, asking, questioning. Self Assessment is a process now/check later regime. According to HMRC,enquiries encompass all work carried out to check returns after processing – from a single enquiry about one entry in a return to a detailed examination of all the taxpayer’s affairs. Under Self Assessment, taxpayers have […]

2008 Pre-Budget Report

In his 2008 Pre-Budget Report speech on 24 November, the Chancellor has set out his actions for supporting people through the difficult times of the current global financial crisis. Among the most important changes to do with tax, VAT and benefits, we can mention the following: •Personal tax allowance increases to £6475, and the basic […]

Statutory Maternity Pay (SMP)

If you are expecting a baby, you might be entitled to Statutory Maternity Pay (SMP)to help you take time before and after the baby is born. This is a weekly payment from your employer. Payments of SMP count as earnings so your employer will deduct tax and National Insurance contribution in the normal way. In […]

Childminders and tax

Registered childminders are people that work in their own homes to provide care and learning opportunities for other people’s children. Childminders need to declare their income from their self-employment by filling in a self-assessment tax return every year. Many childminders are members of the National Childminding Association (NCMA).The NCMA had an agreement with with HMRC […]

Foster Carers and their tax relief

Fostering is looking after someone else’s children in your own home at a time when his or her family is unable to do so. Foster care relief applies to people who get income from providing foster care to children and young people. Anyone receiving this type of income is considered by the tax office to […]

Taxfile: 31st October 2008 deadline

The deadline for submitting the details of your income and gains on your Self Assessment Tax Return is still the 31st January. However HMRC has now brought in place a new “paper form” deadline this year to go with the new-style green forms, the final day for submission of these is 31st October. Almost all […]

National Minimum Wage

Minimum Wage is defined as the lowest wage payable to most employees as fixed by law or union agreement. There are three different rates of Minimum Wage: •Adults’ rate for workers aged 22 and over •Development rate for those aged between 18 and 21 •Young people’s rate for those older than school leaving age and […]