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Under general tax law, expenses payments and benefits made to certain directors and employees are taxable earnings (better known as remuneration). As it is the case with most rules, there are exceptions where benefits or payments to an employee are not normally taxed: • Annual parties or similar functions provided that the cost incurred by […]
If you are self-employed, there is a type of relief called use of home as office that can be offset against your tax liability. If you run your business partially from home you can could set a proportion of your home running costs against income tax.What sounds like a very easy task for any tax […]
Savings income is added to your other income and taxed . Banks and building societies are required by law to deduct income tax at 20% from interest before they pay it to you. They pay this to HM Revenue & Customs. This is confirmed by the entry ‘net interest’ on your bank or building society […]
As a tax agent you might have found it quite difficult trying to deal with subcontractors’ tax returns (those working in the Construction Industry Scheme) for the year ending on the 5th April 2008. The main reason behind this situation is the struggle of gathering all the relevant data in order to submit an accurate, […]
The 2007 Pre-Budget report issued in October 2007 announced major changes to the way in which Capital Gains Tax will be calculated for disposals after 5th April 2008. Among the most important changes related to CGT we can mention: •removal of the link to income tax rates and bands, meaning that various rules providing for […]
When dealing with lump sums, redundancy and compensation payments great care needs to be exercised. The reason behind this is that this type of income will not necessarily be taxed as normal employment income. Up to the first £30,000 of any compensation payment can be paid to you without deduction of tax if it is […]
People who run their business from home could find a big surprise in store for them from April next year. As the government is trying to increase the HMRC‘ s power, the taxman will be allowed to turn up on the taxpayer‘s doorstep, unannounced demanding to inspect his or her records, assets and premises. These […]
The Chancellor Alistair Darling has announced an increase in the personal tax allowance of £600 and an adjustment to the higher rate threshold (the total of the personal allowance and basic rate limit). According to the tax office we do not need to make any adjustments to our tax code numbers at the moment.The emergency […]
The United Kingdom (UK) charges tax on income arising in the UK, whether or not the person to whom it belongs is resident in the UK. United Kingdom also charges tax arising outside the UK which belongs to people resident in the UK. If a person is resident in the UK he or she is […]
The new penalties are mainly introduced to penalise those who deliberately evade tax. The penalties apply to inaccuracies in returns or other documents for VAT, Construction Industry Scheme (CIS), Income Tax, Corporation Tax (CT), Capital Gains Tax (CGT) and employers’ PAYE (Pay As You Earn) and National Insurance Contributions (NICs). Penalties are with effect from […]
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