Entries by Mark

HMRC’s fight against tax avoidance is bearing fruit

HMRC has reported that it raised an extra £20.7 billion in additional revenue during the financial year 2012-13, a result of its continued push on tax compliance and anti-avoidance measures. That’s an increase of £2.1 billion on the preceding year and is actually £2 billion above its original target. This information comes hot on the […]

Tax return help 7 days a week!

By midnight on 31st January 2014, you will need to have submitted your self-assessment tax return to HMRC and have paid them any tax due for the 2012-13 financial year. It doesn’t matter if you have zero tax to pay – you still need to submit your tax return on time or you will be […]

Autumn Statement by the Chancellor of the Exchequer

On 5 December 2013 George Osborne, Chancellor of the Exchequer, gave his Autumn Statement in Parliament. Key announcements included: A rise for the Personal Allowance, as was long-anticipated, to £10,000 in 2014/15; the higher 40% tax rate threshold also increasing to £41,865; A new, transferable, tax allowance of £1,000 for married couples and those in […]

Assets hidden offshore? Not for long!

Financial information sharing now reaches the Cayman Islands, Isle of Man, Jersey and Guernsey. On November 5th, Her Majesty’s Revenue & Customs (‘HMRC’) announced that the Cayman Islands had joined the ever-growing list of offshore territories which will now automatically share financial information with them in respect to UK taxpayers who may have accounts there. […]

HMRC now has landlords in their sights

HMRC (Her Majesty’s Revenue & Customs) has announced some new initiatives over the course of the last month and one of these is The Let Property campaign which is a campaign designed to recover undeclared tax from those receiving income from residential property lets. The idea is to encourage those landlords with under-declared income or […]

Possible Reforms to Intestacy Rules

Firstly we should mention that we are not solicitors and therefore you should seek professional advice (e.g. a solicitor) before making a will. What we did want to report on, however, is that the Ministry of Justice is proposing some changes to the intestacy rules governing England and Wales. The changes would affect the scenario […]

Stocks & Shares ISAs …

The Pros and Cons of ‘Pound Cost Averaging’ ISAs represent a tax-efficient vehicle for savings because any interest gained on them does not attract tax. At Taxfile, particularly in respect of Stocks & Shares ISAs, we’re often asked whether a lump sum investment is better or worse than a regular ‘drip-feed’ of smaller payments. If […]

HMRC now see payments you receive via credit card!

On September 1st 2013 new legislation kicked in which allows HMRC automatic access to data showing payments made to businesses via credit card, going back as long as 4 years. HMRC will receive this information direct from the companies who process credit card payments on behalf of businesses (‘merchant acquirers’). No personal data identifying the […]