UK Tax News from TaxPenny

MP’s Expenses on Tax Returns?

Alistair Darling claimed £1,400 in costs of accountancy advice for filling his personal tax return using expenses intended for public duties. This, along with other types of expenses claimed, caught HM Revenue and Customs interest and they have warned that MPs should pay tax on reimbursed fees paid to accountants providing personal tax advice or [...]

Dentists Tax Returns - Staying on the good side of the Taxman

Recently qualified Associate Dentists, now of Self Employed status, it can be daunting to manage your own personal tax affairs and ensure compliance with UK Tax Law. With the Self Assessment system of preparing Tax Returns, it is now your responsibility to prove that items declared on your Tax Return are true and [...]

New Fuel Advisory Rates

HMRC have provided their new  advisory fuel rates for company car users, which are taking effect from 1 July 2009. The revised figures  apply to all journeys on or after 1 July 2009 until further notice. The new rates are as follows: Engine size Petrol Diesel LPG 1400cc or less 10p 11p 7p 1400cc to 2000cc 12p 11p 9p Over 2000cc 17p 14p 12p Petrol hybrid cars are treated as petrol cars. Customs will also accept [...]

Doctors Tax and Private Practice Income

Medical professionals: An additional source of income is great, but what are the tax implications? Receiving private practice income in addition to your regular salary is chargeable to income tax as a self employed basis, this may include liability to National Insurance Contributions depending upon your level of additional income. This income would be declared via your [...]