Just a quick reminder – the current 17.5% VAT rate will be increasing to 20% from January 4th 2011. This means anything standard rated that is sold on or after this date should have VAT applied at the new 20% rate. Where you have provided an invoice after the 4th January date, but provided the [...]
Wednesday, December 8, 2010
Students working over the festive season are reminded that they can claim the tax back on holiday jobs where the total income for the year is below the annual personal allowance of £6,475. To take advantage of this and make sure no tax is deducted from their earnings, students are advised to complete the Form [...]
Monday, December 6, 2010
Anyone sending their tax return online for the first time, please get registered now – leave enough time before the 31 January deadline to get activated. Now that the October 31st paper filing deadline has passed, if you want to get your tax return completed and filed whilst avoiding fee’s and penalties, you must submit [...]
Sunday, December 5, 2010
HM Revenue & Customs have released details of upcoming changes to the pay as you earn (PAYE) tax system. Coming under fire for recent discrepancies, HMRC had already stated it wanted to modernise the collection of income tax and National Insurance so they have more relevant tax information regarding each pay cycle. Under planned changes, [...]
Friday, December 3, 2010
The Treasury has published details of next years tax rates and allowances for income tax and tax credit. The 2011/2012 tax allowances carry bad news for higher rate taxpayers who are hit with lower thresholds for both the higher rate tax band – which is down from £37,400 to £35,000 – equivalent to an extra [...]
Friday, December 3, 2010
The Government reports that up to £400 million is being overpaid annually in tax credits. They are laying the blame on the shoulders of parents who are not reporting changes to their childcare costs to HM Revenue & Customs. In the 2008/2009 tax year alone 4.5% of all tax credits paid out contained errors relating [...]
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Tuesday, December 14, 2010
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