Following on from our update late last year to reflect the tax rates and allowances for the upcoming 2011/2012 tax year, we have just completed the addition of a new unique feature to help you keep track of your personal taxation. In the UK, employed people pay Class 1 National Insurance Contributions on PAYE income [...]
From April 2011 all company tax returns (for accounting periods ending after 31st March 2010) must be filed online – in the XBRL Format. Payments must also be made electronically from April. These changes affect all companies/associations that pay corporation tax. XBRL is a special format for financial data that makes all financial details computer [...]
Following on from last years criticism where six million taxpayers were taxed incorrectly, HMRC have now revealed further errors in their PAYE tax collection mechanism. 450,000 people are to face demands for a total of £180 million after errors from the 2007/2008 tax year have shown tax underpayments. HMRC has already written off any underpayments [...]
How should you charge VAT for your tenants? Now that the standard rate of VAT has increased by 2.5 percent from 17.5 percent to 20 percent, we have made a quick outline into what these changes mean for people operating within the property sector.