Use our Online Tax Code Checker to check where you stand - it’s free. HMRC finally reveals the total cost of errors that we first reported on starting from February 15th this year. Between January and March 2010, 25 million new tax coding notices were issued for people paying tax through the PAYE (Pay As You Earn) [...]
Sunday, August 15, 2010
Millions of people are being taxed more than they should due tax coding notice blunders by HMRC. People mainly affected include pensioners and those with more than one source of income where the taxation is more complicated to begin with. The tax coding notice provides each taxpayer with their tax code for a particular tax year [...]
Wednesday, August 11, 2010
HMRC has announced that Extra Statutory Concession (ESC) B46 will come to an end on 31 March 2011. Businesses submitting Company Tax returns and employers’ end-of-year returns after this date must make sure the returns are submitted by the required dates to avoid fines. ESC B46 was a concession which meant people submitting [...]
Thursday, May 27, 2010
Anyone who sells assets (shares, land, buildings, parts of a business, jewellery) is liable to pay Capital Gains Tax. Introduced by the Labour Goverment of Harold Wilson in 1965, CGT was set at 30% - later increased to 40% by the Conservatives in 1985 and reduced to 18% by Labour in 2008. When the Tories increased the [...]
Wednesday, May 26, 2010
National Minimum Wage rates will be increasing as of October 2010. The new rates are as follows: £3.64 - Workers aged 16-17 (up from £3.57) £4.92 - Workers aged 18 to 20 (up from £4.83) £5.93 - Workers aged 21 and over (up from £5.80) Also from October the £5.93 minimum wage kicks in at 21, previously the adult minimum [...]
Sunday, April 4, 2010
As of April 1st 2010, Section 94 of the Finance Act 2009 is in force. This section provides HMRC with the power to publish details of taxpayers where it is proven they have committed certain serious tax offences. This only applies to offences committed for tax periods on or after the 1st April 2010.
Sunday, April 4, 2010
HMRC have announced the official rate of interest to be used to calculate the value of a benefit in kind on a loan made to an employee. From April 6th 2010, the official interest rate for beneficial loan arrangements is 4.00%. The rate for the current (2009/2010) tax year is 4.75%. Employees are liable to pay tax on [...]
Wednesday, March 10, 2010
Due to a time delay between an employer submitting their annual PAYE return and the deductions made from an employees salary each month, it has been possible for ex students to overpay their student loan through their PAYE deductions. Ex students can now opt out of PAYE repayments during the last 23 months of repayment and [...]
Wednesday, March 10, 2010
HMRC statistics reveal the number of taxpayers filing Self Assessment Tax Returns online this year has hit a new record. 6,249,899 people has filed their Tax Return by the 31st January 2010 online filing deadline. This accounted for 75% of all returns submitted and was an increase of 12% on last years, 2009, total online submission of [...]
Saturday, February 13, 2010
Between January and March, 25 million new coding notices will be issued for 2010/2011. These tax codes will be updating each individuals tax allowances and relief based upon what they should be entitled to. This year, due to a shift to a new computer system for processing PAYE, there is cause to be extra vigilent when checking [...]
Sunday, September 5, 2010
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