According to a Tax Action Report by online financial advice website unbiased.co.uk, nearly £13.5 Billion was unnecessarily paid to the revenue over the past 12 months. The report was commissioned to investigate the amount of money wasted due to errors people make with their personal finances - in particular, mistakes which end up costing more in [...]
Thursday, February 10, 2011
The new tax codes for the 2011/2012 tax year are being issued between January and March 2011. These will determine your allowances and tax rates for the pay you receive between 6th April 2011 and 5th April 2012. Please make sure you check these tax coding notices for any errors - you can use our tax [...]
Thursday, February 10, 2011
It has now been confirmed that the Default Retirement Age (DRA), currently 65 for both men and women is to come to an end. ACAS have create a PDF guide for employers to refer to here. The DRA will be completely removed by 30 September 2011. Details on how the plan to phase it out will become [...]
Wednesday, January 12, 2011
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 readable as [...]
Wednesday, January 12, 2011
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 where 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 P38. The [...]
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, employers will [...]
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 £480 [...]
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 to [...]
Monday, November 22, 2010
People who were caught out by errors in HMRC’s PAYE tax codes between 6th April 2006 and 5th April 2007 are to have the outstanding debts written off. HMRC will cancel the debts of nearly 1.9 million people who, due to errors within the Paye As You Earn system, were unknowingly undertaxed. The reason for the change [...]
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Tuesday, March 1, 2011
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