Up until 28 February 2013, direct sellers are being given an opportunity to declare any undisclosed income and thereby bring their tax affairs up to date. Letters are being sent out today to notify people of the Direct Selling Campaign. Direct sellers are generally self-employed and include trade directly to customers which may be commission [...]
Monday, January 7, 2013
With all the drama surrounding the way in which the coalition Government has brought in, as well as handled, the changes to Child Benefit, new proposals are being announced today as part of a mid-term review. Of the changes is a a new scheme to replace the current Childcare Voucher and Allowances schemes. Flat Rate [...]
Thursday, December 27, 2012
We hope you had a great Christmas and wish you a happy new year from everyone at TaxPenny! 2013 Tax Updates Get your taxes in order – if you need to submit a tax return for income earned between the 6th April 2011 and 5th April 2012, you need to get this submitted electronically to [...]
Wednesday, December 5, 2012
Well the 2012 Autumn Statement has now been given and we will do a quick shortlist of the important changes for personal tax, business and benefits. Changes which will affect individual pockets People born after 5th April 1948 (Under 65) will have a higher than previous announced tax free personal allowance. The chancellor has announced [...]
Monday, November 19, 2012
Compliance work by HMRC is leading to investigations into the 50p tax rate as well as the tax on bonuses. Law Firm Pinsent Masons, put through a FOI request (Freedom of Information) which revealed £400 million of tax could be underpaid in these categories of income. It is comprised of PAYE and NIC’s which have [...]
Monday, November 19, 2012
HMRC today launched a new initiative to crackdown on tax cheats in the Alcohol Industry and Rag Trade. Targeting discrepancies in tax payments, the taskforce breakdown is as follows: Rag Trade in North Wales, the North West and the Midlands. This includes wholesale, retail, manufacturing and textile recycling. Scottish Alcohol Industry, including Aberdeen and Inverness. [...]
Tuesday, November 6, 2012
6 Million Employees Set To Have Their PAYE Records Submitted Electronically In New Real Time HMRC Scheme If you are an employee and paid via the PAYE (Pay As You Earn) scheme, you will know that HMRC only gains full knowledge of how much you were paid and taxed at the end of the tax [...]
Friday, May 11, 2012
HMRC are to send out letters next week detailing the finding of its reconciliation of PAYE taxation from the 2011/2012 tax year. 3.5 million people will be happy to hear that they will be due a refund, an average of around £380, however it’s not all good news. 1.6 million people will be facing demands [...]
Tuesday, March 20, 2012
With the 2012 Budget a mere few days away, more information about what to expect is leaking out. New plans have been revealed which, starting from 2014, will provide every taxpayer with an individual statement outlining how much tax they paid, a breakdown, as well as where the Government has allocated it be spent. The [...]
Monday, May 30, 2011
According to the ‘Adam Smith Institute’, today 30th May 2011 is ‘Tax Freedom Day’ – This is the first day of this calendar year that the average Briton stops working to pay taxes and actually starts earning money solely for themselves. All the money earned between the start of the year and May 29th, 149 [...]
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Monday, January 28, 2013
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