Salary sacrifice is a change to an employee’s contractual pay entitlement. It often involves the giving up of some entitlement to pay in return for some other form of benefit, such as employer pension contributions or childcare vouchers. Depending on the sort of benefit involved, tax and/or National Insurance savings can often result for both [...]
Sunday, March 8, 2009
During 2009, HMRC will be changing the bank accounts into which businesses and individuals make payments. These changes will be phased in throughout the year but HMRC will keep businesses and taxpayers informed of any changes. The first account change will be on the Pay As You Earn (PAYE) payment booklets issued from February 2009, [...]
Thursday, February 26, 2009
Chancellor Alistair Darling will present his Budget speech at 12.30pm on Wednesday 22 April 2009. We will keep you informed of any further developments. Source: HMRC announcement
Tuesday, February 17, 2009
According to HMRC, a record number of taxpayers filed their 2007/08 self assessment tax returns online. 5.75 million returns were filed online by the 31 January 2009 deadline, beating last year’s by over 50%. On the busiest day, Friday 30 January, a record 390,000 returns were filed. Mark Holden, Director of HMRC’s Carter Programme, said: [...]
Thursday, February 12, 2009
Marks and Spencer (M&S) won a landmark victory last year in the European Court of Justice (ECJ). The case concerned whether or not HMRC were correct to limit the amount of VAT they repaid to the company after their chocolate teacakes were reclassified as a cake rather than a chocolate biscuit. The issue of cakes [...]
Monday, February 9, 2009
HMRC have announced a reduction in the beneficial loan rate of interest from 6.25% to 4.75% from 1 March 2009. This is the rate of interest which is used to calculate the value of the benefit provided to employees where they receive a cheap or interest free loan from their employer. This loan interest, along [...]
Friday, February 6, 2009
According to Government figures, over 60,000 businesses have agreed time to pay tax arrangements with HMRC which total more than one billion pounds. The Business Payment Support Service, which was introduced last autumn, provides a ‘fast track’ service that offers support to those needing more time to pay their tax bills. Terms can be quickly [...]
Monday, February 2, 2009
TaxPenny have simplified the tax refund process further with the introduction of tax calculators on it’s website at www.taxpenny.co.uk. The new inspecTax system allows individuals from various fields of employment to estimate how much tax may be due to them going back as far as the last 6 years. So you can get a good [...]
Wednesday, January 28, 2009
HMRC have advised that they are about to issue PAYE tax codes to employees for the 2009/10 tax year. If you receive a coding notice it is worthwhile letting us have a copy for checking. This will enable us to ensure that you are paying the correct amount of tax on your pay and benefits [...]
Saturday, January 24, 2009
HMRC have announced that they are now able to offer more customers the option of paying by Direct Debit. If taxpayers are registered to use Self Assessment Online, PAYE Online for employers or Corporation Tax Online they can now set up Direct Debit payments online. Taxpayers can also make tax credit repayments by Direct Debit. [...]
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Tuesday, March 10, 2009
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