So how will December's Pre-Budget Statement affect you? In the short term, the answer is probably 'very little' because, against a background of low or even negative inflation, income tax rates and allowances have been frozen for 2010/11...
Read more of 'The Pre-Budget Statement'
As previously announced, the standard rate of VAT reverted to 17.5% from 1 January 2010. Traders using the Flat Rate Scheme for Small Businesses should note that, as part of the Pre-Budget package, HMRC have published a revised...
Read more of 'Pre Budget Statement - Value Added Tax'
Most company car drivers will find that their benefit-in-kind charge rises slightly - the benefit is charged as a percentage of the list price of the car, the percentage varying between 10% and 35% depending on the vehicle's CO2 emissions. As...
Read more of 'Pre-Budget Statement - Company Car Drivers'
Capital gains tax Before the Chancellor made his Pre-Budget Statement, there was speculation in the newspapers that he would increase capital gains tax from 18% to 25%. In the event, no such announcement was made. It is...
Read more of 'Pre-Budget Statement - Taxation issues'
Although, for 2010/11, there will be no change in the 'Earnings Threshold' (the point at which National Insurance contributions become payable by employers and employees), the 'Lower Earnings Limit' will rise from £95 to £97 a week....
Read more of 'Pre-Budget Statement - Employing Family Members'
A feature of the self-assessment system is that it imposes a surcharge on income tax paid more than 28 days late - for example, if the final payment for 2008/09, due on 31 January 2010, is not paid by 28 February 2010. HMRC's current...
Read more of 'Pre-Budget Statement - Avoiding Late Payment Surcharges'
Two, unrelated, points are worth bringing to your attention. Firstly, on 6 April 2010 the minimum age at which an individual may begin to draw his or her retirement pension, under a company pension scheme, a personal pension plan or any...
Read more of 'Pre-Budget Statement - Pension Points'
In order to reduce their own costs, HMRC is gradually moving from encouraging, to requiring, traders to submit Tax Returns online. Firstly, all employers will be required to submit their annual PAYE Returns for 2009/10 and later years...
Read more of 'Pre-Budget Statement - New Requirements to File Online'
Since 2008 we have been reporting about scam emails, seemingly from HMRC, advising of a tax refund. These are becoming more prevalent and there was even an interview with a representative of HMRC about these on the Radio 4 Money Box...
Read more of 'HMRC Phishing Scams - still happening'
There has been a significant take up of the government's initiative to assist companies with emerging cash flow problems by allowing them to defer payments to HMRC for PAYE and VAT. It is reported that currently 135,000 companies have deferred...
Read more of 'Update on "Time to Pay Arrangements"'