HMRC Archives - Page 19 of 21 - Whitefield Tax - Isle of Wight Accountants

Collecting overdue tax through tax codes

by Jessica Garbett | Dec 1, 2014 | ACCA, employer returns, HMRC, personal taxatation

From April 2015 HMRC is increasing the amount of overdue tax it can recover through a taxpayer’s Pay As You Earn (PAYE) tax code. Before 6 April 2015 HMRC can collect debts of up to £3,000 by adjusting a taxpayer’s PAYE code. This applies if the taxpayer...

Common errors in tax returns and related accounts

by Jessica Garbett | Nov 30, 2014 | ACCA, business taxation, enquiries and tax disputes, HMRC, personal taxatation

Taxable and non-taxable receipts Income tax is charged on the profit of a trade, profession or vocation. In order to be taxable the receipt must represent ‘the profits of’ the trade under S5 ITTOIA 2005. An incoming payment is not necessarily a trade...

Changes to discretionary trusts – A summary of four key changes in the Finance Act 2014

by Jessica Garbett | Nov 21, 2014 | ACCA, capital taxation, HMRC

The main changes to the Finance Act 2014 apply from 6 April 2014 onwards. The Finance Act 2014, Schedule 25 contains four separate provisions relating to inheritance tax: paragraph 2 freezes the nil-rate band at its current level until 5 April 2018 paragraph 3 closes...

Offshore tax evasion – new HMRC consultation

by Jessica Garbett | Nov 9, 2014 | ACCA, HMRC, residence and non residence

The government continues its crackdown on those seeking to illegally evade their UK tax liability by using offshore tax shelters. £1.5bn has been recovered from offshore tax evaders over the past two years and the government is continuing with measures to improve tax...

VAT number publication scams

by Jessica Garbett | Nov 6, 2014 | HMRC

Jut a quick note about scams currently circulating. Most people are aware of the risks from pishing emails, and false email from HMRC and Companies House are two common occurrences. However there are also a number of postal scams, normally around things like...

The competitiveness of the UK’s tax administration

by Jessica Garbett | Nov 3, 2014 | ACCA, business taxation, HMRC, personal taxatation

The OTS has published the final report on its review of the competitiveness of UK tax administration, making 50 recommendations for improvements. The Office of Tax Simplification (OTS) has published a report on UK tax administration competitiveness. The report...

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Collecting overdue tax through tax codes

Common errors in tax returns and related accounts

Changes to discretionary trusts – A summary of four key changes in the Finance Act 2014

Offshore tax evasion – new HMRC consultation

VAT number publication scams

The competitiveness of the UK’s tax administration

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