HMRC Archives - Page 12 of 37

Sep 04 2023

Influencers Subject To Tax On Non-Cash Gifts

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

There is currently no legislation specifically targeted at social media influencers, however the fast-growing industry is very much on HMRC's radar. Earlier this year HMRC sent nudge letters to thousands of influencers as well as gamers and online traders on sites such as Etsy and Facebook Marketplace to remind them…

Sep 02 2023

HMRC Demands More Data

By admin Dividends, HMRC, Making Tax Digital (MTD), Personal Tax, Potts & Co Accountancy & Business Advice News

HMRC has confirmed that requirements to report additional information will come into effect from the 2025-26 tax year or possibly a later period. HMRC has set out its intention to collect data relating to trade sectors; locations; occupations; hours worked; shareholdings and dividends paid; and self-employed trading dates. Draft legislation…

Sep 01 2023

Nationwide Building Society Bonus

By admin HMRC, Nationwide Building Society, Pensions, Personal Tax, Potts & Co Accountancy & Business Advice News

The Nationwide Building Society has paid what is described as a 'fairer share' of £100 each to around three million of its customers. To qualify for this payment the customer must have held a qualifying current account plus either a savings account (including ISAs) with a balance of at least…

Aug 31 2023

Pensions Update – Income Tax For Beneficiaries

By admin HMRC, Lifetime Allowance (LTA), Pensions, Potts & Co Accountancy & Business Advice News

In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions - the scrapping of the Lifetime Allowance (LTA). The LTA stood at £1,073,100 when the process began on 5 April 2023 with the removal of the LTA charge. This means that withdrawals can now…

Aug 03 2023

Relaxation Of Rules On Self Assessment For Child Benefit

By admin Child Benefit, High Income Child Benefit Charge (HICBC), High-Income Child Benefit Charge (HICBC), HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

In families where child benefit is claimed, it is important that the individual or couple receiving the child benefit keeps a close eye on their income level. If the higher earner has income of more than £50,000 some or all of the child benefit received will need to be repaid.…

Jun 10 2023

Avoid Payroll Problems With Duplicated Employees

By admin HMRC, PAYE, Potts & Co Accountancy & Business Advice News

When HMRC asks for more PAYE than you have deducted from your staff's wages it is often the result of double-counting somewhere in the process. A persistent bug in the PAYE system is caused by the HMRC computer creating a duplicate employment record which it then uses to demand PAYE…

Jun 09 2023

Sales Till Manipulation

By admin Electronic Sales Suppression (ESS) Software, HMRC, Potts & Co Accountancy & Business Advice News, Scams

The traditional way to hide sales from HMRC is to take payment in cash and not put it through the books. Nowadays technology helps dishonest traders to hide sales by using Electronic Sales Suppression (ESS) Software. The sale is not recorded on the normal till record and the payment may…

Jun 08 2023

Student Loans, Property & Pensions

By admin HMRC, National Insurance, PAYE, Pensions, Potts & Co Accountancy & Business Advice News, Property, Student Loan Repayments (SLR)

Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLRs are not due on other 'unearned' income such as rent or pensions. SLR will in fact be payable where the unearned income exceeds £2,000 per year and the taxpayer is required…

Jun 07 2023

VAT On Land & Buildings

By admin HMRC, Option To Tax (OTT), Potts & Co Accountancy & Business Advice News, Property, VAT, Welsh Land Taxes

When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT-inclusive value. Most older commercial buildings will be exempt from VAT but not if the owner…

Jun 06 2023

VAT On Work In Pharmacies

By admin HMRC, Pharmacies, Potts & Co Accountancy & Business Advice News, VAT

For a medical service to be exempt from VAT it must generally be performed by a registered health professional or a staff member who is directly supervised by a registered health professional. Pharmacists can also deliver VAT-exempt medical services but until recently that exemption did not apply to services delivered…

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