HMRC Archives - Page 33 of 37

Sep 14 2018

Pension Lump Sum

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

If you have taken a lump sum from your pension fund you may have had excess tax deducted by the pension company, but you can reclaim it. Although 25% of your pension savings can be drawn out tax-free, the pension company normally interprets this as being 25% of any single…

Sep 13 2018

VAT Option To Tax

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

Commercial properties which are more than three years old will not have VAT attached to their sale or rent unless the owner or leaseholder has opted to apply it. This is called the "option to tax". There are three key questions to ask about your own commercial property: - have…

Sep 12 2018

Requirement To Correct Letters

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

HMRC is writing to taxpayers who may own assets overseas or have a source of offshore income. These assets could be anything from a Jersey bank account to an overseas holiday let, or more seriously trusts or companies registered overseas. The letters inform the taxpayers that they must declare any…

Sep 09 2018

Income Tax Calculations

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

Every year HMRC reconciles taxpayers' tax liabilities to the tax reported as paid for the individual via PAYE. This is happening now for the 2017-18 tax year. If the calculation for your tax position shows tax owing, or a tax repayment due, you should receive a copy of the calculation…

Sep 08 2018

Making Tax Digital: What, When & How

By admin HMRC, Making Tax Digital (MTD), VAT

If your business is VAT registered, and the turnover for the last year has exceeded £85,000, you should soon receive a letter from HMRC stating that you must comply with the making tax digital (MTD) rules from April 2019. The MTD regime requires you to keep all records relating to…

Jun 20 2018

Prepare to Digitise VAT

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

HMRC is pushing ahead with its plans for Making Tax Digital (MTD) for businesses, although some changes concerning non-business income have been put on hold. The first tax returns to be converted to the MTD regime will be VAT returns due for quarters that start on or after 1 April…

Jun 18 2018

Late Filing Penalty – Don’t Panic

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

If HMRC sends you a late filing penalty, there is a more than a one in three chance that it is wrong and you can get it cancelled. A freedom of information request has found that HMRC cancels more than a third of the penalties it issues, because (it claims)…

Jun 15 2018

Repay the Value of Benefits

By admin HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News

Directors sometimes borrow assets or money from their company, intending to repay or make good the cost to the company so that a benefit in kind tax charge doesn't apply. For benefits provided in the year to 5 April 2018, the company must be repaid by 6 July 2018 to…

Jun 14 2018

Electric Vehicles

By admin HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News

The government is sending out mixed tax messages about electric vehicles. This is what you need to know as an employer. An employee provided with an electric company car (zero CO2 emissions) is taxed on 13% of its list price in 2018-19 and 16% of list price in 2019-20. But…

HMRC

Pension Lump Sum

VAT Option To Tax

Requirement To Correct Letters

Income Tax Calculations

Making Tax Digital: What, When & How

Prepare to Digitise VAT

Late Filing Penalty – Don’t Panic

Repay the Value of Benefits

Electric Vehicles

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