HMRC Archives - Page 36 of 37

Nov 30 2017

Potts & Co - Accountancy & Business Advice

Who Can Claim The Marriage Allowance?

By admin Budget Update, HMRC, Personal Tax

When an individual is married or in a civil partnership and has little or no income so that they don't use their entire personal allowance (£11,500 for 2017-18), that person can elect to transfer 10% of their allowance to their partner. This is called the marriage allowance. The recipient must…

Sep 20 2017

Reclaim Overseas VAT

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

When you incur VAT on business expenses in other EU countries, you mustn't reclaim that VAT on your UK VAT return. However, if your business meets the following conditions it can reclaim the overseas VAT through HMRC's VAT online services system: • it must be registered for VAT in the…

Sep 19 2017

Why Your P800 May Be Wrong

By admin HMRC, P800, PAYE, Potts & Co Accountancy & Business Advice News

The P800 is the tax calculation produced by the HMRC computer when you have not paid the right amount of tax under PAYE in the previous tax year. If you normally complete a personal tax return you should not be sent a P800 tax computation, as the tax calculation is…

Sep 18 2017

Why Your Tax Code May Be Wrong

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

If you are a basic rate taxpayer, you have a savings allowance of £1,000 in 2017-18; for higher rate taxpayers it's £500. You pay no tax on any interest you receive which is covered by your savings allowance. If you examine your PAYE tax code you may see an…

Sep 15 2017

Online Filing Of Tax Returns

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

Your personal tax return for 2016-17 must reach HMRC by midnight on 31 January 2018. Submitting it online is generally the most efficient way to do this. However, this year HMRC's coding of the tax calculation contains a number of errors, which means taxpayers who fall into one of 32…

Sep 14 2017

Making Tax Digital

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

The Government would like all businesses to interact with it digitally, particularly where tax is concerned. Although most tax returns are submitted online, HMRC believes that humans make too many errors on those returns, so the ideal position would be for the business's computer to talk directly to HMRC's computer…

Sep 13 2017

Inheriting Holiday Cottages

By admin HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News

When someone dies while they own a share in a private trading business, the deceased’s share of the business will qualify for 100% business relief from inheritance tax (IHT). This business relief doesn’t automatically apply where the business involves letting holiday accommodation. Although holiday lets are treated as a trade…

Sep 12 2017

Backdated Tax Law-

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

The mechanisms to pass new tax law have been disrupted by the EU referendum and the following General Election. A number of measures which were to come into effect from April 2017 or earlier had not yet been passed into law. However, the Government plans to publish another Finance Bill…

Jun 10 2017

VAT flat-rate scheme

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

If you use the VAT flat rate scheme (FRS), you need to work out whether you spend at least 2% of your gross turnover, and at least £250 per quarter, on 'relevant goods'. If you don't, you must use a flat-rate percentage of 16.5% for that quarter, which removes all…

Jun 09 2017

PAYE codes are changing

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

The introduction of real-time information (RTI) was supposed produce more accurate employee PAYE codes, but that benefit hasn't materialised so far. However, from July 2017 HMRC will start to use the RTI data to update employees' PAYE codes on a month by month basis. Employees may see more deductions in…

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