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5 results for hmrc found within the Blog

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hmrc recover debts of up to £17,000 though PAYE codes

Posted by WebBoss Design on 16th October 2018 in Blogging |
hmrc recover debts of up to £17,000 though PAYE codes From April 2015, hmrc bought in a new legislation which gave them the power to collect debts of up to £17,000 through an individual’s tax code, even without the individual’s consent. From the 2015 / 2016 tax year, this new method of debt collection referred to as ‘coding-out’ saw an increase from the previous collection limit of £3000 for earnings less than £30,000. The upper limit for how much debt can be coded out is linked to the tax payer’s income. There is a graduated scale so that the maximum £17,000 can be coded out for a person with earnings over £90,000. There is no change for th...
 

Filing Tax/Accounts with hmrc Every 3 Months! Are you Prepared?

Posted by WebBoss Design on 16th October 2018 in Blogging |
Filing Tax/Accounts with hmrc Every 3 Months! Are you Prepared? Many people have reported still feeling in the dark about hmrcs new propositions when it comes to filing business and personal tax returns online from 2018, although one thing is for sure; we are certainly stepping into the Digital era. This time of year the word ‘deadline’ looms over all of our heads as the paper tax return must be filed by October 31st, albeit it only this way for two more years. Statistics show however, that the majority are already making the switch with only 11 percent of us filing by paper in 2015. Despite online filing becoming increasingly more common for businesses...
 

The Basic's of VAT

Posted by WebBoss Design on 22nd October 2018 in Blogging |
The Basic's of VAT VAT VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by hmrc with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules. We highlight below some of the areas that you need to consider. It is however important for you to seek specific professional advice appropriate to your circumstances. What is VAT?   Scope A transaction is within the scope of VAT if: •  there is a supply of goods or services•  made in the UK•  by a taxable pe...
 

hmrc Get Access to Airbnb Data

Posted by shaun crozier on 29th October 2020 in Blogging | taxadvice,letting,rentalincome,tax,hmrc
Earlier this month Airbnb announced that they will be providing hmrc with details of all UK residents who rent out properties through their platform.This is being backdated to the 2017/18 tax year and will include full details of the landlord together with the income received, it will include both UK properties and those abroad. So very soon hmrc will be able to check all this data against all UK taxpayers, they are going to find some that have not declared all/part of this income....
 

Concerns grow as taxpayers go on blissfully unaware of tax changes

Posted by WebBoss Design on 22nd October 2018 in Blogging |
Concerns grow as taxpayers go on blissfully unaware of tax changes There is no hiding from the fact that huge changes to the tax system comes into effect from April, the introduction of the Personal Savings Allowance and the Dividend Allowance, will see radical changes to individuals tax bills, across all tax bands. Many will find their employment income reduced, due to changes to tax codes, to compensate for their interest not being taxed at source, which for many will be inconvenient, savings is for growing and wages is for enjoying. An individual earning £45,000 and receiving interest of £4,000 could see a reduction in their take home salary of £116.66...
 
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