Real Time Information (RTI) Penalties

04/03/2014 08:04:00 AM

Image courtesy of Renjith Krishnan / HMRC has experienced significant problems in reconciling amounts of PAYE due from employers, to the amounts reported under real time information (RTI). As a result some of the automatic ...

2014 Budget News

03/20/2014 07:11:00 AM

  Image courtesy of Stuart Miles / This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions ...

CGT on Home Developments

03/12/2014 05:48:00 AM

Image courtesy of Simon Howden / Your main home is exempt from capital gains tax when you sell it, but only if you bought the property with the intention of living in it on a permanent basis, not as a project to renovate ...

Disguised Employment

02/07/2014 09:30:00 AM

Image courtesy of Chanpipat/  The Government is cracking down on situations in which workers are treated as self-employed for tax purposes, and hence pay low amounts of NICs, but from the outside they appear to act as ...

Self-Employed Travel Expenses

03/13/2013 15:07:00 PM

If you are self-employed you may have a number of customers you go to regularly to work at their premises. This could apply to mobile hairdressers, cleaners, gardeners, and even medical professionals who work at private clinics. The miles ...

Annual Payroll and RTI

02/28/2013 12:23:00 PM

Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid, not just once after the end of the tax year as is currently the case. RTI will be compulsory ...

Letting Relief Explained

02/02/2013 11:51:00 AM

If you have let a property which was once your main home, or was treated as your main home as you lived in job related accommodation, letting relief can help reduce the tax you pay on the eventual sale. This tax relief cannot apply to a ...

Gifting Assets or Shares

09/25/2012 15:16:00 PM

If you plan to gift assets or shares to your relatives, there are several taxes you need to consider: Capital Gains Tax You won't make an actual profit or gain when you give away assets or shares, so you may not expect to pay capital gains ...

Whose Fault is Underpaid Tax?

09/17/2012 15:12:00 PM

Have you received a tax calculation (on form P800) which shows you owe tax that you thought had been collected under PAYE? Every year the Tax Office undertakes a 'PAYE reconciliation' to check whether the tax collected from pensions and ...

VAT Self-billing

09/11/2012 14:54:00 PM

'Self-billing' is where the customer in the supplier/customer relationship raises the invoices to themselves for work done or goods provided by the supplier, instead of the supplier raising those invoices. Self-billing helps large organisations ...

Child Benefit Clawback

09/07/2012 18:17:00 PM

If your net taxable income last year was £50,000 or more you will shortly receive a letter from the Tax Office about child benefit. You can safely bin this missive if your children are no longer eligible for child benefit, but where you or ...

Connect with me on LinkedIn

09/07/2012 16:48:00 PM

If you use LinkedIn and wish to connect on the site with me then please follow the link below:

An introduction to Harries Watkins Jones

09/07/2012 16:32:00 PM

Restricted losses ahead

08/23/2012 08:45:00 AM

A lot of businesses have made significant losses in the current recession and will continue to make losses for a while yet. Where those losses are made outside of a company they can generally be set-off against the entrepreneur's other income, ...