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HMRC

Please find below all the articles that have been tagged as 'HMRC'.

Is HMRC Knocking? Don’t Be An Ostrich

Few letters will strike fear into the heart of abusiness owner faster than one from HMRC stating their intention to begin an investigation into the firm.

While the problem of tax evasion or aggressive tax avoidance is hardly a new thing, it has perhaps never been as politicised as it is now, and there is a concerted effort on the part of HMRC to crack down – and to be seen to crack down – on those who play fast and loose with taxes.

One  law firm claimed recently…

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Don’t get a Tax Hangover from your Christmas Party

While some might complain about Christmas paraphernalia popping up in the shops earlier and earlier each year, the tax-savvy will tell you that planning ahead for the Christmas party is vital if you want to avoid giving HMRC an unplanned and costly gift.

 

The annual celebration is a time to relax and to toast the successes of the year.

And it is perhaps an opportunity to get reacquainted with colleagues on a more personal basis, after a year of simply nodding to them on the way in…

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HMRC continue with modernisation plans

The recent formal announcement that HMRC will be replacing local offices with thirteen large regional centres has served to alert the general public to what tax professionals and accountants have known for some time – that to meet government cost and performance targets, HMRC must cut back on frontline staff and take forward digital interactions with taxpayers and their advisers. The announcement comes at a time when HMRC are also facing criticism over customer service issues. In its report on HMRC’s performance in 2014-15, the House of Commons…

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New Job Vacancy

Semi Senior Accountant PERMANENT – FULL TIME Swansea Area, Salary TBC

 

We are broadening our horizons. Do you want to do the same? Morgan Hemp, one of the most respected Chartered Certified Accountancy Firms in South West Wales, is looking for a semi-senior accountant to join its expanding team.

We are looking for a diligent practitioner with over three years experience for this role, which will be focused on preparing financial statements, management accounts, corporate and personal tax returns,…

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Tax-free Childcare

Tax-free childcare is part of the government’s long-term plan to support working families and will provide up to 1.8m families across the UK with up to £2,000 of childcare support per year, per child, via a new online system. It was originally planned that the scheme would launch in Autumn 2015, but, as a result of a direct legal challenge from a small group of childcare voucher providers, development of the scheme was suspended. However, the Supreme Court has recently ruled that government proposals for delivering tax-free childcare…

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Landlords Tax Reform

Once the dust has settled on what was a radical far reaching budget by Chancellor of the Exchequer George Osborne, one of the more unexpected changes was the reform that will be brought in to change the way that property landlords will be taxed in future.  There were several changes which we will examine in this blog

Tax relief on mortgage interest

Currently where a loan or mortgage is taken out to purchase, or renovate an investment property full tax relief…

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Staff Clothes

If you provide clothes for your staff to wear at work you need to be aware of the tax and VAT implications which may vary according to the items provided.

Where the items provided constitute a uniform or protective clothing which is needed to perform the job,the cost is tax deductible for the business and the VAT can be reclaimed. There is no taxable benefit in kind for the employee.
If the clothes are not considered to be a “uniform” and can’t qualify as protective clothing, the tax treatment depends…

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EIS Assurance

The Enterprise Investment Scheme (EIS) provides some very attractive tax incentives for investors who subscribe for shares in small companies. If you are thinking of attracting investors using the EIS you should first get an advance assurance from HMRC that your company will qualify.

However, HMRC has recently changed the conditions under which it will give that advanced assurance. It will no longer grant assurance for an EIS application if the company is:

– over 7 years from its first sale and has not received funding under the EIS, or…

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Non-resident Capital Gains Tax

If you are involved with sales of UK residential property where the buyer or seller is tax-resident outside of the UK, you need to be aware of a new tax that came into effect on 6 April 2015: non-resident CGT (NR CGT).

The NR CGT charge is applied at different rates according to whether the seller is a non-resident closely-held company, fund, individual, personal representative or trustee. It applies to gains made in the period from 6 April 2015 to the disposal date of the property, so a small…

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Make the Best of Allowances

As the sole owner/director of your company you face a dilemma over how to extract income from that company. If you pay yourself a salary of more than £8,060 per year you will have to pay class 1 NIC at the rate of 12% on the excess pay above that threshold up to £42,385 pa. However, income tax is not due until your salary tops £10,600 (the value of your personal allowance for 2015/16).

One solution is to take a salary of up to £8,060 and any further income…

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