HMRC Enquiries
HMRC have increased ther number of staff employed in it compliance section by 12%. This has been done in order for the number of tax qnquiries to retuurn to the pre Covid level.
Pension Tax Relief
Written by Tony Shackleford on .
The annual cost of income tax relief on pension contributions is £67.3 billion. Of this amount 52% is received by higher rate tax payers.
For basic rate taxpayers. personal pension contributions...
ESS Software
Written by Tony Shackleford on .
ESS software is software which is designed to hide certain sales from accounting records and hence understate income on which tax is paid to HMRC.
The software is typically used by retail outlets...
Self Assessment Income Threshold Increase
Written by Tony Shackleford on .
There are a variety of reasons why a tax payer will be required to submit self-assessment tax returns.
One of the reasons is if the taxpayers total income exceeds £100,000.
It has recently been...
Self Employed Tax Return Changes
Written by Tony Shackleford on .
Currently self-employed individuals are taxed based on the taxable profits earned in the accounting period ending in a tax year. Hence for an individual having annual accounts prepared at the 30...
Student Loan Repayments
Written by Tony Shackleford on .
Student loan repayments are payable to The Student Loan Company via HMRC. The loan repayments are collected as a deduction through a payroll scheme for employed individuals and through the...
Limited Liability Protection
Written by Tony Shackleford on .
The Finance Act 2020 gave HMRC authority to recover unpaid company taxes from the directors of companys, where the company itself was unable to pay the taxes due.
On the face of it this seems to...
Self Assessment Return Update
Written by Tony Shackleford on .
For the 2021/22 tax year, there were approximately 12 million individuals who were required to submit self-assessment tax returns. The deadline for filing the returns is the 31 January.
On 31...
R&D Tax Relief – HMRC Investigations
Written by Tony Shackleford on .
HMRC have issued in excess of 2,000 letters to companies who have previously claimed R&D tax relief. The letters advise the company’s to review their R&D claims as HMRC believe they...
National Insurance Contributions Top Up
Written by Tony Shackleford on .
The current rules for eligibility to the basic state pension is that 35 years of National Insurance Contributions are required. To have an entitlement to any state pension, 10 years of National...
National Insurance voluntary contributions, State Basic Pension