Same sex couples may owe the taxman over £1,600.
On 5 December 2005 new rules were brought in allowing same sex couples to form a Civil Partnership. However, also on this day the tax credit rules for same sex couples changed whether or not they are a Civil Partnership.
Anne Redston of the Chartered […]
If you have a property that you are thinking of selling you have an advantage if you are married.
By transferring a share of the property into your spouse’s name you will benefit from two annual exemptions rather than one. At current rates, this could save you £3,520. To do this you may need the […]
The deadline for submitting to HMRC the payroll forms P35 and P14 for 2005/06 is 19 May 2006.
The Taxman is all too keen to charge a penalty if his enquiries lead to more tax being payable. However, if it is a technical error only or a genuine innocent mistake you should fight the penalty determination.
Penalties can only be charged by the Taxman where he can prove fraud or negligence on the […]
“The hardest thing in the world to understand is income tax!”
Albert Einstein
“Benjamin Franklin said nothing is certain but death and taxes. But at least death doesn’t get worse every year.”
Anon
A recent report by the Durham Centre for Entrepreneurship has indicated the the self employed in the UK work longer hours for less pay when compared to their employed counterparts. It is thought that this is because they want to secure their financial future sooner.
It also finds that the self employed are dominated by […]
To qualify for the full UK State Pension you need to have made 44 years (41 if female) of National Insurance contributions by the time you reach 65 (or 60 if female) years of age.
However, the Taxman has been known to lose some of their records and thus we recommend you phone your local […]
HM Revenue & Customs is planning a huge crackdown on restaurants, hotels and caterers, after calculating that they are avoiding paying £1bn in VAT annually the Daily Telegraph has reported.
This industry is always seen as high on the Taxman’s priority list as there is a lot of cash transactions which are easier to not declare […]
A recent report has found that the tax burden for small UK businesses is much higher than for larger businesses.
Research carried out by KPMG showed that the cost of filling in tax returns and dealing with tax administration was nearly £2bn a year for small companies compared with £642m a year for large companies.
Steven Hill, […]
We often get asked what are the chances of being investigated by the Taxman and how they can reduce the likelihood of themselves being targetted. Below are some factors to bear in mind:
Statistics
The HMRC computer can analyse all taxpayers’ business statistics such as profit percentages and income levels. Any taxpayer who strays too […]