Changes to tax relief for residential landlords
From April 2017, the rules on income tax relief for interest and other finance costs relating to residential property letting have changed. Individuals, partnerships, trusts and executors of deceased estates will no longer be able to deduct all their finance costs when calculating profits on residential letting. Individuals will have tax relief restricted to the basic rate of income tax. ↣ Read More ↢
Employers should register for PAYE Online
It is important that employers are encouraged to access PAYE online so they are aware of coding notices and important messages from HMRC.
Some generic notifications are issued to help our customers understand when something has gone wrong. For example a late PAYE submission. They highlight that you may be charged a penalty, but also that you can appeal a penalty if you disagree with or have a reasonable excuse for filing late.
Are you Disability Confident?
Almost a fifth of the working age population is disabled or has a long-term health condition. The Disability Confident scheme aims to help employers make the most of the opportunities provided by employing disabled people, helping them take steps to become inclusive and make the most of a diverse workforce. Start your Disability Confident journey by visiting Disability Confident: how to sign up to the employer scheme.
HMRC launches new Fraud Hotline
HM Revenue and Customs has launched a new hotline for the public to report fraud and evasion in the fight against tax fraud. ↣ Read More ↢
Reporting Expenses and Benefits in Kind for the 2016-2017 tax year
Most people report online because it’s quicker, easier and cheaper. It’s also more secure. You can save paper, and you’ll get confirmation that we’ve received your submission. ↣ Read More ↢
Alcohol Wholesaler Registration Scheme – information for retailers and trade buyers
Please make the following message available to any of your contacts who buy alcohol for onward sale or supply from a UK wholesaler. Any business buying alcohol from a UK wholesaler for onward sale or supply to their customers will need to check that their wholesaler has been approved by HMRC under AWRS.
You can check your UK wholesaler is AWRS approved at gov.uk. You will need to obtain your wholesalers Unique Reference Number (URN) to use in the search.
For more information, go to GOV.UK and search for the Alcohol Wholesaler Registration Scheme.
A recorded webinar is also available on GOV.UK – use the following link and scroll down to Alcohol Wholesaler Registration Scheme.
Avoid penalties for late employment intermediary returns
Do you supply workers to an end client and are therefore classed as an employment intermediary who has to submit quarterly returns to HMRC?
For further information on penalties, see section 4 of the guidance. ↣ Read More ↢
Paying the right amount of tax through PAYE
From May 2017 HMRC will use the real-time information you give us to make automatic adjustments to Pay As You Earn (PAYE) tax codes as they happen, rather than waiting until the end of the tax year. This will offer far more certainty, will reduce unexpected tax bills and ensure more customers end the tax year has paid the right amount of tax.