HMRC have determined that you must complete a self assessment tax return if any of the following circumstances apply to your personal, financial circumstances: 1. You're a company director, minister, Lloyd's name or member. Your annual income is £100,000 or more. You have income from savings, investment or property. If you are an employee or a pensioner and already Continue Reading
Read more
HMRC’s second incomes campaign
On 9 April 2014 HMRC published details of their latest campaign to encourage taxpayers to declare and pay unpaid tax on second incomes. HMRC will expect settlement of any taxes due four months from the date of declaration of untaxed income sources to HMRC. The types of income highlighted by HMRC include: consultancy fees, for example, providing training organising parties Continue Reading
Read more
Tax anomalies
Institute for Fiscal Studies director, Paul Johnson, recently spoke at the annual Chartered Tax Advisor Address. He pointed out a number of the unnecessary complications and policies that have left the UK tax system more complex and less efficient. “For example: There is a basic rate of income tax of 20%, a higher rate of 40% and a top rate Continue Reading
Read more