HMRC has considered putting a limit on the amount individuals can transfer into trusts tax-free in an effort to clamp down on the use of multiple trusts to avoid inheritance tax. Under the new rules, a couple would only be able to set aside £650,000 tax-free through the use of trusts whereas current rules allow … Continued
HMRC call centre staff are instructed to avoid asking additional questions and to limit calls with taxpayers to five minutes. Thousands of calls are left unanswered, the employee said, and over 100,000 taxpayer letters have been left unopened. Source: The Times (10/05/2014) We are registered with HMRC as agents and benefit from dedicated agent lines. … Continued
Tax break for married couples has been confirmed. From the financial year 2015-16, married couples and those in civil partnerships will be able to transfer £1,050 of their income tax personal allowance between the two partners. Additionally, the Conservative party is said to be considering raising the threshold at which NI is paid, possibly to … Continued
Are you taking advantage already? The UK’s 1.5m micro-businesses are to be exempt from certain financial reporting requirements following a government consultation on implementing a new EU directive aimed at reducing the regulatory burden for very small entities. This means less admin time for the small business owners and/or less work for their accountants – … Continued
HMRC has extended the time that micro employers – those with nine or less employees – are allowed to report PAYE in real time. They will be allowed to continue reporting the information on or before the last payday of each month, rather than on every individual payday. HMRC director general for personal tax Ruth … Continued
Landlords who have failed to declare their rental earnings are being warned to pay up or face harsher penalties. HMRC’s Let Property Campaign is targeting widespread tax evasion on property lettings, and estimates that 1m buy-to-let and other private landlords are not declaring their rental income, depriving the public coffers of £550m a year. Source: … Continued
