Childcare Vouchers | Tax-Free Childcare scheme
As you may be aware, the Government has announced plans to launch a new Tax-free Childcare scheme in autumn 2015 which will eventually replace the existing Childcare Voucher scheme.
If you are a parent currently receiving Childcare Vouchers, you may be impacted by the changes proposed as the new Tax-Free Childcare scheme will limit access to the scheme based on income and is targeted to working families, where both parents work. One of the key changes is that the scheme will no longer be administered through Employers, enabling self-employed and lower income families to benefit going forward.
Read on for further information and to see whether this change may impact you.
Read more
Annual Tax on Enveloped Dwellings (ATED)
ATED – tax returns due by 1 October 2013
The deadline is fast approaching for submission of your tax return if you own a property worth more than £2m.
The Annual Tax on Enveloped Dwellings or ATED (previously called the Annual Residential Property Tax) is a tax payable by any company that owns a high value residential property (a 'dwelling'). It was introduced earlier this year and came into effect from 1 April 2013 and will be payable each year. The tax deadline for submission of your ATED return is 1 October 2013.
To follow is a brief summary of what ATED is and what to do if you are affected by it.
Read more
TaxAgility launch New Accounting App
A great new App free from TaxAgility accountants in London
TaxAgility is one of the first accountancy firms in London to launch a free mobile Accounting App. As a business we are always looking for ways to improve the service we offer our clients and we are delighted to announce the launch of our new TaxAgility Accounting App.
It’s completely free of charge to download and it is available for iPhone, iPads and Android phones.
It has some really useful Tax Tables, Calculators and a reminder of important deadline dates. You can access all of this for free, anywhere you have internet connection on your device.
Read more
A summary of GAAR and how it may impact you
There has been much written about the new GAAR legislation since it came into force in July 2013 and the majority of articles are extremely technical and very lengthy. I thought it would be helpful to provide a summary of GAAR and how this may impact you.
The General Anti-Abuse Rule (GAAR), has been introduced in the UK as part of the governments endeavours to combat tax avoidance and evasion. Essentially the GAAR legislation defines what would be considered an ‘abusive tax arrangement’ and aims to counter tax avoidance. GAAR will apply to any arrangements entered into on or after 17 July 2013 and will have important impacts on tax planning arrangements going forward.
Read more
Tax Return Catch Up – deadline draws near
If you have failed to submit your Self Assessment tax return on time or you have outstanding tax bills, don’t miss out on the opportunity to take advantage of the HMRC’s Tax Return Catch Up.
The HMRC recently launched their Tax Return Catch Up campaign, targeted to any individuals who have failed to complete and submit tax returns for any year up to 2011/12. If you have previously been sent a Self Assessment tax return by HMRC and you have not yet completed this or you have outstanding tax due, you have until 15 October 2013 to bring your tax affairs up to date and avoid what could amount to substantial penalties thereafter.
Read more
Isle of Man Disclosure Facility
There has been much discussion recently about the Isle Of Man Disclosure Facility (IOMDF) and I thought it may be useful to provide a summary of the details. The IOMDF relates to a tax sharing agreement between HMRC and the Isle of Man (IOM) government. It allows individuals a limited period of time within which they can disclose any tax irregularities relating to holdings in offshore bank accounts held in IOM, with minimal penalties being applied.
Read more
Child Benefit Penalty for Higher Earners
If you or your partner are a higher earner parent (classified as anyone earning in excess of £50’000 per annum) and have been receiving the child benefit this year – you could face a large Child Benefit Penalty if you do not register for Self Assessment by 5 October 2013.
Individuals who fail to register by this date may face a penalty of between 10% and 100% of the amount due, depending on if the failure was intentional.
Read more
HMRC revise their approach to tax defaulters
From the 1st April 2013, the HMRC introduced their new ‘Managing Serious Defaulters Programme’ with a revised approach to tax defaulters. They have now revised and expanded the criteria they use to define a serious tax defaulter, keeping up the pressure on current and potential tax avoiders.
The Liechtenstein Disclosure Facility
The Liechtenstein Disclosure Facility (LDF) is a disclosure process which is currently unique in the United Kingdom tax system.
LDF gives taxpayers the opportunity to disclose their tax irregularities relating to holdings in offshore bank accounts, investments and various other structures, on the HMRC’s most generous terms yet:
Read more
RTI Relaxation
The real time information (RTI) system for submitting PAYE information to HMRC must be used by small employers from April 2013. However, there has recently been a temporary RTI relaxation of one of the reporting requirements for employers with fewer than 50 employees.
Read more