HMRC warning letters to Swiss Account Holders

Swiss Letter_TaxAgility Accountants LondonHM Revenue and Customs (HMRC) recently sent out their first batch of 6,500 warning letters to UK holders of Swiss bank accounts. These warning letters, sent at the end of September, advised Swiss account holders that they have a six week deadline to ensure they are compliant with the new UK tax laws which came into effect in January 2013.

Affected taxpayers are advised to consider using the Liechtenstein Disclosure Facility to bring their tax affairs to order.
Read more


Small business owners get £2,000 Employment Allowance Tax cut

Tax Cut_TaxAgility Accountants LondonThe Employment Allowance tax cut will give businesses and charities up to £2’000 a year tax saving.

The planned tax cut will be introduced from April 2014 through the National Insurance Contributions Bill and is expected to benefit more than 1.2 million small businesses in UK. The aim of the Employment Allowance is to assist small businesses to grow by supporting the cost of employment. When this new regulation comes into force, it will result in approximately 450,000 businesses not needing to pay National Insurance Contributions at all.
Read more


Health and Wellbeing Tax Plan | A new campaign for tax defaulters

Health and Wellbeing_TaxAgility Accountants LondonThe latest campaign from HMRC, the Health and Wellbeing Tax Plan, launched on 7 October 2013 and will run until 6 April 2014.

The Health and Wellbeing Tax Plan is a new campaign for tax defaulters, aimed at those who work in the health and wellbeing sector, including alternative medicine or therapy. It and is designed to encourage voluntary disclosure of income or gains that have not yet been declared to HMRC, allowing health and wellbeing professionals to bring their tax affairs up to date.

Read more


New tax break for married couples

Tax break_TaxAgility Accountants LondonIf you are married or in a civil partnership, you may be able to benefit from the new tax break for married couples announced last week – a transferable tax allowance for married couples.

This new tax break will come into effect from April 2015 and will allow one individual to transfer a fixed amount of their personal allowance to their spouse or civil partner. The transferable tax allowance will only be available to couples where neither of the partners is a higher rate taxpayer.
Read more


Childcare Vouchers | Tax-Free Childcare scheme

Family Benefits_Tax Agility Accountants LondonAs 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

ATED_TaxAgility Accountants LondonThe 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

App_TaxAgility Accountants LondonTaxAgility 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

GAAR - TaxAgility Accountants LondonThere 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

Catch-up_TaxAgility-Accountants-LondonIf 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

Disclosure_TaxAgility-Accountants-LondonThere 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