Top Tips on Filing Your Tax Return

File Tax_TaxAgility Accountants LondonNow that the new year is well and truly under way, the time has come to look ahead to the self assessment tax return deadline of 31 January 2014 to ensure you file your 2012/13 return correctly, and help get the new year off to a great start.

Whether this is the first year you're submitting a self assessment tax return, or you've been submitting them for as long as you can remember, chances are there are numerous areas in your return in which you can save that little bit extra, and ultimately maximise your tax savings.

Read more


HMRC Proposes EFRBS Settlement by 31 December

Tax Time_TaxAgility Accountants LondonHMRC has proposed the EFRBS Settlement offering employers a direct opportunity to settle the tax arising on Employer Financed Retirement Benefit Schemes (EFRBS).

HMRC recently announced this settlement opportunity by writing to affected customers giving them the chance to settle open enquiries without the need to engage in time consuming litigation – an offer, HMRC claim, intended to minimise costs to both customers, and themselves.

Under the terms of the settlement offer, you have until 31 December 2013 to consider the options put forward by HMRC and register your interest in any one of them (registering interest at this stage won't commit you to settling).
Read more


Inheritance Tax Numbers Expected to Double

IHT_TaxAgility Accountants LondonThere is expected to be a sharp rise in the number of estates affected by the controversial inheritance tax (IHT).

Experts have warned that the number of estates expected to be caught by inheritance tax is likely to double by 2016/17 – from 21,000 in 2012, to an expected 42,000 in 2017.
Read more


Automatic Information Exchange Agreed for Offshore Disclosure Facilities

Disclosure-Offshore_TaxAgility-Accountants-LondonEarlier this year, Offshore Disclosure Facilities (ODF) were agreed between the UK government and the governments of Jersey, Guernsey, and the Isle of Man, designed to last between April of this year and 30 September 2016.  During this period Financial Intermediaries in these three dependent territories are to be contacting people who they believe may be eligible to participate in the facility.

In the latest update to these agreements in October this year, the governments have now agreed to an automatic and spontaneous exchange of information between the UK and the relevant offshore government, from 2016 onwards.
Read more


SEIS Investment Injects £82m Into Start-Ups

Start Up_TaxAgility Accountants LondonThe SEIS (Seed Enterprise Investment Scheme), put forward by Chancellor George Osborne in 2011 and formally launched in April 2012, is designed to help small, early-stage or start up companies raise equity finance by encouraging individual investors with the prospect of receiving 50% of their investment back as income tax relief.

In the eighteen months since its introduction, over 1,100 companies across the UK have raised over £82 million in funding through SEIS investment, with the average amount of investment being raised currently at £72,000, according to HMRC.
Read more


What is the UK and Swiss Tax Cooperation Agreement?

Swiss Disclosure_TaxAgility Accountants LondonWith the HMRC having recently sent out their first batch of warning letters to Swiss Account Holders, I though it may be useful to recap the details of the UK and Swiss Tax Cooperation Agreement.

The new information-sharing agreement was made between UK and Switzerland and came into force on 1 January 2013. The agreement covers undeclared Swiss bank accounts held by UK residents. This agreement changes the way that banking will be conducted in Switzerland and the information sharing enables HMRC to find out about Swiss offshore accounts held by UK taxpayers.
Read more


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