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The government has provided ‘£900m of additional funding to assist HMRC in tackling tax avoidance and evasion. A new 'task force' initiative is expected to have immediate impact in what are perceived to be high risk industries such as the restaurant trade. So far, HMRC has not provided any 'taster' as to the composition of these teams. However the department claims that resources will be used more effectively to swiftly tackle rule-breakers and evaders. Related Article Tags: , , ,
Paying taxes to local and national governments is something that we are all required by national law and it just makes only a part of our duties as a citizen. Related Article Tags: , , , , , , ,
Does your PAYE scheme include 50 or more employees or leavers who you would normally file P14’s for? Back in October 2007, HMRC wrote to all employers about their legal obligation to electronically file their in-year forms online from 6th April 2009. These include the P45, P46 or PENNOT forms. Related Article Tags: , , , , , , , ,
VAT (Value Added Tax) is a sales tax, levied on the expenditure of consumer goods and services and business transactions, which is paid by the consumer at the point of purchase and collected by Her Majesty's Revenue and Customs (HMRC). First introduced to the UK in 1973, it is now a major source of revenue for the government.
Taxes are important and should be paid. They are the money that we pay to the government so that the government can serve us better. However, payment of taxes is a complicated problem. Related Article Tags: , , , , ,
The P46 is more than just a document required by HMRC. It also serves as a record of entitlement for Home Office requirements that employers ensure that their employees are entitled to work in the UK. Ceridian’s Simon Parsons explains. Many employers are continuing to fail to collect correct information for new starter employees and failing to understand their employer responsibilities. Equally many are failing to apply the correct tax code using what is sometimes referred to as local practices. Related Article Tags: , , , , , , , ,
Employers are increasingly using salary sacrifice to manage employee remuneration. This raises the employee's perceived value of their reward package, and forms a large part of Human Capital Management. But times have changed from the original aim of flexible benefit schemes: which was to adapt salary packages to be of more advantage to the employee, without additional cost to the employer. Now more employee package elements are based on employer cost savings, primarily at the government's expense. Related Article Tags: , , , , , , , ,
One of a series examining the different types of government benefits, this guide looks at some of the options available to assist those who're on a low income and are struggling to support themselves or their families. Related Article Tags: , , ,
Since 2006, people with UK pensions who are, or who will become, non-resident in the UK for tax purposes have been able to move their pension benefits to a Qualifying Recognised Overseas Pension Scheme (QROPS). In addition, UK pension benefits tend to die with the member and the fund cannot be passed to beneficiaries. Yet these issues can be avoided by transferring the private pension out of the UK. Related Article Tags: , , , ,
There's a wide range of government benefits to support you as you bring up your family if you're on a low income and need assistance. This is a brief guide to some of the key benefits that you may be eligible to receive. Related Article Tags: , , ,
Now that you have started saving for your pension, what happens if you move out of the country to settle somewhere else? What happens to your current pension and its contents? Will the complete pension transfer occur? All these questions are likely to be on your mind, especially if its money that you've been saving for a long time. There are a number of advantages and disadvantages to pension transfers. Make sure that you know exactly what you are doing and that you understand where your money is going. Related Article Tags: , , , ,
HMRC enquire into approximately 75,000 self assessment tax returns each year. Most tax enquiries result in extra tax being payable because business turnover has been understated or non allowable business expenses have been claimed, resulting in interest and penalties on the extra tax for that year and sometimes previous years and a higher tax rate. These frequently asked questions can help avoid interest and penalties with a few tax tips. Related Article Tags: , , , , , , , , , ,
When you decide that a company structure is what suits your business best, the first thing you have to do is register your company. Different countries have different policies when it comes to company registration. In the UK, there are a number of business friendly, transparent systems in place to encourage the formation of new businesses. Due to this, the UK sees approximately 440,000 new company registrations every year. Till date, surveys suggest that there are more than 2.6 billion registered companies in the UK. Related Article Tags: , , , ,
Whatever stage of the mortgage game you're at, unless you happen to be a qualified financial advisor, solicitor and broker all rolled into one, you'll need professional help to find and arrange your loan. This guide presents some basic information on mortgages, but you'll need to take specialist advice for your individual circumstances. Related Article Tags: , , , , , , , , , ,
The Individual Savings Account (ISA) scheme was set up by the government in 1999 to encourage people to save more money. It allows people to save up to a certain amount each year without paying tax on the interest or income from it. Related Article Tags: , , ,
Many people have heard of the term ISA which is an acronym for Individual Savings Account. They were welcomed when they were introduced as they offer tax free savings up to a point. There is another type of ISA however, which never gained as much media attention as the cash ISA and that is the stocks and shares ISA. Related Article Tags: , , , , , , , , , , ,
Retirement is a scary prospect for many in the UK, especially as many pensions tend to under perform. A stocks and shares investment ISA, maybe the answer to a better retirement. Possibly the only thing sweeter than fruits or fizzy drinks is the tax rules applicable to stocks and shares ISAs. They were introduced together with the cash ISA which unlike the stocks and shares ISA received widespread media attention for the tax free savings it offered. The stocks and shares ISA is sweet because it has some rather wonderful UK tax rules. Related Article Tags: , , , , , , , , , , ,
Is it possible to boost your UK State Pension? What steps can you take to increase your income in retirement? By paying Class 3 National Insurance contributions all this is possible... Related Article Tags: , , , , , , , ,
The construction industry in the United Kingdom employs approximately 1.4 million people and includes 186,000 SME's. Now it is an arguable fact of any economy that one of the first signs of a healthy economy is a strong and vibrant construction industry.
Before starting as a contractor, there are a number of tax issues that may affect the income of a potential contractor. Jim Haines explains how contractors can maximize their income. Related Article Tags: , , , ,
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