The Budget 2015 – Personal Tax
Allowance, Rates and Bands There is no amendment to the proposals announce earlier with regard to allowances, tax rates and bands. The main personal allowance increases to £10,600. The personal allowance continues to be withdrawn progressively by £1 for every £2 that the “adjusted net income” exceeds £100,000. The age allowance for those born before … Continue reading The Budget 2015 – Personal Tax
Summary of Budget Held on 18th March 2015 The Chancellor announced that the government intends to abolish the need for annual tax returns, with individuals and businesses managing their tax affairs on-line through a “digital tax account”. The main budget proposals were as follows: An increase in personal allowances over the next two years A … Continue reading The Budget 2015 – Summary
No ‘rhyme’ or ‘reason’ for how Inland Revenue (IR) deal with certain matters. Here are two confusing and frustrating situations we and our tax-paying clients have found ourselves in. Compare these two scenarios – In both situations the tax payers are in the PAYE system Our client A moved employment in December 2014. In January … Continue reading Confusion caused by the tax office
Ring, ring. “Good morning, Mr XYZ, my name is Fred Smith from Microsoft. We have become aware that your computer has been hacked and it is imperative that you take steps to repair it. To do so we just need a few details……….” This is one of the latest scams to become prevalent, and you … Continue reading Beware unsolicited calls from people claiming to be Microsoft or HMRC
The Real Time Information (“RTI”) rules finally hit the smaller employers. Employers with fewer than 50 employees are now required to report their payroll information under RTI. This means that a report of payments made to employees and the associated deductions must be made to the tax office before the payments are made, although HMRC … Continue reading The Real Time Information (RTI) impact on small employers