Penalties for tax errors increased
Elsewhere in this newsletter we have looked at some of the huge penalties that have been levied by HMRC. The amount of penalties charged have increased recently under certain circumstances. Below we look at how penalties are calculated, and when they have now been increased. When a taxpayer fails to notify HMRC of their tax … Continue reading Penalties for tax errors increased
A potential problem that may affect many parents has been highlighted by MPs who are warning that the changes to child benefit and poor communication from HMRC may mean thousands of parents risk losing out on future pension entitlements. The problem has arisen since child benefit was reformed so that for couples where one partner … Continue reading Pension Entitlements Hit By Child Benefit Changes
As we approach the new tax year let us look at some of the changes that we will be facing. These will leave some of us better off but many will face higher bills. Let us look at some of the changes and the effects that they will have on us. Introduction of a new … Continue reading Changes in tax approaching
National Insurance for Self-Employed people is changing over the next couple of years. Currently, anyone who is self-employed pays National Insurance in two ways: Class 2 NIC. It is this class of NIC that counts towards pensions and certain other contribution-based social security benefits. This is paid at the flat rate of £2.85 per week. … Continue reading National Insurance for Self- Employed people is changing
We were recently asked by a client whether training costs were tax deductible. As usual, the question is easier to ask than to answer. Consideration must be given both to who is receiving the training and who is making the payment. Sole Trader or Partner If a sole trader or partner undertakes training to update … Continue reading Are Training Costs Tax Deductible?