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Minimum Wage changes from 1 October 2013a

December 26th, 2019 by David Beckman

Don’t forget that the minumum wage rates changed from 1 October 2013. The new rates are: The main (adult) rate of the national minimum wage rises from £6.19 to £6.31 per hour The youth rate (for workers who are aged 18 but under 21) increases from £4.98 to £5.03 per hour The rate for workers […]


Undeclared Rental Income from property

December 26th, 2019 by David Beckman

HMRC has launched a new campaign to get people who have not declared all their rental income to come forward. The obligation is on the taxpayer to come forward and meet their obligations by a set deadline. The campaigns offer a carrot and stick approach: the best available terms for those who come forward, but […]


High Income Child Benefit Charge Payers need to register for self assessment

December 26th, 2019 by David Beckman

If all of the following conditions apply for 2012/13 and you are not yet submitting self assessment tax returns, you will need to register for self assessment by 5 October 2013: your income is over £50,000; and either you or your partner received any child benefit payments after 7 January 2013; and your income for […]


High Income Child Benefit Charge Payers need to register for self assessment

December 26th, 2019 by David Beckman

If all of the following conditions apply for 2012/13 and you are not yet submitting self assessment tax returns, you will need to register for self assessment by 5 October 2013: your income is over £50,000; and either you or your partner received any child benefit payments after 7 January 2013; and your income for […]


Child benefit and child tax credit stop for 16-year-olds on 31 August

December 26th, 2019 by David Beckman

… unless your child is still in education or training. But you will need to contact HMRC.   Child benefit stops on the 31 August on or after the child’s 16th birthday if they leave education or training. The same applies to child tax credit (CTC).   These benefits can continue if the child stays in approved […]


Interest from Overseas-HMRC are now watching

December 26th, 2019 by David Beckman

HMRC will very soon be given information automatically of interest and assets held by UK residents in British Crown Dependencies such as the Isle of man and the Channel Islands and in so-called overseas territories such as Anguilla, Bermuda, the BVI, the Cayman Islands, Gibraltar, Montserrat and the Turks & Caicos Islands. Thus HMRC will […]


Annual Tax on Properties held through companies

December 26th, 2019 by David Beckman

ATED is coming     October is a key month for the new “Annual Tax on Enveloped Dwellings” – the new tax which came into force on 1 April 2013 on UK residential properties worth over £2million and owned by companies or by corporate partnerships. For all future years, the tax and the return must […]


VAT Changes to ‘Portfolio Management Services’

December 26th, 2019 by David Beckman

HMRC have just issued Brief 11/2013 which announces changes to the VAT treatment of Portfolio Management Fees from 1st December 2013. However, intermediaries should consider their position now. Following on from the ‘changes’ to income received by Financial Intermediaries as a result of the Retail Distribution Review, HMRC have announced a change in the VAT […]


HM Revenue & Customs Enquiry Activity at Record Levels

December 26th, 2019 by David Beckman

The pressure placed on HMRC by the Treasury to increase tax revenues has been well documented in recent years.  Indeed the government’s spending review made £917m available to tackle tax evasion, avoidance and fraud, with HMRC targeted to collect an additional £7bn a year in tax by 2014/15. HMRC have certainly reacted to this pressure, […]


Child Care Costs

December 26th, 2019 by David Beckman

All employers can pay childcare costs or offer vouchers for directors/employees towards their childcare costs. Not only will the company get a deduction against its profits and thus save 20% corporation tax, you as the director/employee will not be subject to tax or national insurance contributions. If you are a basic rate taxpayer, the company can pay […]