HMRC propose new penalty regime for contractors As announced in November HMRC have published a report outlining a more favourable penalty regime for contractors. Under the proposed rules, which will come into effect in October 2011 CIS members could pay less in penalties for late monthly returns. However until the new penalties are launched any contractor who has been charged for […]
Added on 02 Nov 10 Off shore tax haven no more? Dave Harnett, Permanent Secretary of HM Revenue & Customs has revealed that the Government Agency has been in discussions with several countries seen as “tax havens” on the advantages of disclosing regimes. This could lead to the countries signing amnesties similar to the deal with Lichtenstein which unveiled secret bank accounts potentially holding untaxed assets.
Holidays come early for new businesses As announced by Chancellor George Osbourne in the budget a Holiday for New Business scheme has been launched. From the 6th of September 2010 until the 6th of September 2013, businesses outside of London, the South East and East of England can claim a payment holiday from NIC contributions. The scheme is available for the first […]
PAYE error affects almost 6 million taxpayers HMRC ’s post-bag will be brimming up to Christmas, as they contact around 5.7 million taxpayers who have under or overpaid PAYE. This latest round of errors dates back to April 2008, and was reportedly identified by a new computer system which uncovered discrepancies in the PAYE system totalling £2bn. Circa 4.3 million people have overpaid and […]
Top rate income tax raised to 50%! From the 6th of April 2010, those earning above £150,000 per annum will be subject to a 50% rate of income tax. Individuals can receive tax relief through making pension contributions at their highest marginal rate. However, after the 6th of April 2011 for those earning in excess […]
HM Revenue and Customs has announced new interest rates to be charged for late and overpaid taxes from 29th September 2009. (Note that Corporation Tax quarterly instalment payments apply from 21st September 2009). For income tax, NICs, capital gains tax, stamp duties, VAT, excise duties, environmental taxes, insurance premium tax and custom duty the rate for late […]
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