Read full story «P11D processing errors and late filing»

P11D processing errors and late filing cas-admin

Posted on June 15, 2016 0 151

The deadline for filing forms P11D is 6 July 2016. You will be liable to a penalty of £100 per 50 employees for each month or part month your P11D(b) is late. The P11D(b) is the form used to submit your individual P11Ds to HMRC. You’ll also be charged penalties and interest if you’re late paying HMRC the employers’ Class 1A NIC due 19 July 2016 (22 July if youRead More »

Read full story «Do you have under-declared property income?»

Do you have under-declared property income? cas-admin

Posted on June 6, 2016 0 130

HMRC have a long running campaign to encourage property owners who receive rental income from property, and who have not declared this income on their tax return, to get their tax affairs in order. The following example, reproduced from HMRC’s website, shows how this can occur. Beena age 23 Moved to Leeds to work in finance sector and purchased a 2 bedroomed flat to live in when she got there.Read More »

Read full story «Personal savings allowance»

Personal savings allowance cas-admin

Posted on June 6, 2016 0 146

From 6 April 2016, if you are a basic rate taxpayer you’ll be able to earn up to £1,000 in savings income tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance. Due to this change in legislation, banks and building societies will no longer be deducting tax from interest payments they make from 6 April 2016. If you already receiveRead More »

Read full story «Cycle to work»

Cycle to work cas-admin

Posted on June 1, 2016 0 107

The following notes set out the general scope of the Cycle to work scheme. This provides a number of tax advantages that employers can use to encourage employees to cycle to work. Who can use the scheme? Employers of all sizes across the public, private and voluntary sectors can implement a tax exempt loan scheme for their employees. To maximize the benefit of implementation, it is desirable that participation inRead More »

Read full story «HMRC ticked off by National Audit Office»

HMRC ticked off by National Audit Office cas-admin

Posted on June 1, 2016 0 147

The National Audit Office (NAO) has published a report criticising HM Revenue and Customs (HMRC) for periods of poor customer service last year. Responding to the report, Ruth Owen, HMRC’s Director General for Customer Services said: We recognise that early in 2015 we didn’t provide the standard of service that people are entitled to expect and we apologised at the time. We have since fully recovered and are now offeringRead More »

Read full story «State benefits that are taxable»

State benefits that are taxable cas-admin

Posted on May 23, 2016 0 126

Many newly retired pensioners may not be aware that the State Pension they receive is taxable income. Also, the amount paid is not taxed at source. Although a pensioner’s State Pension may be covered by their annual tax-free personal allowance (£11,000 for 2016-17) and therefore potentially no tax would be payable, the situation is more complex if other private pensions and investment income are received. At the end of aRead More »

Read full story «Small businesses take on more staff»

Small businesses take on more staff cas-admin

Posted on May 23, 2016 0 135

According to new government research published recently shows that almost a quarter (24%) of small and medium-sized (SME) employers had more people working for them in 2015 than in 2014. The Small Business Survey 2015 is based on the views of more than 15,000 SMEs. Starting from this year, the survey will track the same businesses over time to better understand their needs as they grow and develop. Only 1Read More »

Read full story «HMRC issues warnings and advice regarding fraudulent emails»

HMRC issues warnings and advice regarding fraudulent emails cas-admin

Posted on May 16, 2016 0 129

There is a continuing misuse of emails and SMS messages that purport to be from HMRC asking questions about your tax and encouraging recipients to part with their personal information and bank details. HMRC have recently issued guidance, intended to help taxpayers decide if an email from the tax office is genuine. Here’s what HMRC have said on this topic: As well as spelling mistakes and poor grammar, there areRead More »