Brits set to ‘pay taxman £4.7bn more than needed’

New research suggests that UK tax payers are set to waste almost £5 billion this year by paying more tax than necessary. The 2014 TaxAction research, released on 17 February by www.unbiased.co.uk, a website enabling consumers to find professional advisers, reveals that taxpayers are set to pay £100 million more in tax than they did in 2013 by not making the most of tax reliefs Read more…

Avoid a Potential 55% Tax Charge on Your Pension Savings

Time is running out for individuals who have substantial pension pots to make a decision on whether or not to protect their pension savings- because the lifetime allowance is being cut from 6 April 2014. The lifetime allowance is an overall limit on the amount of tax relieved pension savings that an individual can build up over their life. A tax charge applies to pension savings above Read more…

Avoid a Potential 55% Tax Charge on Your Pension Savings

Time is running out for individuals who have substantial pension pots to make a decision to protect their pension savings because the lifetime allowance is being cut from 6 April 2014. The lifetime allowance is an overall limit on the amount of tax relieved pension savings that an individual can build up over their life.  A tax charge applies to pension savings above the lifetime Read more…

New HMRC Taskforce to target undeclared income in South East and South

HM Revenue & Customs are targeting tax cheats in the South East and South of England with the setting up of a new taskforce. The task force aims to recover £2.8 million of tax on undeclared income of individuals and businesses. Those living lifestyles beyond their obvious means through assets from undeclared income and offshore accounts will be identified and brought to account through investigations Read more…

Survey seeks views on RTI

Tax experts are urging as many employers as possible to take part in an online survey around Real Time Information (RTI) payroll reporting.

HM Revenue & Customs (HMRC) has launched the survey to gather the experiences of employers – along with those of software and payroll service providers – in reporting payments to employees on or before the date of payment.

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Is your business subject to the new ATED Tax?

The Annual Tax on Enveloped Dwellings (ATED) tax, announced by HMRC earlier this year, is applicable to all UK or non-UK companies owning UK residential or mixed-use property valued above £2 million on 1 April 2012 (or when purchased, if after this date). You’ll need to complete an ATED Tax Return for your property if all of the following apply: it’s a residential or mixed Read more…

Lifting the lid on UK Patent Box legislation

The London 2012 Olympic Games have come to a close and it is hoped they will encourage many more visitors from the world, including those looking to set up business here. If that in itself is not enough, this year’s Finance Act 2012 introduced new legislation to enshrine the Patent Box rules into our legislation. However in addition to meeting the conditions needed for the Read more…