Tax Questions and Answers
A new employee has told me that they have a student loan. What do I need to do about this? Student loans provided through the Student Loan company are collected through the UK tax system. How much, if anything, is…
Missed MTD Registration
If you are a VAT-registered business with annual income above the registration threshold (currently £85,000) then you should now be submitting VAT returns through Making Tax Digital (MTD). This requires records to be kept in appropriate computer software and submitted…
Claiming VAT On fuel
Self-employed businesses that are registered for VAT charge their customers VAT on sales and reclaim the VAT they are charged on their own expenses. For most expenses, the amount of VAT that can be claimed is clear. There are special…
Avoiding VAT Surcharges
As with so many things involving HMRC, failing to file and pay your VAT on time can result in penalties. VAT penalties are referred to as surcharges and you must have failed to meet your responsibilities at least twice before…
Penalties For Parents Cancelled
Parents of young children are entitled to support from the government through Child Benefit. However, in January 2013, the government decided that those on higher incomes did not need these additional funds to support their children. Instead of introducing a…
Appealing Against Penalties
The world of tax is full of deadlines and failing to meet these will often result in penalties. However, whilst HMRC might sometimes suggest otherwise, such penalties are not necessarily set in stone. If you have a good reason for…
Registering For Self-assessment
We are now a month and a half into a new tax year. If you have completed a tax return in previous years, then you are likely to have already received a notice from HMRC to file a return for…
Tax Codes
I have employment income and I was expecting my tax code to go up. Instead it has gone down and I am now paying more in tax. Why is this? Tax codes are part of the PAYE system. Their purpose…
Let Property Campaign Ongoing
Unlike most voluntary disclosure campaigns from HMRC, which normally run for a short period of time, the Let Property campaign is still ongoing. It was first introduced in late 2013, as an opportunity to voluntarily disclose rental income, and reduce…
Tax Fraud Office Pursues Sheikh Gulzar
By Emma Harwood Hastings Pier owner Sheikh Abid Gulzar was fined thousands of pounds last week for breaching tax regulations along with two of his companies which had been ‘trading illegally’, according to HMRC’s Fraud Investigation Service. The Eastbourne-based hotelier…