HMRC

HMRC’s Talking Points

HMRC’s regular Talking Points webinars provide information, guidance and tips to help you to understand tax issues. Forthcoming ones include: Input tax recovery in relation to Option to Tax Tuesday 21 August – 11am to midday: This webinar will provide a general overview of how an Option to Tax can impact input tax recovery, dispelling some of the myths. It

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HMRC publish guidance on pension savings annual allowances

HMRC have published a guide on carrying forward unused annual allowances for pension savings. ‘Check if you have unused annual allowances on your pension savings’ explains that if pension savings are more than the annual allowance, unused annual allowances from previous years and be brought forward. The annual allowance is the limit on the amount of pension savings that can

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The government wants the power to investigate your finances without your permission

The government wants the power to obtain financial information about self-employed taxpayers without getting their permission first. It’s part of its aim to ‘maximise revenues due’ and tackle non-compliance, but experts say it’s a breach of privacy. HMRC has the power to obtain relevant information from taxpayers to check they’re paying the right amount of income tax, Capital Gains Tax,

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Property income allowance gives £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income. Taxpayers can claim the property income allowance, which came into effect in April last year, giving the property owner £1,000 of tax relief on their rental income, provided they have few

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HMRC receives a record £5.2bn from IHT

HMRC have received a record breaking £5.2bn from inheritance tax for the 2017/2018 tax year, an 8% increase on the previous 12 months, with London and the south east being the highest paying areas, say accounting, tax and advisory firm Blick Rothenberg. Rebecca Goldring, a manager at the firm, said: “As expected, the burden of IHT lies largely in the

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HMRC late payment interest rates to be revised

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.75%. The Bank of England Monetary Policy Committee voted unanimously to increase the Bank of England base rate to 0.75% on 2 August 2018. HMRC interest rates are linked to the Bank of England base rate and, as a consequence of the

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Time to declare offshore assets

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation, called ‘Requirement to Correct’, requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax or inheritance tax. However, some UK taxpayers may not

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PAYE code notices delayed

HMRC is warning employers of problems with its online PAYE service, which include failure to supply employers with this year’s P9 tax code notices, advising them of the correct code for employees for the new tax year, and instances where PAYE accounts are not showing the latest position In a service update, HMRC says it is aware of an issue

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HMRC Talking Points sessions – July and August 2018

HMRC’s regular Talking Points meetings provide ongoing information, guidance and tips, helping you to understand tax issues. Please find further details of future scheduled online meetings below: Income from property – What’s new: In this webinar HMRC will be looking at some of the recent changes to the taxation of property income that now apply to individual landlords. Including, the finance cost relief restriction

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