What is Self assessment? Self assessment is the system HM Revenue and Customs use to collect Income tax from people who are not eligible to have it deducted at source. This could be due to self-employment, a second income from property or pension payments to name but a few. If you are self employed or … Read more Self Assessment Deadlines
In the tax year 2018/19 around 460,000 requests were made to HMRC for refunds on overpaid income tax, according to an FOI request by the insurance company Royal London. The repayment values totalling £5.1billion made to individuals, made up of refunds made to individuals and for personal pension contributions and although individual taxpayers were refunded … Read more HMRC faces requests for income tax refunds
It is reported that we are seeing Highest UK Taxes since 1950’s with a staggering 7% increase. In the 1950s taxes accounted for just under a third of GDP at 27.5% which was £5.8bn, since then tax revenue rose to £627.9bn in 2018-19. This is forecast to rise in 2019-20 to £757bn, equivalent to a … Read more Highest UK taxes since 1950’s
HM Revenue and Customs (HMRC) is warning millions of Self Assessment customers to beware of fraudsters in the run up to the 31 January deadline. Over the last year, HMRC received nearly 900,000 reports from the public about suspicious HMRC contact – phone calls, texts or emails. More than 100,000 of these were phone scams, … Read more Beware of Fraudsters
Companies that work on innovative projects in science and technology can seek support from Research and Development tax reliefs (R&D). A wide range of companies can claim Research and Development tax reliefs to put towards research or to develop an advance in their specific field, even if the project is unsuccessful. What Projects count? To … Read more Research and Development Tax Reliefs
HMRC are reminding customers that the deadline for submitting self assessment tax returns is only 100 days away and urging customers to complete their returns early before the Christmas and New Year rush. With more than 2,000 people sending in their tax returns on Christmas Day in 2018, HMRC are asking people to consider submitting … Read more 100 Days until Self Assessment Deadline
HM Revenue and Customs (HMRC) has automatically registered 95,000 businesses for its simplified import procedures allowing most traders up to six months to pay import duties and submit customs declarations, if the UK leaves the EU without a deal on 31 October. What is the TSP scheme? The scheme, known as Transitional Simplified Procedures (TSP), … Read more 95,000 firms onto simplified import procedures
HMRC has revised its assessment on the cost to business in the case of a no-deal Brexit. Estimated to cost £15bn a year for ongoing administrative costs for UK-EU trade and up to £56 per declaration HMRC impact assessment for the movement of goods if the UK leaves the EU without a deal (third edition) … Read more No-Deal Brexit
What is Child Benefit and how does it work? You receive child benefit if you’re responsible for bringing up a child who is: Under 16 Under 20 and in approved education or training Child Benefit is paid every 4 weeks and there is no limit on the number of children that can be claimed for. … Read more Child Benefit
AJR & Co provide Taxation services and advice to both businesses and individuals for Tax Compliance and Tax Planning purposes. We also assist with HM Revenue & Customs Enquiries and Investigations and provide Insurance cover to pay for fees incurred in the event of an HMRC Inquiry. Corporation Tax Corporation tax must be paid on profits from doing business as: A limited … Read more Taxation
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