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
General Election 2019 With the upcoming election and the campaigns in full swing how much attention has been given to Labour’s proposals for SME’s? Labour’s proposals for SME’s include: Increasing dividend tax from 7.5% to 20% where the income is lower than 50k Increasing Corporation tax from 19% to 21% where profits are less than … Read more Labour’s proposals for SME’s
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
Transferring information that’s sensitive and confidential is an important for accountants, although it doesn’t come without some challenges! With the increasing costs of Royal Mail and GDPR rendering email as insecure AJR & Co Ltd have introduced a client portal. This allows our clients, once registered, to upload documents, records and paperwork relevant to their … Read more Client Portal Introduction
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
According to the Institute for Fiscal Studies (IFS) incentives such as entrepreneurs’relief are encouraging business owners to shift around their income to minimise tax payments. The IFS says its analysis of UK tax records shows that, in general, company owner-managers respond to changes in income taxes by adjusting how and when they take money out of their company and … Read more Entrepreneurs’relief
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
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