Category: Tax
May 08, 2019 | TaxHow does the salary sacrifice scheme work with the P11D form?
The P11D deadline for the salary sacrifice scheme is almost upon us for 2018/19. However, it’s likely that this is the first time as an employer that you will have to include benefits provided to your employees through a salary sacrifice scheme. So if you’re asking yourself ‘how does the salary sacrifice scheme work?’ read […]
Apr 20, 2019 | TaxMaking Tax Digital for VAT | A guide to MTD
Summary. Making Tax Digital (MTD) for VAT requires businesses above the threshold to maintain tax and financial records digitally and file VAT returns online. The right software connects with HMRC’s platform, ensuring compliance. Some businesses may qualify for MTD exemptions based on turnover or other criteria. When it comes to making tax digital for […]
Mar 11, 2019 | TaxHelp – I’ve missed the tax self-assessment deadline!
Summary. HMRC delayed self-assessment penalty warnings this year, affecting 731,186 taxpayers who missed the deadline. The standard £100 late fee will rise by £10 a day starting May 1st. Brexit-induced delays caused the postponement of penalty notices, but HMRC assures fair treatment. Taxpayers should file promptly to avoid additional fines. The self-assessment deadline has […]
Mar 26, 2018 | TaxHMRC Announces a Wave of New Taskforces
HMRC announces a wave of new taskforces to investigate evasion in specific commercial and geographical sectors Tackling tax evading restaurants HM Revenue & Customs (HMRC) has revealed that a new taskforce will be tackling tax evading restaurants in the Midlands as part of a wider initiative to increase tax revenues in the UK. […]
Mar 26, 2018 | TaxAre You Still Submitting Your CIS Monthly Returns by Paper?
Reduce the hassle, time and likeliness of being landed with a £100 late filing penalty by letting us file your monthly CIS returns online for you. We can also verify your new subcontractors with HMRC online. Let’s face it, form filling is time consuming especially for you smaller Contractors. Completing a paper monthly return can […]
Nov 01, 2017 | TaxTAX NEWSLETTER – November 2017
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful. Download our new App! Go to our website www.tnmca.com Ask us about management accounts | Ask us about our virtual financial director service. CHANGES TO PENSION TAX RELIEF IN THE BUDGET? There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget. With the Chancellor looking to increase tax revenues without increasing tax rates, a raid on pension savings is an easy target as the cost of pension tax relief is estimated to be in excess of £35 billion a year. Currently individuals can generally obtain tax relief at their marginal tax rate on up to £40,000 each tax year. Thus, for a higher rate taxpayer, a £10,000 gross pension investment costs only £6,000 after tax relief increasing your pension savings just in case? NEW RESTRICTION FOR THOSE IN PENSION DRAWDOWN One of the measures affecting pensions announced in the Spring 2017 Budget that was not included in the first Finance Act, concerns a […]
