If a self-employed business owner who files theirSelf Assessmenttax return cannot pay the bill, for example, they may be able to use the Time To Pay service to agree a payment plan with HMRC. Businesses that do not agree to a plan with HMRC are likely to be charged a penalty for late...
From 14 October 2024, pay as you earn (PAYE) claims for tax relief for employment expenses must be made using form P87, with supporting evidence provided by post. The process for making a claim via self assessment is unchanged. Changes to HMRC’s agent dedicated line Article 04 Oct 202...
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that results in Benefit in Kind (BIK) charges, and increased self-assessment requirements. Luckily, there are ways to gift up to £50 (including VAT) each year to your employees, without them incurring BIK. In order to comply with HMRC requirements on Trivial Benefits, the emp...
We expect tax bands only to rise with inflation."Penalties:"HM Revenue & Customs (HMRC) has been set a target of 93% of all self-assessment forms to be received on time, yet a million of the simpler forms have been taken out of the system, making this an even tougher target to ...
In terms of how the charge is actually paid, usually, the pension scheme will pay it if they offer the facility. This is called ‘scheme pays’. Schemes are joint and severally liable for the tax, so they like to make sure the tax is paid to avoid having HMRC on their back. ...
The Lifetime ISA on the other hand seems (to me at least) to offer the added benefit that you get the same bump/bonus when you put your money in as you would with a SIPP, but without the downside of having to pay tax on it’s way out (once over the personal allowance). A doub...
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