Newsletter...
October 2012 - ENEWS
In this month’s enews we report that HMRC are about to issue letters to those families likely to be affected by the High Income Child Benefit Charge.
Please contact us if you would like any further details on any of the issues covered.
- HIGH INCOME CHILD BENEFIT CHARGE LETTERS
HMRC are about to write to taxpayers who they believe will be affected by the High Income Child Benefit Charge. In Budget 2012, as part of the reforms to the welfare system, it was confirmed that Child Benefit will be withdrawn from households that include certain higher earners.....read more - TOO LATE FOR ‘PAPER’ SELF ASSESSMENT TAX
For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2011/12 return was 31 October 2012. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid on time.....read more - PLANS FOR A NEW TYPE OF EMPLOYMENT CONTRACT
Chancellor George Osborne has announced a new type of employment contract to be known as an employee-owner. Under the new contract employees will be able exchange some of their UK employment rights for shares in the business they work for. Gains on the disposal of the shares will be exempt from capital gains tax.....read more - RTI - CLOSING PAYROLL SCHEMES
HMRC are about to write to employers who they believe have a payroll scheme which is not being used. The letters are being sent in preparation for the introduction of RTI as HMRC are planning to close any payroll schemes which they believe are no longer needed.....read more - GUIDANCE ON RECLAIMING NATIONAL INSURANCE CONTRIBUTIONS PAID IN ERROR
HMRC have issued guidance to cover the situation where vocational or recreational trainers may be entitled to claim a refund of National Insurance contributions. The refunds are due following a change in guidance on charging national insurance contributions.....read more - HEALTH AND SAFETY EXECUTIVE FEE FOR INTERVENTION
The Health and Safety Executive has announced that it has implemented a Fee for Intervention (FFI) cost recovery scheme, which came into effect on 1 October 2012.....read more - RETIREMENT FUNDS SET TO FALL
According to a report issued by the Saga Foundation, millions of Britons due to retire over the next few years risk seeing £11.5 billion wiped off their retirement funds. The report factors in tax and benefit changes, which include the freezing of age related personal allowances from April 2013 and reduction in winter fuel payments, together with low interest rates.....read more - HMRC CHECKLIST FOR EC VAT REGISTRATION NUMBERS
HMRC have issued a revised Notice 725, The Single Market, which includes a useful checklist (see section 16.19) to enable businesses to help spot incorrect VAT registration numbers at a glance.....read more
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