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HMRC Get Ruthless with Tax Arrears
Hidden away in the 2014/15 Budget, George Osborne announced he would “modernise and strengthen HMRC’s Debt collection powers”. It sounds great, until you delve into the detail and discover that this...
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Flexible Payment options for Self Assessment Taxpayers
Let’s face it, paying your tax in lump sums twice a year is a killer for many taxpayers. Unless you are a ruthless saver, stumping up hundreds or thousands of pounds to HMRC can make January and July...
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Payments on Account for the Self-Employed
We provide accounting services to hundreds of small businesses, sole traders and freelancers across the UK and one of the topics we have to explain the most is how “Payments on Account” work for the...
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What is a P800 Tax Calculation ?
If you have received pension income or pay through employment during the last tax year, you may receive a P800 Tax Calculation from HMRC over the coming weeks. The P800 is a summary of all of the...
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10 Things you need to know about Inheritance Tax
Inheritance tax is payable on the total value of the deceased person’s estate, which includes all cash, investments, properties deducting any debts owed including household bills and funeral expenses....
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PAYE RTI Late Filing Penalties from October 2014
Penalties for the new RTI PAYE scheme will be introduced from 6th October 2014, so it is crucial that you ensure your payroll affairs are up to date and you have a robust system to prevent mistakes....
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Second Payment on Account Deadline Looms
If your income tax bill for 2012-13 was more than £1,000 and less than 80% of this was collected at source (ie through your payslip) then you are required to make two payments on account towards your...
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What to expect if HMRC wants to check your tax return
HMRC regularly audit businesses and individuals to examine records and check for mistakes. While checks on Self Assessment Tax Returns are less common than those on VAT and PAYE, you should always be...
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Feeling Flush? Maximise your return with tax efficient investments
HMRC have set up several schemes designed to encourage investors to support smaller companies that may be a higher risk than traditional investments. The tax incentives for these schemes are generous....
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How to register as a self employed freelancer
I have recently started freelancing as a self employed digital designer. I haven’t told HMRC yet – what do I need to do to register with them and how do I pay my tax and national insurance? One of the...
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