HM Revenue & Customs (HMRC) sent out bills to those who fell into the relevant category – those who had paid Class 2 NI contributions during 2018/19. These bills needed to be paid within 30 days. Those who didn’t receive a bill could contact HMRC immediately. If you missed your deadline, there was a risk…
Businesses often struggle to claim VAT refunds because they do not keep adequate records. But there are ways around it. “If you’ve got receipts, invoices, purchase orders, you can go straight to HMRC,” says tax expert Mark Boleat. “You can reclaim half of the value of goods bought for business use.” He adds that businesses…
HM Revenue & Customs (HMRC) has issued a statement regarding claims it has received for overpayments of income tax. The department says it will issue repayments automatically to those who have overpaid through PAYEs. However, there are strict deadlines for claiming refunds, so taxpayers must act quickly. The statement reads: “We want to make sure…
Overview Self assessment is an online process whereby individuals or businesses can submit information about their income, deductions and allowances. This includes information such as how much you earn, what you pay into taxes and whether you claim benefits like housing benefit or child benefit. HM Revenue & Customs (HMRC) will use this data to…
A P45 is a document showing how much tax you pay every month. But what happens if you change job? You might find yourself being taxed twice over. If you don’t provide your new employer with a P45, you risk paying double tax – once on the money you earn while working there, and again…
The government introduced the National Minimum Wage and National Living wage rates in April 2016. These are designed to ensure that low paid workers receive a decent standard of living. They apply to everyone working in the UK including those employed by businesses that don’t provide accommodation. The National Living Wage rate is set at…
Do you have an employment contract? A verbal contract of employment is usually easier to prove than a formal written one. However, it is still necessary to have a signed document detailing the terms of employment. This includes the length of the term, the duties undertaken, who is responsible for paying wages, etc. In addition,…
Giving to charities via payroll deduction can save you money on income tax. In fact, it can even help you earn some extra cash. If you are eligible to make charitable donations to registered UK charities, you could receive a tax rebate. This is because your employer matches your contribution, so long as you donate…
Most employers will give you these free of charge. They include things like holidays, sick pay, maternity/paternity leave, pensions, childcare vouchers, gym memberships, health insurance, etc. You might even receive money towards your rent or mortgage. Some employers offer them without asking. This could mean that you don’t need to fill out anything at work,…
The UK Government has published an employment-related securities bulletin which provides information and updates about developments relating to employment-related securities. This includes guidance on how employers are required to comply with the requirements of the Employment Rights Act 1996, and what steps they must take to ensure compliance. This bulletin covers the following topics: –…