Students who work during the summer holidays will have paid tax on their earnings, but many don’t realise that they have overpaid.
In years past special PAYE rules applied to students who worked while studying, however these rules no longer apply and students are treated like any other employee for PAYE purposes. more »
On 1 October 2016, the National Minimum Wage rates will increase. All employers need to make sure they are ready for this change.
Employers who don’t pay National Minimum Wage rates could be liable to pay the arrears plus penalties. They will also be named publicly via a government press release. more »
Our clients often ask us to certify their income to support a mortgage or loan application following a request from their lender.
Most lenders insist on HMRC produced SA302 tax calculations which have to be specifically requested and take a few weeks to arrive.
They won’t accept the tax calculations that we produce in support of the yearly tax return, on which the SA302 is based, or the information that we can print from your on-line account with HMRC.
HMRC have been working with the lending industry on this issue, which wastes time for all including HMRC. The good news is that a number of lenders have now signed up to an agreement to accept the tax calculations that we produce or that we can generate directly from your account with HMRC. This should make mortgage or loan applications much easier to progress.
We are aware that this change has not filtered down yet to the staff of all relevant lenders, but this can easily be remedied as HMRC have produced a list of those who have agreed.
For more information, please contact Lesley Sutton on 01484 550037 or email email@example.com.
HMRC’s worldwide disclosure facility “WDF” was unveiled on 5 September. more »
Are you thinking of buying a new car, if so then you might want to do this before 1 April 2017. more »
Help to buy ISA’s were launched in December 2015 targeted at first time buyers, providing Government support to save a deposit. more »
With effect from 6 April 2016, the personal savings allowance means that basic rate taxpayers can earn up to £1,000 of interest before paying any income tax, for higher rate taxpayers this is reduced to £500. more »
Recent research indicates that one in three owner managers reach the age of 60 without any succession plans in place. Does this sound familiar? more »
Last week we mentioned the IHT threshold of £325,000 which is refreshed every 7 years. But did you know that it is possible to make gifts which fall outside of this threshold? more »
As mentioned in last weeks tax chat, IHT planning need not be complicated. IHT savings can be achieved by a combination of elements, as follows: