50% tax rate payers beware

50% rate tax payers beware… HMRC have no present system for deducting tax at a flat rate of 50% from second or subsequent employments. The nearest tax code is DO that only collects tax at 40%. As a result tax payers in this position will be underpaying tax...

Should I complete a tax return?

The recent press coverage of taxpayers who may be receiving unexpected tax refunds or tax demands has created yet further anxieties about the integrity of our tax system. The refunds and demands are due to HMRC errors in tax codings and other issues for the two tax...

Furnished Holiday Lettings

HMRC are presently consulting with interested parties with the intention of changing the rules for the tax treatment of FHL property from April 2011. We thought readers would be interested in the specific proposals being discussed: 1.Currently, a property must be...

National Insurance holiday scheme

The new regional National Insurance Contributions holiday came into effect on 6 September 2010. New businesses set up outside London, the South East and East of England are now eligible for a NIC holiday of up to £5,000 for each new employee they take on in the first...