HMRC suffering identity theft!

For those of you uncomfortable with computer jargon phishing is defined in Wikipedia as “a way of attempting to acquire sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication.” In other words fraudsters are emailing taxpayers and pretending to be HM Revenue & Customs.…

Pension contributions protect your fund

From the 5 April 2012 the most you can accumulate in a pension fund will fall from £1.8m to £1.5m – the so-called lifetime allowance. HMRC have now agreed draft legislation to protect your position if your fund exceeded, or was expected to exceed £1.5m at 5 April 2011. The proposed protection scheme, known as…

PAYE filing

Pretty well all businesses need to file their yearend payroll returns for 2010-11 online. The Employer Annual Return comprises: . a form P14 for every employee . a form P35 that summarises the end of year payroll totals. These returns for 2010-11 must reach HMRC by 19 May 2011. Returns filed after this date may…

Tax refunds on holiday property

If you have a commercial furnished holiday let within the EU, then there is potential for a tax refund. Did you know up to 30% of the purchase price of a furnished holiday letting may be eligible for capital allowances? If these allowances are higher than your profits from rental income, any excesses may be…