Tax return penalties

The filing deadline for paper copies of your Self Assessment tax return for 2012 was 31 October 2012. If you file a paper return after this date penalties will apply. Would readers note that, if we prepare your return it will be filed electronically, the deadline for electronic filing of 2012 Self Assessment returns is…

Workplace pension reform

All employers need to be aware of their responsibilities following the introduction of pension reforms. Some elements of this new legislation, such as the safeguards for individuals, came into effect for all employers from 1 July 2012.   The Pensions Regulator has issued “Getting Ready” notes for employers and this can be downloaded as a…

National Minimum Wage Rates

New rates came into force on 1 October 2012 and are: £6.19 per hour for workers aged 21 and over – a rise of 11p £4.98 per hour for 18-20 year olds – no change £3.68 per hour for workers above school leaving age but under 18 – no change £2.65 per hour for apprentices…

HMRC Advisory Fuel Rates

Where an employer reimburses an employee for fuel only, the employer can choose to reimburse using the ‘advisory rates’ issued by HMRC. If  different rates are used, the employer would need to be able to justify this with some supporting evidence. New advisory fuel rates have been issued by HMRC that took effect from 1…

Charitable donations and the tax savings

After much intense lobbying by the charity sector, the Chancellor’s attempt to cap tax relief on charitable giving (Budget 2012) was withdrawn. Major donors to charities are obviously moved to philanthropy by considerations other than the amount of tax they can save, although they will want to make their donations in the most tax efficient…