Half a million Self-Employed Workers Might Pay More Taxes Because of New HMRC Rules
What is PAYE Tax? PAYE (Pay As You Earn) tax is the system that HM Revenue and Customs (HMRC) uses to collect Income Tax and National Insurance Contributions from employees’ paychecks. HMRC Self-Employed Workers: A Change Impacting Taxes Over 500,000 self-employed brits could face unexpected tax bills due to a lesser-known alteration made by HMRC. […]
HMRC’s new Cryptoassets Tax Disclosure Facility
In recent years, cryptocurrencies have experienced remarkable growth and change. As digital assets like exchange tokens, NFTs (non-fungible tokens), and utility tokens become more prevalent, it becomes crucial for investors to understand and comply with cryptoassets Tax regulations. HMRC has introduced a new online disclosure facility to address unintentional oversights in reporting income or gains […]
HMRC Clarifies Electric Car Charging Tax Reimbursement
The tax authorities in the United Kingdom, operating under the name of Her Majesty’s Revenue and Customs (HMRC), have recently provided a crucial update concerning the tax treatment of reimbursements related to the charging of electric vehicles. This announcement carries substantial implications for corporations and their workforce, offering a welcome degree of clarity within the […]
HMRC Offers Three-Day Work Week and Pay Rise in Summer
HM Revenue and Customs (HMRC) is giving staff the chance to work a three-day week and get a pay rise from next summer in a move it hopes will improve customer service levels. From next year, the tax office will be piloting an annualised hours scheme that will see 100 staff members working shorter hours […]
Unlocking the HMRC Worldwide Disclosure Facility (WDF): A Guide to Navigating Tax Compliance
In the ever-evolving landscape of tax regulations, staying on the right side of the law is imperative for individuals and businesses alike. The HMRC Worldwide Disclosure Facility (WDF) emerges as a crucial mechanism offered by HM Revenue and Customs (HMRC) in the UK, providing a lifeline for those with undisclosed offshore income or assets. Understanding […]
How to Easily Recover Your HMRC Login Password
Introduction to HMRC Account Access: If you cannot access your HMRC account, it can be frustrating. Many of us forget our passwords or user IDs at some point. Solutions are available to help you regain access to your account quickly and efficiently. This guide will assist you in recovering your HMRC login password. In this […]
Navigating the HMRC Worldwide Disclosure Facility (WDF): A Comprehensive Guide to Tax Compliance
The HMRC Worldwide Disclosure Facility (WDF) is a critical mechanism provided by HM Revenue and Customs (HMRC) in the UK. It offers individuals and businesses a chance to rectify any undisclosed offshore income or assets. Understanding the disclosure process is of utmost importance for anyone considering utilizing the WDF. By comprehending the intricacies of this […]
Tax payment on your private pension contributions
Most pension contributions are tax-free up to certain limits. This includes personal and stakeholder pensions, workplace pensions and overseas pension schemes and qualifies for UK tax relief. However, you need to know to keep some points in mind regarding annual allowance and lifetime allowance as you need to pay tax on your private pension contributions. […]
What are some of the key Post-Brexit VAT Changes
What are the changes for those importing goods from EU member states to the UK? UK VAT registered businesses can account for import VAT at the time of their VAT return rather than having to pay it soon after the goods arrive in the UK from 1 January 2021 after the introduction of ‘postponed accounting’ […]
What are Your Rights and Obligations When You Have Done Something Wrong in Compliance Checks?
This article carries on from the previous one on How to Deal Effectively with HMRC’s Compliance Checks? and talks about your rights and obligations for compliance checks. Can you ask the HMRC to stop the compliance check? Your first need to tell HMRC why you think it should stop the compliance check. If the HMRC […]