Category: Taxation News Yorkshire

Coronavirus Updates for Accountants

17 April 2020 HMRC emails two million eligible businesses login details for furlough portal Government extends furlough end date to 30 June at £50bn cost Confusion over private school fees and covid-19 lockdown closures 16 April Top tips: furlough and the Coronavirus Job Retention Scheme FCA remodels business plan to address coronavirus challenge Higher rate…




Is your business’ payroll affecting retention rates?

Mistakes or inefficiencies in your company payroll could be having a negative effect on retention rates and employee wellbeing. A recent study conducted by an independent research firm and commissioned by Zellis, found that 21% of Brits have changed jobs after being paid late or inaccurately by their employer. The research found that a shocking…




Income tax rates for the new 2019/2020 tax year

April marks the start of the new tax year, and all businesses and employees should ensure that they understand what has changed and how they will be affected. The changes to this year’s tax rates were announced by Chancellor Phillip Hammond in the Autumn 2018 Budget and came into effect on April 6th2019. Make sure…




How Much Do You Really Save By Doing Your Own Tax Returns?

According to the most recent government statistics 750,000 people failed to complete their self- assessment tax return by the January 31 deadline. This is despite the £100 late filing penalty being applied after this date. It is reasonable to assume that a good proportion of these late payers were late due to difficulties completing the…




Further Disappointment For Landlords As Legal Challenge Over Tax Fails

It has been a good 12 months for landlords – particularly those paying the higher rate of income tax – as an attempt to challenge the new tax increase fails. The legal challenge led by Cherie Booth called for a judicial review of the new rules which are seen as unfairly penalising landlords. The new…




Biggest Earners Asked Shoulder More Of The Tax Burden

According to data released by the institute of Fiscal Studies (IFS) the number of adults paying tax has fallen dramatically since 2007-08 as the government has passed more of the burden to higher earners. The study shows that only 56% of adults pay income tax in the UK at a time when the government needs…




Employment Tax Reduction Provides Jobs Boost

The government’s mission to ease the burden of taxation on businesses and the people they employ appear to be having positive benefits in job creation. Businesses are now finding themselves paying significantly less in taxes when they hire staff than was the case four years ago in 2012 when employers were paying in excess of…




The Problem With Leaving Tax Returns Until The Last Minute

Most self-employed people will have filed their tax return online before the deadline but for a few who may have left it until the last minute panic may now be setting in before that dreaded letter arrives in the mailbox. It is perfectly understandable that tax returns are often the last thing on the minds…




HMRC’s Digital Revolution Raises Concerns

In its drive to modernise the process of collecting tax returns, the increased digitisation of the process is raising concerns that it will lead to more fines, investigations and even the prospect of submitting multiple tax returns during the year. While the vast majority of the self-employed and landlords will have submitted their tax returns…




Will UK Businesses Be More Likely To Liquidate Over New Tax Rules

According to the FT this month thousands of business owners may end up seeing liquidation as a better option than seeing their tax bills triple after a tightening of rules set to be introduced this year. The article explains how new rules on dividend taxation could expose firms to rates as high as 38.1% when…