by Paul Whyatt | Aug 29, 2023 | Personal Tax, Taxation
HMRC has given taxpayers an extra two years to plug any gaps in their NIC record from April 2006. The deadline for making voluntary contributions has been extended from 5 April 2023, as previously reported, until 5 April 2025. The deadline was first extended to 31...
by Paul Whyatt | Aug 17, 2023 | Business Advice, Business Tax, Other Insights
The traditional way to hide sales from HMRC is to take payment in cash and not put it through the books. Nowadays technology helps dishonest traders to hide sales by using electronic sales suppression (ESS) software. The sale is not recorded on the normal till record...
by Paul Whyatt | Aug 7, 2023 | Business Advice, Business Tax, Taxation
When HMRC asks for more PAYE than you have deducted from your staff’s wages, it is often the result of double-counting somewhere in the process. A persistent bug in the PAYE system is caused by the HMRC computer creating a duplicate employment record which it...
by Paul Whyatt | Jul 28, 2023 | Personal Tax, Taxation
Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions. SLR will in fact be payable where the unearned income exceeds...
by Paul Whyatt | Jul 3, 2023 | Other Insights, Personal Tax, Taxation
The changes to the pension rules announced in the Spring Budget were designed to dissuade higher earners from retiring early to avoid pension charges on high contributions but the new rules could have the opposite effect. Individuals can now contribute up to £60,000...
