If anybody has been seduced into keeping investments in offshore funds in a bid to avoid paying UK tax on them then it may not come as a surprise that you should have been declaring income from worldwide resources on your UK tax return, unless perhaps you qualified for a few of the limited exemptions available to non-UK domiciled individuals.
Archive for 2010
VAT hike – not all doom and gloom
Most of you should know that the rate of VAT increases from 17.5% to 20% with effect from 4th January 2011 but can you use that to your advantage?
One for the parents..
One of the Government’s austerity measures was the scrapping of the Child Trust Fund (CTF) whereby £250 was paid into an account for the benefit of the child upon becoming 18. Following criticism for not providing parents with an alternative, the Government has announced that they will create a new tax-free children’s savings account following the end of CTF eligibility.
Home to studio travel
It has long been accepted that the cost of travel between your home and a permanent place of work is not a deductible expense for tax purposes. This is because living separately from where you work is a personal choice and the travel between the two is therefore a non-business cost.
Was Rooney in the right?
Disputes between employers and employees are one of the biggest problems to overcome when managing staff. There are so many ‘urban myths’ surrounding the rights of your employees especially when it comes to things like holiday entitlement, bank holidays and payments in lieu of notice. Luckily, free help is available.
More penalties for employers..
New legislation introduced this year means than HMRC can and will levy in-year penalties and interest for late payment of PAYE and NIC.
Check any penalty notices carefully
This week I have received about a dozen erroneous PAYE penalty notices from HMRC. All dated 27th September and all for £400. Each one is incorrect.
Should I renew my bookkeeping software?
Having recently received an invite to upgrade my existing bookkeeping software to the latest version at a cost of £449 (including a generous £50 discount for existing customers!) I thought I would consider whether this is a good idea or not.
Latest scams..
When HMRC are done raiding your piggy bank then what’s left is also going to be fair game for scammers.
Check out the latest scams to be aware of.
Am I non-domiciled and what are the rules?
The world appears to get a little smaller every day as I meet more and more people who have come to the UK and set up business here. There are so many myths and jargon surrounding the tax rules for resident non-domiciles, domiciled non-residents and residents who are not ordinarily resident that I thought I would outline some of the rules and their implication on your tax return.
You are currently browsing the blog archives for the year 2010.
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