HMRC Launch New VAT Registration Tool
Tax Rebate Services
by pauldonohoe
4d ago
HMRC have launched a new online tool to help businesses estimate the affects of registering for VAT. The VAT registration tool is open to all small businesses and self employed individuals who are looking to find out more about VAT. A business is expected to register for VAT if they reach a total taxable turnover of £90,000 (VAT threshold) but you can register for VAT voluntarily as well. The new HMRC VAT registration tool let’s you evaluate different outcomes based on your own set of circumstances. You can use it for free as many times as you wish to estimate how much VAT your business could ..read more
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HMRC data shows Company Car use is going up
Tax Rebate Services
by pauldonohoe
1w ago
HMRC has released company car statistics based on electronically captured car benefit data from the 2022/2023 tax year. The report shows an increase of 40,000 company car recipients from the previous year and reverses a steadily decreasing figure from the 2015/2016 tax year of 960,000. During the tax year 2022 to 2023, 760,000 people were reported as receiving a company car benefit with the overall taxable value of this benefit amounting to £3.60 billion. The total taxable value of reported company cars fell to £4.62bn in 2020/21 and £3.95bn in 2021/22. HMRC commented that: “The drop in the n ..read more
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Don’t forget your 22/23 Self Assessment Second Payment on Account
Tax Rebate Services
by pauldonohoe
2w ago
Self assessment taxpayers who owe a second payment on account for the 22/23 tax year have until midnight on the 31 July 2024 to make payment. If you miss the second payment on account deadline HMRC will charge late payment penalties and interest on any tax due at a rate of 2.5% plus the Bank of England base rate. You can check the value of the second payment on account that HMRC is expecting from you for the 2022/23 tax year online via your self assessment account. HMRC bases your second payment on account on your previous tax years self assessment tax liability and is used by HMRC to help pe ..read more
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HMRC Complaint Compensation Doubles
Tax Rebate Services
by pauldonohoe
3w ago
According to recent reports using data retrieved under the freedom of information act, last year saw a dramatic rise in complaints to the tax office as customer service hits record lows. Complaints to HM Revenue and Customs (HMRC) about prolonged waiting times surged by 65 per cent, reaching almost 34,000 in the 2022-23 period. This marks an increase from 20,501 complaints the year before. Taxpayers who escalated their complaints about HMRC delays typically received £371 in compensation. Despite the high volume of complaints, only 4,742 resulted in compensation payments, according to official ..read more
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Businesswomen – when did you last look at your Pension Pot?
Tax Rebate Services
by pauldonohoe
3w ago
Professional women have discovered that there can be a staggering 35% difference between men’s and women’s private pension pots. Recent reports from the Department for Work and Pensions (DWP) revealed these figures – which have made way for a wider-than-before gender pensions gap – have left many women unaware of how they have been impacted and also unprepared financially for their retirement. What is the Gender Pensions Gap? Defined by taking multiple factors into account, such as the amount of money saved, wealth accumulated, and income received in retirement, it measures the inequality bet ..read more
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How can I Lower my Company Car Tax Bill?
Tax Rebate Services
by pauldonohoe
3w ago
Having a company car is a valuable benefit for some employees yet the substantial monthly payments to HMRC for company car tax can significantly diminish its appeal. The heavy company car tax bill on many cars can make you question whether having a car benefit is worth it financially. If you’ve had a company car for a while and are unsure of the value of the benefit for tax purposes you can find it on your P11D form (given to you by your employer) or you can ask your payroll department. The benefit in kind value of a company car is a key figure in working out how much tax you will be charged ..read more
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Conservatives aim to boost the Child Benefit Tax Charge threshold
Tax Rebate Services
by pauldonohoe
1M ago
The Conservatives have recently pledged to reduce tax for parents by increasing the income threshold at which families start paying a levy on child benefit. The policy aims to increase the high income child benefit tax charge threshold (HICBC) to £120,000 and calculating the benefit based on total household income instead of individual earnings. Presently, if either parent or their partner earns above £60,000, they begin to incur the high income child benefit tax charge and lose the benefit entirely when earnings reach £80,000. However, if the Tories secure victory in the 4 July election, the ..read more
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Triple Locked Personal Allowance for Pensioners: Proposed Reduction in Tax for Pensioners
Tax Rebate Services
by pauldonohoe
1M ago
The Conservative Party’s recent announcement of a “triple lock plus” policy for pensioners’ personal tax allowances has sparked considerable debate. At present all individuals in the UK regardless of age are entitled to a personal allowance of £12,570 before becoming liable for income tax. The personal allowance threshold has been frozen since April 2021 resulting in an increasing number of pensioners being drawn into the tax net as their state pensions and other retirement incomes rise. Over the past decade, a growing proportion of retirees have found themselves liable for income tax due to ..read more
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Navigating the UK’s freelance frontier in 2024
Tax Rebate Services
by pauldonohoe
1M ago
The freelance market in the United Kingdom stands at a crossroads in 2024, shaped by the dual forces of legislative evolution and global economic headwinds. The IR35 legislation has redrawn the lines around tax, employment status, and client relationships while freelancers navigated an economy tinged with inflation and financial uncertainty. Today, more than ever, organisations and government bodies need to embrace and support part of the workforce that can bring so much value to business operations and boost the UK’s economy. The infamous challenges of IR35 The introduction of the IR35 refor ..read more
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Are you owed a pension tax rebate for the 2024/25 tax year?  
Tax Rebate Services
by pauldonohoe
1M ago
HMRC data revealed earlier this year that over £42 million in pension tax was refunded between January and March 2024. During the 2023-24 tax year, more than £198 million was reimbursed to taxpayers who had been overtaxed on a pension lum sum, marking a record high. Individuals aged 55 and above can access their pension funds due to the pension freedoms established in 2015. For those making an initial pension lump sum withdrawal it’s common to face substantial tax deduction at an ’emergency rate’. In the final quarter of 2023 it’s reported that more than £38 million in overpaid tax paid was r ..read more
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