Personal tax

Bah humbug! Don’t let the taxman ruin your Christmas celebrations

Thursday 24th November, 2016
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Personal tax
As 2016 draws to a close and plans for Christmas begin to be made, you may to want to consider setting aside a little time to deal with your Personal Tax Returns.

2016 Personal Tax Return Survey results – Infographic

Tuesday 13th September, 2016
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Personal tax
PayStream pride themselves on putting in maximum effort to deliver outstanding service to all our customers. Which is why we have received some fantastic results in our Personal Tax Return Survey.

HMRC’s SA302 form explained

Wednesday 27th July, 2016
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Personal tax
HMRC's form SA302 is a tax calculation produced when you have filed your Self-Assessment Tax Return online.

Beware of telephone scams claiming to be HMRC

Tuesday 12th July, 2016
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Personal tax
HMRC is warning customers of scam telephone calls claiming to be from HMRC.

Capital Gains Tax Planning - Infographic

Friday 1st July, 2016
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Personal tax
A guide to capital gains tax and allowances for 2016/17.

Personal tax planning

Thursday 14th April, 2016
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Personal tax
A guide to reducing an individual's tax liability.

End of year tax planning tips

Thursday 24th March, 2016
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Personal tax
The 2015/16 Tax Year draws to a close very soon on the 5th April 2016 but there are a few actions which you can still take to help reduce your tax burden.

Some top tips to keep you on HMRCs good side

Wednesday 27th January, 2016
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Personal tax
Now more so than ever, HMRC are clamping down on businesses, contractors and service providers who are often seen as avoiding paying the correct amount of tax. Here are some tips to help you stay on the right side of HMRC.

Property and tax

Thursday 26th November, 2015
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Personal tax
Like all aspects of property taxation, there are many ways to get it wrong. There are dozens of rules, exemptions, reliefs and penalties which must be considered. We outline a few of these.

The importance of being earnest (about your Personal Tax Return)

Thursday 22nd October, 2015
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Personal tax
As the days grow shorter so does the deadline for filing your Personal Tax Return. Remember that you only have until 31 January 2016 to file your 2014/15 Tax Return and pay the tax which is due.

Home or away? Tax residence is still a difficult match

Thursday 25th June, 2015
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Personal tax
Individual contractors who are coming to or leaving the UK need to be aware of how residence is determined. This includes those moving for short term reasons, such as work contracts, or longer term reasons such as permanent moves to the UK or abroad.

7 Reasons to complete your Tax Return sooner

Thursday 23rd April, 2015
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Personal tax
For many of us, long term tax planning, dealing with the HMRC or completing a Personal Tax Return sends our stress levels through the roof. Here are some top tips...

Preparing for the 2015/16 tax year

Tuesday 24th February, 2015
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Personal tax
The run-up to the tax year end on 5 April 2015 is the perfect time to consider tax planning opportunities and to put in place strategies to minimise tax throughout 2015/16.

Self-assessment tax returns: Learn from this year

Monday 9th February, 2015
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Personal tax
This year's tax return deadline fell on January 31st, but what could you do to improve the process next time?

Self-Assessments: Tis the season for your personal tax returns

Friday 21st November, 2014
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Personal tax
With the end of the year just around the corner, it is important as an umbrella and limited company contractor, to start thinking about your personal tax return for the 2013/14 tax year and to ensure you have paid any tax due by 31st January 2015.

New to limited company contracting? Don’t fall foul of HMRC’s Self-Assessment tax registration requirements

Thursday 2nd October, 2014
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Personal tax
Don’t fall foul of HMRC’s Self-Assessment tax registration requirements. A guide for limited company contractors.

Corporation Tax – A Limited company contractor guide

Monday 8th September, 2014
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Personal tax
Working as a limited company contractor allows you to operate in very tax efficient manner, enabling you to maximise your potential take-home pay. If you choose to set up as a limited company contractor your company will be required to pay Corporation Tax on profits which it makes. Here is PayStream’s simple user guide on the basics of Corporation Tax...

Are you paying more personal tax than they need to?

Wednesday 28th May, 2014
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Personal tax
With the cost of living continuing to increase and more contractors finding themselves becoming higher or even additional rate taxpayers, it is more important than ever to consider the ways in which you might reduce your personal tax burden – and that of your family overall.

So what steps can you take if you want to declare your second income?

Tuesday 6th May, 2014
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Personal tax
HM Revenue and Customs have recently turned their attention to those who do not declare second incomes and so avoid getting taxed on these earnings.

Preparing for the new tax year

Thursday 3rd April, 2014
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Personal tax
As always at this time of year, with the new tax year just around the corner, we are busy preparing for the up-coming changes that the 6th of April 2014 will bring. So, what are these changes?

PayStream's opinion- HMRC's tougher approach to tax

Tuesday 18th March, 2014
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Personal tax
As the new tax year is just around the corner, PayStream turn to their in-house tax expert David McManus, in order to gain an expert insight into what the new tax year holds for contractors.

As a Teacher, could you be entitled to tax relief on your expenses?

Wednesday 19th February, 2014
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Personal tax
If you are a professional operating in the educational industry you could be entitled to tax relief on the fees and certain union charges you pay per year...

New PAYE Tax Codes

Tuesday 18th February, 2014
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Personal tax
HM Revenue and Customs will be sending out new tax codes for the 2014- 2015 tax year during January, February and March. During these months you may receive a PAYE coding notice from HMRC with information on your new tax code for the new financial year 2014-2015.

Have you declared your PPI pay-out on your Self-Assessment tax return?

Tuesday 28th January, 2014
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Personal tax
Hundreds of thousands of extra people are expected to complete a Self-Assessment Tax Return for the first time by 31 January 2014, including people who have won compensation for mis-sold payment protection insurance (PPI) and will be unfamiliar with the registration form and completion of a Tax Return.

Are you a limited company contractor? Here’s some of the taxes that could affect you…

Thursday 23rd January, 2014
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Personal tax
Becoming a limited company contractor, at first glance, can be the most tempting route to go down. It is without a doubt the most tax efficient option a contractor can take. However, what a contractor also has to take into account when deciding to work in this way is the admin and paperwork that come hand in hand with this option...

The Self-Assessment deadline is less than two weeks away...

Tuesday 21st January, 2014
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Personal tax
On the 31st of January, individuals who are required to submit a tax return for 2012-13 will face penalties and surcharges if they fail to lodge a return and pay the tax due, however according to HMRC’s latest figures up to four of the ten million required to file tax returns have not yet done so.

Self-Assessment deadline looming. Last-minute tips!

Monday 20th January, 2014
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Personal tax
Remember the Self-Assessment deadline is upon us, so it is key to have your tax return filed by the deadline of 31st January 2014. Although the deadline can be intimidating, fear not, PayStream have provided you with some top tips on completing your tax return.

Key information on Child Benefits for the high income household

Thursday 16th January, 2014
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Personal tax
Understanding the basics behind Child Benefits is essential, this is especially important for the high income household. If you’re individual income exceeds that of £50,000 and you decide to continue claiming Child Benefit payments, you must declare these benefits via Self-Assessment.

Google becomes the taxman’s new tool

Thursday 9th January, 2014
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Personal tax
HM Revenue and Customs have continued their crusade for a tougher clamp down on compliance, utilising more innovative methods than ever before. Google has become their new tool...

HMRC’s tougher approach - monitoring dividend levels

Tuesday 7th January, 2014
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Personal tax
An approach highlighted recently by the HM Revenue and Customs (HMRC) uses PSC’s dividend levels as a tool to pinpoint individuals for further investigation under the IR35 legislation.

HMRC cracks down on landlords

Monday 16th December, 2013
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Personal tax
HM Revenue and Customs have increasingly adopted a much tougher approach to compliance, after launching numerous task groups pinpointing landlords suspected of not declaring their rental income.

Are you at risk of a self-assessment tax penalty?

Wednesday 4th December, 2013
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Personal tax
Running your own company can be very daunting when it comes to undertaking the paperwork and heavy admin duties that come hand in hand with being your own boss. However, it is this responsibility that can sometimes be pushed aside or left until the last minute. It is this last minute race to submit annual self-assessment tax returns that can lead to missed deadlines and additional late penalty fees.

HMRC’s tougher approach doesn’t have to be taxing

Thursday 14th November, 2013
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Personal tax
It seems as though every week new figures are published showing that HMRC compliance activity is drawing in more revenue than ever before. As wave after wave of measures come into force to help the department clamp down on tax evasion and avoidance, fears have been raised that small businesses, contractors and other self-employed individuals will face heavier scrutiny. So what does the taxman’s new, tougher stance mean for contractors?

Are you a landlord and do you disclose your rental income?

Thursday 10th October, 2013
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Personal tax
HMRC are offering landlords who rent out residential property and fail to tell HMRC about all the rental income an opportunity to come forward. The Let Property Campaign is aimed at residential property landlords - from those that have multiple properties, to single rentals, and from specialist landlords such as student or workforce rentals, to holiday lettings - who may owe tax, whether through misunderstanding the rules or deliberate evasion.

You might forget your Personal Tax Return but HMRC certainly won’t

Monday 29th July, 2013
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Personal tax
Everyone working as a contractor, either through a limited company, or as a self-employed person under CIS is required to make a personal Tax Return each year. Depending upon their circumstances, umbrella contractors may also be required to do so.

Have you opted out of receiving child benefit yet?

Thursday 21st March, 2013
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Personal tax
HMRC is reminding people with an income over £60,000 whose family is still receiving Child Benefit to opt out before 28 March if they wish to avoid filling in a tax return and repaying the benefit for the 2013/14 tax year.

Are your aware of our Personal Tax Return Service

Monday 28th May, 2012
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Personal tax
It is around this time of year that we see a great deal of interest in our personal tax return service, as many CIS and Limited Company contractors can benefit from ensuring their tax return is submitted accurately and on time.

Beware of the Taxman bearing gifts

Thursday 29th March, 2012
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Personal tax
You're opening up your emails one evening, after a hard day's work and there's one from HM Revenue & Customs telling you that you've got a tax repayment that they're just itching to send back to you. Sounds good, a bit unexpected but nevertheless welcome. Oh! Wait a moment they need you to do something first - give them details of your personal bank account so that they can make a direct payment into it. Ok you can do that, after all it is HMRC and they are pretty reliable and above board?

Let PayStream help you avoid a £100 personal tax fine

Wednesday 23rd November, 2011
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Personal tax
If you haven't already completed a 2010/11 personal tax return then your only option now is to complete the return online and this has to be done by 31 January 2012. This is also the date on which contractors have to make the balancing payment of personal tax for 2010/11 and the first payment on account of their 2011/12 personal tax liability.

Popular articles

The importance of being earnest (about your Personal Tax Return)

Thursday 22nd October, 2015
Comments
Personal tax
Posted by David McManus
As the days grow shorter so does the deadline for filing your Personal Tax Return. Remember that you only have until 31 January 2016 to file your 2014/15 Tax Return and pay the tax which is due.

Home or away? Tax residence is still a difficult match

Thursday 25th June, 2015
Comments
Personal tax
Posted by David McManus
Individual contractors who are coming to or leaving the UK need to be aware of how residence is determined. This includes those moving for short term reasons, such as work contracts, or longer term reasons such as permanent moves to the UK or abroad.