When working as a limited company contractor you are required to complete not only a corporation tax return but you are also required to complete a self-assessment tax return. And many taxpayers in self-assessment will be due to pay their second Payment on Account towards their 2018/19 Personal Tax liability soon, but do they need to?
Frequent HM Revenue & Customs (HMRC) advertisements appear throughout January each year reminding limited company and other individuals in the Self- Assessment tax system of the impending tax filing deadline.
The UK tax system provides reliefs and allowances to encourage you to spend or invest in certain ways. Using those reliefs as they are intended is the fiscal equivalent of obeying the Highway Code.
Does the prospect of a little extra income, up to £625 per month, tax free, sound good?
A guide to capital gains tax and allowances for 2017/18.
It has recently come to light that HMRC's online tax calculator hasn't been working correctly meaning people are falling into the wrong tax brackets.
HMRCs Untaxed Interest Compliance Team has been busy issuing letters to people it suspects have received untaxed interest which they have subsequently failed to declare.
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.
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 form SA302 is a tax calculation produced when you have filed your Self-Assessment Tax Return online.
HMRC is warning customers of scam telephone calls claiming to be from HMRC.
A guide to reducing an individual's tax liability.
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.
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.
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.
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.
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.
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...
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.
This year's tax return deadline fell on January 31st, but what could you do to improve the process next time?
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.
Don’t fall foul of HMRC’s Self-Assessment tax registration requirements. A guide for limited company contractors.
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...
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.
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.
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?
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.
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...
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.
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.
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...
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.
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.
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.
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...
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.
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.
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.
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?
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.
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.
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.
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.
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?
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.