Tax Saving Accountants

HMRC loses £2.3 billion in tax credit

HM Revenue and Customs have missed their target for tax credits by more than 2.3 billion pounds, meaning that there are still many cases in which people are being overpaid. It's believed that up to 10% of the tax credits that were issued to the public in 2009 shouldn't have been. Although there were plans […]

Tax Saving Accountants

Could glitches be on the way for HMRC?

New reform for Pay As You Earn – also known as PAYE – is on the way, but HM Revenue and Customs are expecting that there will be technological hiccups along the way. The changes towards submitting information in real-time is one of the biggest reforms that the taxman has introduced in decades. The reason […]

Tax Saving Accountants

Will income tax rise by 3%?

The government is continuing to cut in order to eliminate the budget deficit, but these falls in spending are also coupled with rises in income tax to boost the revenue which the Treasury receives. It is estimated that £12.5 billion of extra tax revenue will be needed in order to ensure that the government can […]

Tax Saving Accountants

Why do HMRC need to cut costs?

HM Revenue are currently battling swinging cuts that total up to £955 million over the course of each year. It says that it's currently too big, and in actuality it is costing us more money than it is bringing in by recouping lost taxes. Some of the ways in which HMRC are going to trim […]

Tax Saving Accountants

HMRC to move away from premium numbers

With many people waiting for many minutes – and in some cases hours – to get through to a customer services representative at HMRC – there has been widespread anger that the company which provides telephone services for the taxman has been making hundreds of thousands of pounds because of how 0845 numbers are used. […]

Tax Saving Accountants

Are you ready for PAYE changes?

SMEs Have Less Than 2 Months Until PAYE Changes HMRC is implementing massive changes to how small businesses report PAYE earnings, and companies have less than two months to prepare. From April – the start of the new tax year – real-time reporting on Pay As You Earn will be needed, even if the SMEs […]

Tax Saving Accountants

Making online self-assessments a hassle-free experience

Accountants are there to take the stress out of self-assessments. In addition, there are ways that you can make the process of crunching the numbers easy for yourself throughout the year. You might want to make sure you start work well before the January 31 deadline for online submissions. Getting everything to your accountant early […]

Tax Saving Accountants

The big question: Should young part-time workers pay tax?

The summer has been and gone, but The Independent certainly has an interesting story – a company who rejected a 15-year-old boy’s application for part-time work because he hadn’t paid tax on his previous earnings. Even though the company may have been a bit strict, one of the biggest issues that face small businesses is […]

Tax Saving Accountants

Make sure you pay your taxes, HMRC closes in

HMRC has revealed interesting new figures which show growth in the revenue they have recouped from people who have tried to avoid or evade tax. In the past 12 months, the total sum of the money claimed towards government coffers stood at £21 billion. When compared with the figures from 2005 – £6.9 billion – […]

Tax Saving Accountants

Should there be more tax breaks in infrastructure?

Tax has the potential to undergo massive change at the moment, and according to KPMG, one of the adjustments made by the government should be in relation to infrastructure. According to research, small and medium-sized businesses should be able to receive further tax breaks when it comes to capital investment. If this were to happen, […]

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