Blog posts tagged in Contractors
The Chancellor will have upset many buy-to-let landlords with his announcement that from April 2017 tax relief on mortgage costs is to be restricted to the basic rate of tax. Landlords of residential properties have benefited from tax relief on finance charges, such as mortgage interest for many years. The mortgage tax relief for homeowners was withdrawn 15 years ago.
In a recent report, the Bank of England was clear that the huge growth of buy to let mortgages could adversely affect the UK economy. The drive for these mortgages is being partly driven by the new pension freedoms and the current low interest rate environment.
The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Late submission of a Self Assessment return will become immediately liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2015.
The fixed £100 penalty for failing to file a tax return on or before the filing date applies to paper returns received on or after 1 November 2014. The penalties also apply to online returns received on or after 1 February 2015.
MPs have joined the debate over the controversial new powers granted to HMRC by George Osborne in this year's Budget
In a report this morning, the Treasury Select Committee (TSC) criticised plans to grant HMRC new powers to recover funds directly from taxpayers’ bank accounts and said they were “of great concern”.
©ICAEW economia - Ellie Clayton
Taxpayers are reminded that the deadline for submitting 2012/13 Self Assessment tax returns online is 31 January 2014. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the 2012/13 plus any payment on account due for the current 2013/14 tax year.
Any taxpayers that are filing online for the first time should ensure that they register to use HMRC’s Self Assessment Online service as soon as possible. Once registered it can take up to seven working days for an activation code to be sent by mail. All filings should now be made online as the deadline for submitting paper returns was 31 October 2013.
HM Revenue and Customs (HMRC) confirmed today that it is working with the United States and Australian tax administrations (the IRS and ATO) on data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.
The 400 gigabytes of data is still being analysed but early results show the use of companies and trusts in a number of territories around the world including Singapore, the British Virgin Islands, the Cayman Islands, and the Cook Islands. The data also exposes information that may be shared with other tax administrations as part of the global fight against tax evasion.