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Well that is a question which comes up all the time, and we certainly don't have the time here to run through everything!!

Some items which we regularly pickup, when reviewing an individual’s tax affairs, where a claim may be possible are:

1. Professional subscriptions;
2. Higher rate tax relief on pension contributions;
3. Higher rate tax relief on qualifying charitable payments;
4. Flat rate allowances;
5. Business mileage where employer pays under HMRC rates.

Whilst the above is in no way meant to be exhaustive, and a detailed explanation on each is a topic for another day, those 5 do seem to come up quite a bit, and there is nothing more pleasing than checking, claiming and getting tax back!

If you think any of the above might be relevant to you, best get it checked out, and if you would like our help, please get in touch.

The above is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.

 

 

So what is this all about?

Well if you, or your partner, have an individual income of more than £50,000 in a tax year and either of you has been in receipt of Child Benefit since 7 January 2013 then you must register for Self Assessment by 5 October 2013 to pay the charge.

Our earlier blog here explains HICBC in a bit more detail.

If the above applies to you, and you would like our help, why not get in touch and remember our rates are reasonable and an initial consultation is free!

 

The above is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.

 

Not always an easy question to answer so perhaps the following link to HMRC’s website helps to sum this up:

http://www.hmrc.gov.uk/sa/need-tax-return.htm

If you find that you need to do a Tax Return, and you would like our help, why not get in touch and remember our rates are reasonable and an initial consultation is free!

 

The above is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.

 

Yes the filing deadline of 31 January 2013 for 2012 Self Assessment Tax Returns is nearly upon us but what happens if you are late in filing? Well the penalties can be hefty depending upon the length of the delay in filing, and we did an earlier blog on this so go to our archive to read more.

You must pay any tax you owe by 31 January following the end of the tax year too, for example, for the tax year 2011-12 (ending on 5 April 2012) you must pay any tax you owe by 31 January 2013.  But what happens if tax payments are late too? There will be an interest charge and penalties as well depending upon the delay in paying as the following table from HMRC shows:

Penalties for paying late

Length of delay      Penalty you will have to pay

30 days late -     5% of the tax you owe at that date.

6 months late -   5% of the tax you owe at that date as well as the 5% above.

12 months late - 5% of the tax unpaid at that date plus the two 5% penalties above.

The penalties above do not apply to any payments on account that you pay late.

Perhaps there is something in the phrase “I did my tax return early and found inner peace”!

If you have a “reasonable excuse” penalties may be cancelled and the following link to HMRC’s website gives more information:

http://www.hmrc.gov.uk/sa/deadlines-penalties.htm#3

If you need our assistance, please get in touch ASAP, and who knows it may not be too late for us to help!

The above is for general guidance only.  Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.

New tax legislation has been introduced whereby if an individual who is entitled to child benefit, or whose “partner” is entitled to child benefit, has “adjusted net income” exceeding £50,000 in a tax year, child benefit is “withdrawn” at a rate of 1% for every £100 above this threshold and is “withdrawn” completely once net income exceeds £60,000.

The “withdrawal” of child benefit is made by way of an income tax charge, namely the High Income Child Benefit Charge (HICBC) as the amount of child benefit payable will be unaffected.

Where both “partners” have income exceeding the limit the charge applies to the “partner” with the highest income.

HICBC applies for tax year 2012/13 onwards and for child benefit entitlement from 7 January 2013.

HMRC has stated that “partner/partners” for this purpose are:

• a married couple living together;
• civil partners living together;
• a man and a woman who are not married to each other but who are living together;
• a man living with a man or a woman living with a woman who are living together as if they were civil partners.

The amount of the charge will be collected through Self-Assessment and PAYE.

Taxpayers must notify their liability to HICBC although HMRC will be writing to taxpayers with income above £50,000 in the autumn of 2012.

There are complex rules for determining who is liable for the charge in cases where the child does not live with the claimant.

An election can be made not to receive child benefit thereby avoiding a HICBC.

If the above applies to you, and you would like our help, why not get in touch and remember our rates are reasonable and an initial consultation is free!

Buick & Co Chartered Tax Advisers and Tax Consultants take no responsibility whatsoever for this blog, its reliability or any actions you take having read it.