Credit Rating for Companies
For good credit rating, always file company accounts and confirmation statement on time. Late filing is the biggest contributor to decreased credit scores.

Gift Aid Donation
If you pay tax at the higher or additional rate, you can claim the difference between the rate you pay and basic rate on your donation. You can do this either through your Self Assessment tax return or by asking HMRC to amend your tax code.

For example you donate £800 to a charity - they claim Gift Aid to make your donation £1000. You pay 40% tax so you can personally claim back £200.

HMRC latest guidance for employers

HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on:

Reporting your payroll information accurately and on time

Irregular payments and completion of Full Payment Submissions

Starter Declaration on a Full Payment Submission (FPS)

PAYE Settlement Agreements and Scottish Income Tax

National Living Wage and National Minimum Wage – are you paying the correct rate?

Advisory Electricity Rate for fully electric company cars
Welsh Rates of Income Tax

Construction Industry Scheme (CIS) webinars

Postgraduate Loans

Benefits and Expenses: Company cars

Tax avoidance loan schemes – settle now

Completing an EYU in respect of Employee’s National Insurance Contributions

Employment Income: Draft Legislation

Deadline for post 16 Child Benefit looms.

For help with payroll matters, please contact us.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/734650/Employer_bulletin_August_2018.pdf

HMRC late payment and repayment interest rates:

Late payment interest rate - 3.25% from 21 August 2018

Repayment interest rate - 0.5% from 29 September 2009

From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the CRS.

It is expected that the CRS data will significantly enhance HMRC’s ability to detect offshore non-compliance and it is in taxpayers’ interests to correct any non-compliance before that data is received.

Taxpayers can correct their tax liabilities by:

Using HMRC’s digital disclosure service as part of the Worldwide Disclosure Facility or any other service provided by HMRC as a means of correcting tax non-compliance.
Telling an officer of HMRC in the course of an enquiry into your affairs.
Or any other method agreed with HMRC.
Once a taxpayer has notified HMRC of their intention to make a declaration, by the deadline of 30 September, they will then have 90 days to make the full disclosure and pay any tax owed. To ensure there is an incentive for taxpayers to correct any offshore tax non-compliance on or before 30 September 2018 there are increased penalties for any failures to correct by that date.

If taxpayers are confident that their tax affairs are in order, then they do not need to worry. However if you are unsure, please contact us.

From 1 October 2018, the minimum penalty on unpaid tax relating to overseas assets will be 100% of the tax owed and could be much higher depending on circumstances.

HMRC are now receiving new information about offshore accounts, trusts and investments from jurisdictions around the world under the new Common Reporting Standards. More than 100 jurisdictions have signed up to exchange such information.

If you are UK resident and domiciled, no matter where your money and assets are, you must pay UK tax on all your worldwide income and capital gains. Typically overseas income includes interest from overseas bank or building society accounts, dividends and interest from overseas companies, rental income from overseas properties, wages and benefits etc.

On your death, your overseas assets will form part of your estate for inheritance tax.

Contact me to make a voluntary disclosure (under Worldwide Disclosure Facility) and put your tax affairs right.