Drop tax-free limit on workplace financial advice

The Government should look at lifting the £150 tax-free limit on independent financial advice paid for by employers. The call has come from the Association of Consulting Actuaries (ACA) as part of its submission to the Workplace Retirement Income Commission chaired by Lord McFall. The ACA argued that doing so would encourage more employers to … Continue reading Drop tax-free limit on workplace financial advice

IR35 needs greater focus

Uncovering the few real cases of disguised employment should be the new focus of HM Revenue and Customs (HMRC) when it comes to applying IR35 rules. That is the view of Jeff Brooks, chair of the technology group at the Recruitment and Employment Confederation (REC). The #REC is one of the groups invited to join … Continue reading IR35 needs greater focus

HMRC offers concession on tax error interest payments

Taxpayers who owe HM Revenue and Customs (HMRC) more than £2,000 as a result of PAYE coding errors will not be charged interest on the sums. People who request extra time to pay because of the size of the amounts that have been underpaid will see any interest charges that otherwise would have arisen waived, … Continue reading HMRC offers concession on tax error interest payments

PAYE mistakes highlight tax system ‘complexity’

PAYE mistakes highlight tax system 'complexity' HM Revenue and Customs' concession that upwards of six million people have either underpaid or overpaid their tax during the past two years is a sign that the current tax regime is overly complicated, it has been claimed. According to Chas Roy-Chowdhury, who is head of taxation at the … Continue reading PAYE mistakes highlight tax system ‘complexity’

PAYE errors mean billions in under and overpaid tax

PAYE errors mean billions in under- and overpaid tax As many as six million people may have paid incorrect amounts of tax and national insurance through the PAYE system. According to figures from the Treasury, some £2 billion has been underpaid due to errors in the way that HM Revenue and Customs' PAYE calculation system … Continue reading PAYE errors mean billions in under and overpaid tax