The changes this quarter are highlighted in red above.

The new rates will be effective from 1 September 2015. However for the first month employers may continue to use the previously published rates if they choose to.

These rates will be reviewed again in August 2015 and any changes made will be effective from 1 September 2015. The revised fuel rates will be published on the fuel rates page on the HMRC website when they are released.

Advisory fuel rates can be used to calculate the following:

1. Reimbursement to employees of fuel used for business travel in a company car;
2. Repayment by employees of fuel used for personal travel in a company car;
3. Allowable input VAT claims on business mileage claims in personal cars made by employees.

A more detailed explanation of the use of these rates is on the HMRC website.

The rates applying for earlier periods are also on the HMRC website.

If you have any questions regarding the use of advisory fuel rates or mileage payments please contact us.

The changes this quarter are highlighted in red above.

The new rates will be effective from 1 June 2015. However for the first month employers may continue to use the previously published rates if they choose to.

These rates will be reviewed again in August 2015 and any changes made will be effective from 1 September 2015. The revised fuel rates will be published on the fuel rates page on the HMRC website when they are released.

Advisory fuel rates can be used to calculate the following:

1. Reimbursement to employees of fuel used for business travel in a company car;
2. Repayment by employees of fuel used for personal travel in a company car;
3. Allowable input VAT claims on business mileage claims in personal cars made by employees.

A more detailed explanation of the use of these rates is on the HMRC website.

The rates applying for earlier periods are also on the HMRC website.

If you have any questions regarding the use of advisory fuel rates or mileage payments please contact us.

HMRC has details of all credit and debit card payments to UK businesses which they can use to identify individuals and businesses who may not have paid what they owe.  If you have not declared all your income and HMRC catch you, you will have to pay the undeclared tax, a penalty of up to double the tax you owe, and you could even go to prison if they pursue a criminal prosecution.

It is important for individuals to use this campaign to come forward and declare all their income under a ‘voluntary disclosure’ in order to obtain best terms for penalties. Under this campaign an individual will have four months to pay any additional liabilities from the date they receive HMRC’s acknowledgement of their notification.

Further information can be obtained here on HMRC website or please contact us for further advice.

This benefits couples (married/civil partnerships) where one spouse/civil partner has a total income less than their personal allowance (for 2015/16 £10,600). The recipients of the allowance will be able to reduce their tax liability by up to £212 (£1,060 x 20%).

This transfer of allowances is not eligible to:

1. Couple/civil partnerships where one/both pays tax at the higher/additional rate.
2. Married couple already claiming the married couple allowance – this is where at least one of the couple was born before 6 April 1935.
3. Non UK domiciled individuals who elect to pay tax on the remittance basis of tax or who would be higher rate or additional rate tax payers if their worldwide income was within the scope of UK tax.

Please contact us if you would like further assistance.

The changes this quarter are highlighted in red above.

The new rates will be effective from 1 March 2015. However for the first month employers may continue to use the previously published rates if they choose to.

These rates will be reviewed again in May 2015 and any changes made will be effective from 1 June 2015. The revised fuel rates will be published on the fuel rates page on the HMRC website when they are released.

Advisory fuel rates can be used to calculate the following:

Reimbursement to employees of fuel used for business travel in a company car;
Repayment by employees of fuel used for personal travel in a company car;
Allowable input VAT claims on business mileage claims in personal cars made by employees.
A more detailed explanation of the use of these rates is on the HMRC website.

The rates applying for earlier periods are also on the HMRC website.

If you have any questions regarding the use of advisory fuel rates or mileage payments please contact us.

This will mean that most individuals with a total income of less than £15,600 will not pay any tax on their savings. If someone’s total income (such as wages, pension, benefits and savings income) is less than their personal allowance, plus £5,000, they will be able to register for tax-free savings at their bank or building society. If no tax is due on savings then an individual will be able to register their bank accounts for interest to be paid without tax being deducted by completing Form 85. There is also a help sheet in this link  that will help individuals work out if they qualify for 0% starting rate

Other individuals may have some of their savings interest eligible for the 0% starting rate and some taxable at 20%. In these circumstances an individual will still have some tax deducted but be will be able to reclaim some tax from HMRC using Form R40.

For further details please see Changes to starting rate of tax for savings interest.

Please contact us for further advice or assistance with forms.

HMRC can still be contacted by phone to query or amend PAYE codes - Telephone: 0300 200 3300.

Please contact us if you would like to assistance with checking PAYE code number.

This relief was one of the extra statutory concessions that have been available for some time but HMRC are now withdrawing these concessions.

The withdrawal of the renewals basis concession is causing some concern to tax advisers and tax payers but we have detailed below what we believe will be the affect of the withdrawal of this concession.

This will not affect furnished residential let property where the wear and tear allowance (10% statutory allowance) is available as detailed in our online article tax-relief-on-wear-and-tear-of-furniture-let-property for fully furnished lettings.

However the withdrawal of the renewal basis will affect unfurnished residential lettings. Capital allowances are not allowable against income from unfurnished residential lettings. Therefore the costs of replacing any free standing equipment (such as a fridge freezer) in an unfurnished residential property will not be deductible as an expense.

Where white goods are fitted such as integrated hobs and ovens then these will be recognised as part of the entirety of the property and so would be deductible as a repair when replaced.

Small items such crockery, rugs i.e. low cost furnishings would be tax deductible from income from unfurnished residential lettings.

For full details on HMRC updated guidance on repairs concerning furnished, part furnished and unfurnished lettings see HMRC - Property businesses deductions - repairs and renewals.

Please contact us for further advice tax implications of income from let properties.

The changes this quarter are highlighted in red above.

The new rates will be effective from 1 June 2014. However for the first month employers may continue to use the previously published rates if they choose to.

These rates will be reviewed again in August 2014 and any changes made will be effective from 1 September 2014. The revised fuel rates will be published on the fuel rates page on the HMRC website when they are released.

Advisory fuel rates can be used to calculate the following:

1. Reimbursement to employees of fuel used for business travel in a company car;
2. Repayment by employees of fuel used for personal travel in a company car;
3. Allowable input VAT claims on business mileage claims in personal cars made by employees.

A more detailed explanation of the use of these rates is on the HMRC website.

The rates applying for earlier periods are also on the HMRC website.

If you have any questions regarding the use of advisory fuel rates or mileage payments please contact us.

New international agreements will let HMRC see more about overseas accounts. If you have not declared overseas income and HMRC catch you, you will have to pay the undeclared tax, a penalty of up to double the tax you owe, and you could even go to prison if they pursue a criminal prosecution.

HMRC will soon be obtaining much greater information about overseas accounts, insurance products and other investments, including those held through overseas structures. This includes details of who is holding the account or asset, or owns the entity holding the asset including their name, address, date of birth, the balance of the account and payments made into it. They will be using this information to go after those who have evaded their taxes. It is important for individuals to use this campaign to come forward and declare all their offshore income and gains in order to obtain best terms for penalties.

Further information can be obtained here on HMRC website or please contact us for further advice.