Monthly Archives

May 2016

Anti-money laundering reforms announced

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The Prime Minister will be hosting the Anti-Corruption Summit on 12 May 2016 to help expose, punish and drive out corruption. The summit will be the first of its kind bringing together world leaders to prepare a global response to tackle corruption. Ahead of the summit the Home Secretary, Theresa May has set out a new action plan which will…

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Renewing tax credit claims

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Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2016. Claimants who do not renew on-time may have their payments stopped. HMRC has begun sending tax credits renewal packs to approximately 5.9 million tax credit claimants. The packs are being sent between April and June. HMRC is encouraging recipients to…

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Consultation on secondary annuities market

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Late last year, the government confirmed that a new secondary annuity market would be created by April 2017. The introduction of these new freedoms to sell annuities will benefit more than five million people who own an annuity as well as anyone who purchases an annuity in the future. These proposals will extend the pension freedoms introduced last year and…

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Employer deadline for providing P60s

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Now that the 2015-16 tax year has ended, employers should have completed their final PAYE submission for the tax year. It is important that employers remember to provide relevant employees with a copy of their P60 form by 31 May 2016. The P60 is a statement issued to employees after the end of each tax year that shows the amount…

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Employment intermediaries reporting deadline approaching

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New rules introduced in April 2015 require employment intermediaries, which supply two or more workers to a client, to send HMRC details of workers where they don’t operate PAYE on the workers’ payments. HMRC have introduced these new rules to help combat issues of false self-employment and the abuse of offshore working by some intermediaries. There is no requirement to…

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Credit Card Sales disclosure campaign continues

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The Credit Card Sales campaign offers individuals and businesses that accept credit and debit card payments the opportunity to bring their affairs up to date and take advantage of the best possible terms. Any individual or company that accepts credit and debit card payments should be registered with HMRC. There is currently no end date for this campaign, however anyone…

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Changes to tax credit overpayment recovery rules

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The Low Income Tax Reform Group (LITRG) was established in 1998 to improve the policy and processes of the tax, tax credits and associated welfare systems for the benefit of those on low incomes. A new press release from the LITRG has highlighted the fact that tax credit claimants earning over £20,000 may see sharp cuts in their payments as…

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