Duty free limits for travellers
Here is a reminder for travellers of their duty and tax free allowances whilst travelling over the summer period.
Travelling to an EU country
Where tobacco or alcohol is brought in from another EU country no duties or tax will be payable as long Read more..
The Statutory Residence Test
The rules that determine if someone is resident in the UK for tax purposes are known as the Statutory Resident Test (SRT). Historically, residence in the UK was determined by being in the UK in excess of 182 days in any tax year (6th April to 5th Read more..
Coding out debts
The coding threshold entitles taxpayers to have an underpayment of less than £3,000 collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding applies to certain debts such as Self Assessment Read more..
Tribunal – VAT default surcharge
A VAT default surcharge is a penalty levied on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their return and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date. Read more..
Tax credit deadline expired
The deadline for renewing tax credits claims was 31 July 2014. In a recent press release, HMRC confirmed that more than three million people renewed their tax credits on time. This number included some 390,000 who renewed online for the first time. Read more..