Monthly Archives: April 2016

Tax credit renewals online

 HM Revenue and Customs (HMRC) is urging people to renew their tax credits claim online and early before the 31 July deadline. When claimants renew their claim, they must tell HMRC about any changes to their circumstances that they haven’t already reported, including changes to working hours, childcare costs or income. Once people receive their […]

Tax on savings

From 6 April 2016, if you’re a basic rate taxpayer you’ll be able to earn up to £1,000 in savings income tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance. Banks and building societies will no longer deduct tax from the interest they pay you. […]

The Panama Papers

HMRC has responded to the significant leak of information on the activities of individuals and companies that have availed themselves of the offshore advantages of using Panama as a tax haven.  We have reproduced below part of their response: Jennie Granger, Director General of Enforcement and Compliance, HM Revenue and Customs, said: “HMRC is committed […]

Farmers new tax break

From 6 April 2016, farmers trading as sole traders or in partnership will be able to claim for an extended form of the popular “averaging” provisions. Under the new rules, initially announced in the 2015 Budget, farmers will be able to average their profits for Income Tax purposes from the present two years to an […]