News from Baxter & Co, Chartered Certified Accountants in Orpington, Kent

The removal, from April 2016, of contracted-out status for defined benefit scheme.

September 23, 2014
Baxter & Co

One of the less well publicised provisions of the Pensions Act 2014 was the removal from April 2016 of contracted-out status for defined benefit scheme. This is part of the changes for the introduction of a single-tier state pension from…

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IN YEAR PAYE TAX PENALTIES

September 1, 2014
Baxter & Co

HMRC have confirmed that in-year penalties for late filing of the PAYE full payment submissions (FPS) will start from October 2014.  The penalties are levied on a monthly basis at a fixed rate, starting from £100 for small employers. An…

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Late filing excuses

August 7, 2014
Baxter & Co

If come 1st February you are looking for an excuse to avoid a penalty for not filing your tax return, HMRC have published their list of unacceptable excuses. The following bizarre, exotic and flimsy excuses have all been used by…

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The drive to digitise at HMRC

August 7, 2014
Baxter & Co

In the next few years we will be seeing some big changes in the way that HMRC delivers its services. There is a drive to put many more services online and to be more open about the process for doing…

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Recreation vs Education

August 7, 2014
Baxter & Co

Mistaking a recreational activity for an educational one can be costly.  In a recent VAT case, the tribunal found that a belly dancing school’s activities were recreational rather than, as claimed, educational.  The class fees should have been subject to…

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The inequalities of tax

August 7, 2014
Baxter & Co

The widening income gap between the very top earners and the rest of the population is increasingly reflected in the tax take.  The share of income tax paid by the top 1% of taxpayers in 1979 was 11%, by 2011/12…

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