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Tax Systems Share Discussion Threads

Showing 1626 to 1646 of 1725 messages
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DateSubjectAuthorDiscuss
14/2/2019
17:39
COUNCIL TAX RISES TO HELP FUND SERVICES AFFECTED BY CUTS web_tax_iStock-825288366 Services for vulnerable people are facing cuts © iStock State of Local Government Finance Survey 2019 Leisure centres could be forced to close without government spending Most English councils are failing to make savings Page tools Print this page 14 February 2019 | Herpreet Kaur Grewal Nearly all councils plan to raise council tax this year and increasing charges to make up for cuts in central government funding, according to a survey by a local government think tank. The 2019 State of Local Government Finance Survey (PDF document) has found that more than half (53 per cent) of councils are eating into their reserves to stay afloat, says the Local Government Information Unit. Four out of five (81 per cent) are investing in commercial developments while nearly half were planning on cuts to services. Eight in 10 senior council decision-makers believe the current system for council funding is unsustainable. A quarter of councils said the public would notice planned cuts to services in the coming year. Worryingly, the financial situation is so bad for one in 20 councils (22 councils in England) that they are concerned that they won’t be able to deliver the legal minimum service for residents. Local authorities have already seen their central funding reduced by 40 per cent on average. Respondents to the survey admitted that they would be further reducing activity in arts and culture (46 per cent), parks and leisure activities (45 per cent), roads (38 per cent), libraries (32 per cent) waste collection (22 per cent) and recycling (11 per cent). Chief executive of the LGiU, Jonathan Carr-West, said: “With more cuts ahead, local councils have no option but to take drastic measures to make ends meet. In the future care for the elderly and vulnerable children could be funded from shopping centre investments and car parks, which carries significant risk if the economy tanks. “Now more than ever do we need a thriving, resilient local government sector to weather the storm of national uncertainty, but years of chronic underfunding has left local government on life support.” Children’s services and education is councils’ top immediate financial pressure for the second year running (36 per cent of councils), ahead of adult social care (23 per cent), which has historically ranked highest. However, adult social care is still under severe strain, being named as the top long-term financial pressure (37 per cent of councils). Gang activity, including county lines operations, was identified as a top pressure on children’s services by one in 20 upper-tier councils (6 per cent placed in their top three), all of which were located in the South East, London, and the Midlands. Services for vulnerable people are also facing cuts, with councils planning to reduce activity in adult social care (29 per cent), children’s care services (24 per cent), special education and disability support.
grupo
14/2/2019
09:19
‘Nearly all’ English authorities plan to raise council tax By: Dominic Brady 14 Feb 19 The majority - 97% - of councils in England plan to raise council tax in 2019-20, a survey has found. Of those looking to put up their council tax, three quarters will increase it by more than 2.5%, according to analysis by the Local Government Information Unit think-tank. Raising council tax by more than 3% requires local authorities to hold a referendum on the decision. As councils face ongoing financial difficulty, 53% plan to dip into their reserves this year and 40% plan to do so two years running, according to the survey released today. A further 80% of councils said they are not confident in the sustainability of local government finance, the LGiU found. Recent analysis by CIPFA found that up to 15% of councils in England are at risk of financial instability. Respondents to the LGiU survey expressed concern over their ability to deliver statutory services, with one in 20 (22 councils in England) suggesting they may not be able to deliver the legal minimum services for residents. Jonathan Carr-West, chief executive of the LGiU, said: “With more cuts ahead, local councils have no option but to take drastic measures to make ends meet. “In future, care for the elderly and vulnerable children could be funded from shopping centre investments and car parks, which carries significant risk if the economy tanks. “Now more than ever we need a thriving, resilient local government sector to weather the storm of national uncertainty, but years of chronic under-funding has left local government on life support.” The survey, which received responses from 158 out of the 353 councils in England contacted, found that 36% of councils said children’s services and education were the top immediate financial pressure. Adult social care is the top long-term financial pressure, according to 37% of councils. Despite this, 29% of local authorities surveyed planned to reduce activity in adult social care and 24% said they would cut children’s care services. Non-statutory services will also be cut, the survey found, including libraries (32% of councils), arts and culture (46%), parks and leisure (45%), waste collection (22%), recycling (11%) and roads (38%). Richard Watts, chair of the Local Government Association’s resources board, said: “This survey illustrates the severity of the challenge facing councils with government grant funding at the lowest it has been for decades at the same time as demand for services, such as adult social care, children’s services and homelessness support, has grown.” The survey, which was conducted in association with The Municipal Journal, found that gang activity was the main reason for pressure on children’s services in one in 20 upper-tier councils. The Ministry for Housing, Communities and Local Government has been contacted for comment. In this year’s local government finance settlement, James Brokenshire gave Northamptonshire the ability to increase its council tax by 4.99%. The Public Accounts Committee recently warned that the UK government is “in denial” about the sustainability of local government finance. Dominic Brady PF reporter
la forge
14/2/2019
09:18
‘Nearly all’ English authorities plan to raise council tax By: Dominic Brady 14 Feb 19 The majority - 97% - of councils in England plan to raise council tax in 2019-20, a survey has found. Of those looking to put up their council tax, three quarters will increase it by more than 2.5%, according to analysis by the Local Government Information Unit think-tank. Raising council tax by more than 3% requires local authorities to hold a referendum on the decision. As councils face ongoing financial difficulty, 53% plan to dip into their reserves this year and 40% plan to do so two years running, according to the survey released today. A further 80% of councils said they are not confident in the sustainability of local government finance, the LGiU found. Recent analysis by CIPFA found that up to 15% of councils in England are at risk of financial instability. Respondents to the LGiU survey expressed concern over their ability to deliver statutory services, with one in 20 (22 councils in England) suggesting they may not be able to deliver the legal minimum services for residents. Jonathan Carr-West, chief executive of the LGiU, said: “With more cuts ahead, local councils have no option but to take drastic measures to make ends meet. “In future, care for the elderly and vulnerable children could be funded from shopping centre investments and car parks, which carries significant risk if the economy tanks. “Now more than ever we need a thriving, resilient local government sector to weather the storm of national uncertainty, but years of chronic under-funding has left local government on life support.” The survey, which received responses from 158 out of the 353 councils in England contacted, found that 36% of councils said children’s services and education were the top immediate financial pressure. Adult social care is the top long-term financial pressure, according to 37% of councils. Despite this, 29% of local authorities surveyed planned to reduce activity in adult social care and 24% said they would cut children’s care services. Non-statutory services will also be cut, the survey found, including libraries (32% of councils), arts and culture (46%), parks and leisure (45%), waste collection (22%), recycling (11%) and roads (38%). Richard Watts, chair of the Local Government Association’s resources board, said: “This survey illustrates the severity of the challenge facing councils with government grant funding at the lowest it has been for decades at the same time as demand for services, such as adult social care, children’s services and homelessness support, has grown.” The survey, which was conducted in association with The Municipal Journal, found that gang activity was the main reason for pressure on children’s services in one in 20 upper-tier councils. The Ministry for Housing, Communities and Local Government has been contacted for comment. In this year’s local government finance settlement, James Brokenshire gave Northamptonshire the ability to increase its council tax by 4.99%. The Public Accounts Committee recently warned that the UK government is “in denial” about the sustainability of local government finance. Dominic Brady PF reporter
la forge
04/2/2019
15:58
Https://www.gov.uk/guidance/job-expenses-for-uniforms-work-clothing-and-tools
waldron
02/2/2019
10:29
LOL Had the same thoughts thus the reason for posting pleased you spotted it,well observed but he will be saying, i was preparing you for next tax year enjoy your weekend
maywillow
02/2/2019
10:08
Love the fact he failed to file that report on time.....Published 2nd Feb when talking about coming up to the Jan 31st deadline....Wonder if he will fine himself £100?
troutisout
02/2/2019
09:08
Https://www.thehrdirector.com/features/tax/top-tips-comes-completing-self-assessment-tax-return330/ Top tips when it comes to completing your self-assessment tax return Article by: James Foster | Published: 2 February 2019 lifetime The time of year is almost upon us where millions will have to complete their self-assessment tax return. Whether that’s as a sole trader, a freelancer, a contractor or running your own businesses, anyone who works for themselves will have to complete their forms before the annual January 31 deadline. For many, it can seem like a daunting task, so is there anything you can do to make the process easier? Contributor James Foster, Commercial Manager at specialist accountancy provider Nixon Williams The majority of the working population have their tax deducted at source from the company that they work for, however, anyone that is self-employed has to complete a self-assessment tax return in order to be taxed appropriately on their earnings by Her Majesty’s Revenue and Customs (HMRC). When you start working for yourself, your workload includes everything that you might need to do to make your business a success – from marketing and advertising to admin and ordering stationery. You may find that managing your finances is more complex than you might have expected as you will need to keep records of all the money you spend in the running of your business, as well as how much you earn. Many people decide to use the services of a professional accountancy firm like ours to help them through the process, but some decide to manage everything themselves. Either way, there are some simple things you can do to make the process as straightforward as possible, so here are my top five tips: Get organised – compiling all your invoices and receipts ahead of time is the best way to alleviate last minute stress when it comes to self-assessment forms. Ideally, you’ll have kept some form of spreadsheet or an online portal up to date throughout the year of your accounts, and you can use that to finalise your tax return. But if that’s not the case, don’t wait until the very end of January to get started. There are often missing pieces of information you’ll need to track down, so give yourself plenty of time to work through everything. And don’t forget – if it’s your first time completing your Self-Assessment Tax Return, make sure you’re registered with HMRC in time. Know the key dates for completion – If you decide to complete your tax return online then the deadline for this is any point up until the 31st January, whereas a paper tax return needs to arrive with HMRC by the 31st October the previous year. If you haven’t sent an online tax return before then you will need to register and HMRC advises you to do this no less than 20 working days before the deadline. Separate your work and personal bank account – a number of self-employed people operate with just one bank account for personal and business use, but this can make it hard to separate out your business expenses from your personal expenses. It’s often easier to identify which costs are related to your business by having a separate business bank account. This will not only help you keep a track of your business expenditure throughout the year, but it will make your life a lot easier when it comes to your tax return. Know the expenses and tax reliefs that you can claim – if you are a sole trader, for example, make sure that you know the expenses that you can claim in your tax return, as there may be some items you might forget about such as business mileage and expenses relating to working from home. It’s also beneficial to know about other tax reliefs that you are entitled to such as personal pension and gift aid payments. Tax returns can be complex so use an accountant – having professional support can be really beneficial because an accountant should not only assist with the compliance side of things (i.e. helping you to file your tax return on time) but they will also give you pro-active advice where appropriate. Tax returns are something most accountancy practices deal with on a daily basis from April to January, alleviating a lot of the financial stress away from clients and helping them to focus on what they do best – making a success of their business. Receive more HR related news and content with our monthly Enewsletter (Ebrief)
maywillow
01/2/2019
10:57
the long arm of uk tax law Https://www.accountancydaily.co/court-confirms-hmrc-information-powers-extend-overseas HMRC’s appeal was allowed, meaning its powers to seek information from non-UK individuals about their tax affairs after they have left the UK have been confirmed.
grupo
30/1/2019
19:16
Public sector pensions Taxpayers face £4bn annual pension bill after court ruling Judges and firefighters win age discrimination case that will raise public sector pensions Rupert Jones Wed 30 Jan 2019 19.09 GMT Last modified on Wed 30 Jan 2019 19.12 GMT Shares 0 The government spells out the cost of age discrimination case over public sector pensions. The government spells out the cost of age discrimination case about public sector pensions. Photograph: Nick Ansell/PA The government faces a £4bn a year pensions bill after a group of judges and firefighters won an age discrimination court case, it emerged on Wednesday. One investment firm said members of public sector pension schemes could receive a massive boost to their retirement pots if the government’s appeal against the court decision was unsuccessful. That might need to be financed through cuts in spending or increases in taxes. The coalition government pushed through a series of reforms that meant most public sector workers were moved to new pension schemes in 2015. However, these new schemes typically offered less generous terms, prompting anger among many workers and unions. As part of the reforms, the government put in place transitional arrangements which typically meant that older workers could stay in the existing, more generous schemes, while younger workers had to transfer to the new schemes. A group of judges and a group of firefighters decided to take the row to court, and on 20 December the court of appeal ruled that the transitional arrangements offered to some members amounted to unlawful discrimination. Now the government has spelled out the potential cost of this ruling. On Wednesday, Liz Truss, the chief secretary to the Treasury, said in a written statement: “The provisional estimate is that the potential impact of the judgment could cost the equivalent of around £4bn per annum.” She said the government was seeking permission to appeal the decision, and if this was unsuccessful, employees who were transferred to the new schemes would be compensated. Investment firm Hargreaves Lansdown said the judgment was expected to have an impact on other public sector groups, such as police officers, who had seen similar changes to their pension schemes and would also extend to public sector workers such as those employed by the NHS, teachers and prison officers. Tom Selby, a senior analyst at investment firm AJ Bell, said: “Members of public sector schemes could receive a massive boost to their retirement pots if the government’s appeal against this decision fails. This boost will come at a cost to the Treasury – and taxpayers in general – of somewhere in the region of £4bn a year.” He said the implications for the public finances “are potentially gargantuan,” adding: “It is highly unlikely [this] could simply be absorbed by the Exchequer, so cuts in spending or increases in taxes will almost certainly be needed to fill this pensions black hole”.
maywillow
22/1/2019
11:41
HMRC admits tax return penalty error HMRC has been forced to admit that it issued penalty notices for late filing in error to hundreds self assessment taxpayers, just days after denying claims that this had occurred 22 Jan 2019 Pat Sweet Pat Sweet Reporter, Accountancy Daily, published by Croner-i Ltd View profile and articles. Media reports at the weekend suggested some taxpayers were sent penalty notices, even though there are two weeks to go before the January 31 deadline and they had already submitted an online tax return. At the time, HMRC said that ‘any assertion we have sent early penalty notices to customers doing their returns online is false,’ claiming that the reports related to individuals who had missed the 31 October paper filing deadline. However, the HMRC has now released updated information, admitting that 653 tax returns relating to trusts which were processed on a specific date, 2 January, were then erroneously subject to a £100 late filing penalty. An HMRC spokesperson said: ‘Due to human error in processing some online trust returns a small number of trustees or agents have been inadvertently issued with late filing penalties. ‘All affected returns have been identified and the late filing penalties have been cancelled. ‘We apologise for any issues this may have caused our customers and are writing to them directly to let them know.’ Report by Pat Sweet
waldron
20/1/2019
11:49
Https://www.telegraph.co.uk/business/2019/01/19/britains-richest-man-tax-crackdown-uk-driving-billionaire-exodus/ Britain's richest man: Tax crackdown in UK is driving billionaire exodus Save 225 Hinduja Gopichand Hinduja, Britain's richest man, said complex tax rules were driving the wealthy away Robin Pagnamenta Christopher Williams, Deputy Business Editor 19 January 2019 • 9:00pm Britain's wealthiest business people are fleeing abroad amid mounting complications over tax, the country’s richest man has warned. Amid a growing political crisis over the UK’s future relationship with the EU, Gopichand Hinduja, whose family controls a £20.6bn industrial fortune, told The Sunday Telegraph many of the country’s wealthiest people have ­already quietly left Britain for Dubai, Singapore and other financial centres.
grupo
13/1/2019
19:54
Https://www.moneyadviceservice.org.uk/en/articles/venture-capital-trusts Tax The tax relief on Venture Capital Trusts comes in a number of different forms and with varying risks: The Income Tax relief is 30% on a maximum investment of £200,000 per tax year when you buy newly-issued shares. This is claimed back if you sell your shares within five years unless you sell them to your spouse or you die. Tax relief is provided in the form of a tax credit to set against your overall income tax liability in the tax year. The amount of the tax credit cannot, therefore, exceed your total income tax liability for that tax year. Dividends from investments in VCTs do not attract income tax provided the original investment was made within the permitted maximum of £200,000 per year. You won’t have to pay any Capital Gains Tax on gains from investments in Venture Capital Trusts and there is no minimum holding period for this rule to apply. But if your VCT investments make a loss, you can’t use this to reduce your Capital Gains Tax bill from other investments. Https://www.gov.uk/government/collections/venture-capital-trusts-statistics Doug suggest you ask your tax advisor or local tax office should you have further questions cheers
ariane
13/1/2019
19:11
Evening, A quick query with regards to tax relief and VCT's. The information i can find states 'You can invest up to £200,000 in VCTs each tax year and benefit from this tax relief. However, the maximum tax rebate is the amount of income tax you pay '. What is the definition of 'income tax' in the above statement, i assume it includes tax paid on salary, rental income and dividends. Is capital gains tax payments (resulting form share dealing profits) classed as 'income tax' and could they be claimed back as VCT income tax rebate? Regards, Doug.
dcarn
06/1/2019
16:54
Aaaarrrrggggghhhh!
pvb
06/1/2019
10:13
LAST DAY 31ST JANUARY FOR TAX YEAR 2018 OR BE FINED
the grumpy old men
02/1/2019
17:25
Https://www.aol.co.uk/news/2019/01/02/over-five-million-taxpayers-have-less-than-a-month-to-complete-t/
ariane
27/12/2018
13:30
Diesel car tax The tax rates of diesel cars were increased from April 1 of this year. This applies to the Vehicle Excise Duty (VED), usually known as road tax. Instead of being fixed at £140 per year, VED rates will now be calculated based on the car's carbon dioxide emissions. The highest raise of first-year tax is £500, for cars which emit between 191 and 225g of carbon dioxide per year. However, those which emit the more environmentally-friendly 111 to 130g/km will only see their tax go up by £40.
florenceorbis
21/12/2018
11:01
cheers s2 happy holiday
sarkasm
21/12/2018
10:58
Got it now I think do need to record over £300 no tax to pay as upto 5000 dividend not taxable may be some foreign tax credit relief as one transaction was canadian
s2lowner
19/12/2018
15:50
Recording Foreign share dividends held in an isa on the Tax Return I hold HICL an investment trust registered in guernsey and held Entertainment One registered in Canada both paid dividends, Entertainment One was after foreign tax taken off, no tax being taken off HICL As the total is over £300 I have enter in the foreign income section of the Tax Return (under £300 it is in the dividends section) Should I be recording them at all as they are in an isa ? (As Barclays have listed them on a Schedule of Overseas Dividends they sent me) If so will I be liable for tax on the HICL even though it was held in an ISA because HMRC won't know its in an ISA If I have to record am I entitled to foreign tax credit relief on the £50 withholding tax I paid on the entertainment one dividend Any help appreciated
s2lowner
13/12/2018
15:35
Http://www.actuarialpost.co.uk/news/article/scottish-budget-increases-extra-income-tax-for-many-scots-15326.htm
waldron
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