Tax in a nutshell

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  • People who have sold properties which are not their main homes, and have not told HMRC about any profit, have one month left to make use of the disclosure opportunity. HMRC's Property Sales Campaign is aimed at those selling second homes in the UK or abroad where Capital Gains Tax should be paid. It includes properties that were rented out and holiday homes. Taxpayers have until 9 August to tell HMRC about any unpaid tax on such property sales, and until 6 September to pay the tax that they owe. 
  • New 0300 numbers are now available for HMRC helplines which are cheaper to use. Follow this link for more information


  • Don't forget! Paper tax returns for self assessment are due in on 31st October.


  • HMRC has published a consultation document in connection with Class 2 National Insurance contributions for self employed individuals. Visit this link for more information


  • To improve the collection of tax debt, HMRC are planning further changes to the coding out of debts and underpayments. HMRC want to make better use of coding out by allowing larger debts to be collected through PAYE from those with higher earnings.


  • Under the current tax system, 'mileage allowance payments' can be made through business travel. Under this system, per-mile mileage payments made by an employer to an employee are not subject to Income Tax, as long as they are paid at or below the rate set up by the Government. 


  • The National Insurance Holiday comes to an end on 5th September 2013. If you're a new business having started up in the last 12 months, please check the position of the first qualifying employees that the business employed during its first period of trade following start up.