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Exclusion 96 - Scottish rate extended basic rate band not applying to savings and dividends income
HMRC Filing Exclusion 96 applies to Scottish rate taxpayers who make pension contributions or gift aid payments which will extend the basic rate band. The basic rate band should be extended to non savings and savings income but the calculator is currently restricting relief to non savings income...
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11 Dec, 2019
Views: 101
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HMRC Exclusion 102 - chargeable event gain and beneficial ordering of the personal allowance
HMRC Filing Exclusion 102 will affect taxpayers who have a Chargeable Event Gain (CEG) with notional tax, in the higher rate band and dividend income. The personal allowance is being allocated against the CEG when it would be more beneficial to allocate it against the nil rate dividend income. ...
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11 Dec, 2019
Views: 99
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Scottish Taxpayer Pension Charge -HMRC Special Case 33
HMRC have identified an issue whereby the Annual Allowance (pension) Charge calculated, is not always correct for Scottish rate taxpayers. The calculation is not correct for Scottish rate taxpayers where the tax charged should be at the Scottish intermediate rate (21%-2018/19)) rather than the...
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11 Dec, 2019
Views: 69
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How do I use the Annual pension allowance details wizard for defined benefit schemes
How do I use the Annual Pension Allowance details wizard for defined benefit schemes? Whilst our wizard refers to terminology for defined contribution pension schemes, it can be used to determine the annual allowance and any resulting pension tax charge for defined benefit schemes, (also known...
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12 Oct, 2020
Views: 59
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How do I pay tax due using my PAYE tax code
When can you pay tax owed through your PAYE code? You can pay your Self Assessment tax bill through your PAYE tax code when all of the following apply: you owe less than £3,000 on your tax bill you already pay tax through PAYE, for example, you’re an employee or you get a company pension ...
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04 Jun, 2020
Views: 51
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Capital Gains Tax (CGT) on HMRC Forms
Please see the following instructions on how to complete the Capital Gains Tax (CGT) pages on HMRC Forms Go to Capital Gains > Do you want to complete the Capital Gains page? ‘Yes’ > Do you wish to use Forms Mode? ‘Yes’ HMRC Forms mode is a form filling exercise where you...
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25 Nov, 2020
Views: 13
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Tax on COVID grants
During 2020, and probably continuing throughout 2021, the government are providing grants to assist businesses that have been affected by the Coronavirus pandemic. How are COVID grants taxed? The legislation confirms that all COVID-19 support scheme payments are taxable under either Income Tax...
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14 Dec, 2020
Views: 1
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MTD for Income Tax
HMRC's MTD Plan Making Tax Digital (MTD) is HMRC’s plan to become one of the most digitally-advanced tax administrations in the world. This means that big changes are needed to our current tax system, affecting both how data is collected and how it is stored by HMRC. MTD will apply to VAT,...
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14 Dec, 2020
Views: 0
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