Lesstax 4 U

https://www.accountingweb.co.uk/community/blogs/philip-fisher/whistleblowers-stand-to-get-rich-courtesy-of-hmrc?cm-uuid=169422cc-573b-429b-9cf1-c1b2f0ca255d&utm_medium=email&utm_campaign=AWUKWED101225&utm_content=AWUKWED101225+CID_df4eba89711ed508f5938d6b52650203&utm_source=internal_cm&utm_term=Read%20more

Whistleblowers stand to get rich courtesy of HMRC As financial journalists are always keen to caution, many significant measures presented at the time of any Budget practically bypass the speech

https://www.accountingweb.co.uk/tax/hmrc-policy/buried-budget-paye-bombshell-sparks-big-questions?cm-uuid=169422cc-573b-429b-9cf1-c1b2f0ca255d&utm_medium=email&utm_campaign=AWUKWED101225&utm_content=AWUKWED101225+CID_df4eba89711ed508f5938d6b52650203&utm_source=internal_cm&utm_term=Read%20more

Buried Budget PAYE bombshell sparks big questions Tucked away in the Red Book last month was a Budget measure that some accountants only noticed once the dust had settled: from April 2029 income

Agricultural event organiser £202k appeal against

https://www.accountancydaily.co/hmrc-loses-agricultural-show-ps202k-vat-appeal

HMRC loses agricultural show £202k VAT appeal The organisers of a major agricultural show have won a dispute over a £206,000 VAT appeal with Upper Tribunal ruling against HMRC

Disposing of an asset includes:

• selling it
• giving it away as a gift, or transferring it to someone else
• swapping it for something else
• getting compensation for it - like an insurance payout if it’s
been lost or destroyed

Gifting an asset to your spouse or charity

There are special rules for Capital Gains Tax on gifts or assets you dispose of to:

• your spouse or civil partner
• charity

Gift to your spouse or civil partner

You do not pay Capital Gains Tax on assets you give or sell to your husband, wife or civil partner, unless:

• you separated and did not live together at all in that tax year
• you gave them goods for their business to sell on

The tax year is from 6 April to 5 April the following year.

If the asset were later sold

Your spouse or civil partner may have to pay tax on any gain if they later dispose of the asset.

Their gain will be calculated on the difference in value between when you first owned the asset and when they disposed of it.

If this was before April 1982, your spouse or civil partner should work out their gain using the market value on 31 March 1982 instead.

They should keep a record of what you paid for the asset.
Gifts to charity

No Capital Gains Tax payable on assets you give away to charity.

Tax will be paid if you sell an asset to charity for both:
• more than you purchase price
• less than market value

Tax-free company benefits

As an employee of a company you can get some benefits that are tax free, including:

meals in a staff canteen
hot drinks and water at work
a mobile phone
workplace parking
work place pension

Christmas parties can also be tax free if they cost £150 or less per head and are open to all employees.

Your employer might provide tax free childcare support, including childcare vouchers.

Submitting your tax return can be challenging, yet steering clear of typical mistakes can help you conserve both time and money.

Failing to meet the deadline may result in daily penalties and significant fees. Take the initiative and ensure your financial tranquility by submitting your return today.

https://www.bbc.com/news/articles/ckg091m5yn4o

Essex Police PC sacked for driving at speed in marked cars An Essex Police hearing finds he committed gross misconduct.

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Check daily weather

BBC Weather - Home Latest weather conditions and forecasts for the UK and the world. Includes up to 14-days of hourly forecast information, warnings, maps, and the latest editorial analysis and videos from the BBC Weather Centre.

Amending a tax return

HMRC may impose a penalty on you if you submit a UK tax return with an error. Depending on the type of fault, the sanctions can also be rather severe.

(It should be noted that these penalties are in addition to any penalties imposed for failing to file your return on time.)

You can make changes to your tax return if you discover an error after it has been filed, provided you have time to do so. Additionally, you will need to update your tax return once the real information is available if you utilised preliminary data when completing it.

The time limit to amend 2022/23 tax return is 31st January 2025, after this date no amendment is allowed.