New tax forms, online calculator and NIC Sections

We are glad to announce that TaxUndo Ltd has now opened a new section on the website in line with our expanded service range in the field of National Insurance and State benefits: http://taxundo.com/LP/Category/NIC.html

Everything you need to know about your social security status is there. Find out more about your pension, benefits, healthcare, sorting out the relevant NI numbers and forms or making a NIC calculation.

We also confirm that the new SA Tax Return and most popular supplements for the tax year 2016/17 have been uploaded in our Tax Forms section. If you need any form or tax return supplement which is not listed, please do not hesitate to contact us on query@taxundo.com

You can also visit our Tax Calculator section, where you will find a selection of handy tools to calculate your tax online. The rates and allowances for the tax year 2016/17 have been implemented, therefore you can make calculations for the whole period up to 5 April 2017. Please do not hesitate to contact us on query@taxundo.com with further questions about calculating your tax etc.

 

New tax forms and online calculator for 2015/16

We are glad to confirm that the new SA Tax Return and most popular supplements for the tax year 2015/16 have been uploaded in our Tax Forms section. If you need any form or tax return supplement which is not listed, please do not hesitate to contact us on query@taxundo.com

You can also visit our Tax Calculator section, where you will find a selection of handy tools to calculate your tax online. The rates and allowances for the tax years 2015/16 and 2016/17 have been implemented, therefore you can make calculations for the whole period up to 5 April 2017. Please do not hesitate to contact us on query@taxundo.com with further questions about calculating your tax etc.

 

New Services and Discounts by TaxUndo Ltd

On the verge of the ‘Tax Refund’ season 2015/16, we would like to present you with the new features in our service, designed to provide more options in optimising your tax and social security status:

  1. In a continued effort to support our clients, particularly seafarers and riggers, especially in this tough situation in the offshore Oil/Gas Industry, we have now developed a new service that you can possibly take advantage from – namely a CHILD BENEFIT claim. You can claim this benefit if you’re responsible for a child under 16 living in the EU, and uou are paying National Insurance in the UK. Our fee for a Child Benefit claim is just £99, fully refundable if the Benefit is not awarded for whatever reason. This fee includes transferring your Benefit, even to a non-UK bank account, up to 4 times a year. Please contact us on query@taxundo.com for more details.

  2. We would also like to remind you about our additional seafarer’s DISCOUNT – just invite a colleague (fellow seaman) who has never been a client of TaxUndo Ltd and get a £30.00 discount from your own refund! NOTE it is £30.00 per person, up to 3 persons or till a minimum fee of £79.00 is reached. Moreover: your colleague will get the maximum discount as a returning customer although it will be their first claim with us.

  3. This year TaxUndo Ltd is also dealing with refunds from the Falkland Islands. Please contact us on query@taxundo.com for more details.

 

Fill in your tax returns FOUR TIMES every year: who is affected

Mllions of earners are to be forced to file tax returns four times a year. Self-employed workers, landlords and small business owners currently have to submit their figures just once every 12 months. Switching them to quarterly returns will bring them into line with big corporations. Initially workers will not have to pay tax four times a year. But accountants suspect quarterly returns are a step toward this.

The plans were slipped out in the small print of George Osborne’s autumn statement. Around four million people will be affected: the self employed, small business owners and landlords who make more than £10,000 a year profit.

The Government expects most self-employed workers to be filing quarterly and online by 2020. It will thrash out the details over the next year when the plans go out to consultation.

The first stage of the £1.3billion digital revolution at HMRC is expected soon with the launch of personal tax accounts for a million workers. These will act like an internet bank account, and keep an up-to-the-minute record of tax paid.

At present every self-employed worker or small business owner needs to file a paper return by October 31, or an online one by January 31. Tax must be paid by January 31. Under the new system however, they will have to file online every three months – like big firms that report their financial results quarterly. They face having to use a complicated and lengthy online form each time. Given its track record for poor customer service, there are also doubts as to whether HMRC will be able to roll out a system efficiently and with proper support for taxpayers. In June it emerged that the taxman had failed to answer 18 million phone calls from the public in 12 months.

On the other hand, the HMRC tells a different story: ‘Many taxpayers have told us they would like more certainty over their tax bill and we acknowledge that they shouldn’t have to wait until after the end of the year before being landed with an unexpected tax bill. That’s why we’re making it easier for them to update their tax information more regularly from 2018. We will ensure people have access to guidance and support where needed, including access to telephone filing….We are focused on creating a tax system that is more effective, more efficient and easier for taxpayers.’

Source: http://www.dailymail.co.uk

 

New Fee Policy for Non-UK Seamen from the EU

TaxUndo Ltd is proud to present a new fee policy for non-UK based seafarers from the European Union, including reduced rates for loyal clients, free additional benefits, and overall greater value for money:

1. The fees for regular EU-based customers are reduced for the year 2014/15 onward as follows:
– For smaller refunds below £3000 – a new minimum fee of £149 (no extra VAT).
– For medium refunds between £3000 and £5000 the fee is reduced to 5% (no extra VAT).
– For higher refunds above £5000, the fee is reduced to £249.00 (no extra VAT).

2. In addition, the following additional benefits are given:
– FREE assessment of National Insurance Contributions to ensure that EU-resident seamen are not paying too much, nor too little, but just the right amount (based on the Flag of their vessel) to allow the maximum state benefit in their country and/or in the UK.
– Regular EU-resident clients (seafarers) can get an EXTRA discount of £30.00 from their fee by inviting a fellow seaman who has not yet been a client of TaxUndo Ltd. At the same time, their colleague will get the new fee policy, as a regular customer, although it will be their first claim with TaxUndo Ltd.

3. For new clients of TaxUndo Ltd, under the terms mentioned above, fees are fixed at: minimum of £169.00, medium fee of 6%, maximum fee of £299.00

NOTA BENE:
A. This fee policy, and the related benefits to new clients, shall apply ONLY to persons who are not resident of the UK.
B. This fee policy, and the related benefits to new clients, shall apply ONLY to persons who are not subject to the Self-Assessment Tax Return.
C. This fee policy, and the related benefits to new clients, shall apply ONLY to persons who are not under ANY form of inquiry from the HMRC.
D. TaxUndo Ltd reserves the right to quote higher fees at any time, so long as the required volume of work is extraordinary, and such fees will be clearly explained PRIOR to any commitment on behalf of the EU-resident seaman.

 

New digital tax accounts – End of the tax return panic

The end of the hated annual tax return is being signalled by the Chancellor. George Osborne will use his last Budget before the General Election to unveil digital tax accounts for millions who currently have to complete self-assessment forms. They will work like online bank accounts and keep an up-to-the-minute record of all the tax someone owes or has paid.

How the Tax Return will work
New digital tax accounts are designed to end hassle for individuals but also boost business by significantly cutting down on red tape. Individuals and firms can already choose to fill in their annual tax return online, but this is simply the paper form on a website. Once a year, and a year behind, taxpayers have to send HMRC information it already holds on income – meaning many people end up with tax affairs that are out of date and incorrectly coded. They have only one opportunity a year to interact with tax officials to reconcile their account and notify them of any change of circumstances. The digital accounts will allow such updates at any time.

It will mean users can see all the taxes they need to pay without having to complete a tax return, and pay taxes they owe when it suits them – by linking to their bank account so they can pay in instalments or by direct debit, for instance. There will be particular advantages for businesses, which currently have to pay different taxes at different times, including VAT, corporation tax, income tax and National Insurance.

By early 2016, all five million small businesses and the first ten million individuals will have access to digital tax accounts. All businesses in the UK and 55million individuals will have one by the end of the next Parliament. Those who have difficulty gaining access to the internet will continue to be allowed to submit paper returns, or be offered support.

Source: http://www.dailymail.co.uk

 

Five million workers in chaos over their tax bill: Leaked memo reveals HMRC has sent wrong demands twice

More than five million working Britons face uncertainty today after HMRC admitted it has sent out incorrect tax bills for the second time in four months. In June HM Revenue & Customs revealed that 5.5million customers either paid too much or too little tax in 2013/14 by an average of £300. Most were sent new bills but a leaked email has revealed that some of these are also wrong and will be recalculated for a third time because of IT problems.

Last night, HMRC admitted it did not know exactly how many workers had been affected, but said it would be ‘well under 100,000’. The memo, sent to accountancy bodies and senior HMRC staff, admitted ‘thousands’ of mistakes had been made and that any workers who questioned their bills should ‘not to repay any underpayment’ of tax, the Daily Telegraph reported.

The miscalculations are thought to be partly due to employers not updating HMRC with changes to employees’ job status or pay rises quickly enough.
It is the latest embarrassment for the taxman which has been embroiled in a series of blunders in recent years.

Accountants expressed disbelief. Elaine Clark of the Cheapaccounting tax practice said: ‘This is extraordinary, a disaster, and heads need to roll at HMRC.’

At the end of every tax year in April, the taxman must work out whether workers in the Pay As You Earn (PAYE) system have paid the right amount of tax. Millions of people are over or under-charged every year and the government must then claw back the money by altering people’s tax codes for the next year or arrange repayments. A new £270 million system known as the ‘Real Time Information’ (RTI) programme was supposed to limit these errors by forcing employers to report the amount of money paid to staff on a more frequent weekly or monthly basis. This would ensure that changes to their employment status or wages were quickly altered on the database. However, the latest blunder shows there are still flaws in the system.

A spokesman for HMRC said: ‘The majority of the errors have happened because an employer failed to make a final payment statement for the 2013/14 tax year meaning our records were incomplete despite reminders that these submissions had to be made. ‘We are sorry this has happened and we aim to issue corrected calculations in the next few weeks.’ They said no one had been asked ‘for a penny’ as a result of the error and would receive a new statement within six to eight weeks.

Source: dailymail.co.uk

 

Self Assessment – Transition to GOV.UK

Self Assessment guidance has moved from the HM Revenue and Customs (HMRC) website to GOV.UK on 21 August 2014. This note explains why that’s happening and what it will mean for customers.

Transition to GOV.UK – why they’re doing it

One of the principles of the Government Digital Strategy is that all central government websites will transition to GOV.UK; essentially from 2014 this becomes the single website for all government information and the place to access all government services.

What they’ll do during transition

HMRC’s public-facing web content, including guidance will move to GOV.UK. The HMRC are creating lots of new content and modifying existing material too, to make things simpler, clearer and faster for customers to use.

Much of the Self Assessment content has been available on GOV.UK for some time, and they have recently added helpsheets.

https://www.gov.uk/browse/tax/self-assessment

https://www.gov.uk/government/collections/self-assessment-helpsheets-main-self-assessment-tax-return

The HMRC assure nothing gets lost during this transition. From 21 August 2014 anyone trying to access Self Assessment guidance on the HMRC website, for example using a bookmarked link, will be automatically redirected to the new page on GOV.UK. Anything that is no longer needed will still be available on the National Archives site.

HMRC’s existing online services – the ones customers need to sign into, such as Self Assessment, and Corporation Tax, won’t change as a result of transition. But customers will now access them from GOV.UK. There may be some changes to how they look – such as adding the GOV.UK logo. In the longer term, these services will be completely transformed and will join the forthcoming exemplar services on GOV.UK.

 

Automatic enrolment into workplace pensions

Over the past year, starting from October 2012, many workers who don’t already have pension arrangements are being automatically enrolled into a workplace pension to help them save for their retirement. Employers will gradually enrol all eligible workers into workplace pensions between 2012 and 2018.

Workplace pensions and the State Pension
Today the maximum basic State Pension you can get is £110.15 per week for a single person. The money you get from a workplace or other pension could make it much easier for you financially when you’re retired.

What is new – ‘Auto enrolment’
A new law means that every employer must automatically enrol workers into a workplace pension scheme if they:
– are aged between 22 and State Pension age
– earn more than £9,440 a year
– work in the UK

When will this apply to you?
When you will be enrolled depends on the size of the organisation you work for. Very large employers are doing it now. Other employers will follow sometime after this, over several years. Your employer will give you the exact date nearer the time.

Find out more about your own workplace pension and get FREE advice on any of your queries on: query@taxundo.com

 

New tax forms and online calculator for 2012/13

We are glad to confirm that the new SA Tax Return and most popular supplements for the tax year 2012/13 have been uploaded in our Tax Forms section.If you need any form or tax return supplement which is not listed, please do not hesitate to contact us on query@taxundo.com

You can also visit our Tax Calculator section, where you will find a selection of handy tools to calculate your tax online. The rates and allowances for the past tax year 2012/13 have been implemented, therefore you can make calculations for the whole period up to 5 April 2013. Please do not hesitate to contact us on query@taxundo.com with further questions about calculating your tax etc.