Archived News March, 2011

Tax questions Carmarthen Journal 16th March 2011

I read in recent press about HMRC cracking down on plumbers. As a gas fitter will this mean I’ll automatically have a tax enquiry?

From the 1st March, HMRC have said that they want any plumbers, gas fitters and heating engineers to come clean about any undisclosed income they have received. HMRC say that they have built up a profile from various sources i.e. websites, yellow pages etc. of potential targets. If the taxpayer comes forward by the 31st May, HMRC will offer a reduced penalty of 10% and you will have until the 31st August to pay the outstanding tax and penalty (plus interest). If your tax affairs are in order you are unlikely to be affected by this initiative, however those with undeclared income should obtain advice and  take the opportunity to make a full disclosure.

I work for the Council and receive child care vouchers as part of my salary. Is it true from April that the value of the vouchers will be worth less to me?

Whilst there are modifications from April 2011 to the child care vouchers, as an employee currently in a scheme, the new changes won’t affect you. The current tax-free sum of £55/week will still be in existence, however the changes will affect employees taking up the scheme for the first time and whose earnings make them liable for tax at the higher rates i.e. 40% or 50%. The weekly rates will be £28/week and £22/week for those who at the 40% and 50% tax rates respectively.

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