Member Since: 30th Mar 2006
9th Sep 2019
"The recipient may be able to recover this tax if the income falls within their personal savings allowance or savings rate band."
Are the personal savings allowance and savings rate band definitely available against this income? I thought not, as I have followed instructions advising it should be entered it as "Other Income" on the tax return, not as "Taxed Interest".
18th Dec 2018
Thanks for the useful summary. However, as far as I am aware, 25 January is not a bank holiday in Scotland.
4th Oct 2013
Relevance of earnings
It is possible for someone with "earnings" over £50k not to be liable for the HICBC as it is net adjusted income that is taken into account. Is it necessary to register for Self Assessment if your income before deduction of pension contributions and gift aid payments is more than £50k but your net adjusted income (i.e. after deduction of these items) is less than £50k? The word "earnings" is too vague.
1st Feb 2013
Extension to 15 February
I have just been informed that a very disorganised individual (not a client), who had left his return to the last minute as usual and discovered that he had misplaced his user ID and password on January 30th, phoned HMRC and was advised it would be no problem to give him an extension to the normal tax return filing deadline! He now has until February 15th to submit his 2012 tax return. I was certainly not aware that this was an option or I would have requested it for a genuinely ill elderly client who has not managed to provide me with any information and has just accepted that he will have a penalty and perhaps interest charges. I think I will be appealing when the penalty notice is issued!