What tips do we have for you this month? ….

For those of you who are self-employed, please remember that HMRC can ask to look at your bank accounts. If you receive income, which is not from self-employment, such as a gift from a parent or lottery winnings, please ensure that you keep evidence of what that income is, for example a copy of the winning lottery ticket, or a copy of the bank statement showing the transfer from your parent into your account.

Without such evidence, HMRC may well assume that the income is from your self-employment and therefore you would be liable to pay tax on it.

Also, some employers may have received RTI 201 letters  in error, containing incorrect information about over payments. Any employer or agent receiving one of these letters in August should please ignore it. Those wishing to check their tax position can do so on the Business Tax Dashboard (accessed in the HMRC online services through the link above).

Finally, from 18 August 2014, you can now apply online for protection of your pension savings from the lifetime allowance up to an overall maximum of £1.5 million.

If you wish to discuss any of the above, or have any other problems, please give us a ring on 0800 180 4252.