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The Budget for Scotland was presented to the Scottish Parliament on 14 December. It includes a radical proposal to change to income tax rates and bands for Scottish taxpayers. If these proposals are passed as suggested they will produce some eye-watering marginal tax rates for 2018/19.
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Where a taxpayer fails to notify HMRC of their tax liability, or makes an error (careless or deliberate) in a tax return, HMRC can charge the taxpayer a penalty. This is calculated as a percentage of the potential lost revenue (PLR).
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When paying staff, it’s essential to get all the calculations absolutely correct, not only in respect of tax, NIC and other deductions, but also to determine the gross amount due. A failure to follow the complex NMW rules can trigger a penalty of 200% of the underpaid wages, and the employer may be publicly named and shamed.
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When most taxes are paid late by 30 days or more there is a statutory penalty of 5% of the unpaid amount, which increases to 10% for a delay of 6 months, and to 15% for a delay of 12 months or more. Interest on the late paid amount may also be charged.
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The police are receiving a number of queries regarding telephone calls purporting to be HMRC, which demand immediate payment of overdue amounts, and threaten to report individuals to the police and the court if they don’t pay as instructed.
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When an individual buys an interest in a residential property in the UK, and at the completion of that transaction he owns more than one residential property, he must pay the SDLT supplement of 3% on all the applicable rates. The combined rates are known as the higher rates of SDLT.
