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UTR Number
Tax Accountancy

UTR Number (Unique Tax Reference Number)

What is a UTR number?

Unique Tax Reference numbers, more commonly known as UTR’s are 10-digit codes that uniquely identify you or your business. Not everyone has a UTR number, but if you are carrying out self-employed work then you will need to register for one as soon as possible. The 10-digit number will be used by HMRC when dealing with your tax, you will not be able to submit a tax-return or claim a refund without one.
UTR numbers are especially necessary for CIS (construction industry scheme) tax refund registration, without a valid UTR number, your self-assessment tax return won’t be submitted correctly and this can result in a potential fine.

Why do I need a UTR number

The only people who need UTR numbers are those who file Self-Assessment tax returns.
If you do file self-assessment tax returns, you need a UTR number so that:
1. HMRC can monitor your tax obligations
HMRC will use this reference to track your tax obligations, which could help you also get a tax refund if you’ve overpaid your tax.
2. You can file tax returns
You’ll need it for your 2019/2020 self assessment tax return if you’re self employed.
3. You can partner with accountants
Accountants like Rebate My Tax Ltd will need to know your UTR to help with your filings and financial affairs.

 

How do I get my UTR number?

You are automatically sent a UTR number when you register for self-assessment, you should receive the number in the post from HMRC within 3-4 weeks. If you have yet to register for self-assessment and need your UTR number to submit a return, you can use this easy form on our website to apply for one here.

In order to register for your UTR number, you’ll need to provide:
• Your full name
• Your current address
• Your National Insurance Number
• Your date of birth
• Your phone number
• Your email address
• The date that your self-employment began
• The type of business you’re starting
• The address of your business
• The phone number for your business

What happens if I cannot locate my UTR number?

If you have lost your UTR number, you do not need to panic, your UTR should be quoted on any of the following documents listed below from HMRC.
• Your SA250, or your “welcome to self-assessment” letter
• Previous self-assessment tax returns
• Reminders of payment
• Your notice to file a tax return
• Your statement of account
If you do not have any of the above letter’s then you can call HMRC directly and they will again send your UTR number via post.

 

Still can’t find your UTR number?

 

Then visit this HMRC site for more info on how to get your UTR number

 

The importance of registering for a UTR:

If you are working as self-employed and have not notified HMRC – and have therefore not received a UTR number – this can be dangerous. If HMRC find out, you may have to pay a hefty fine and potentially face criminal prosecution, that is why it is important to apply for a UTR number as soon as you carry out any self-employed work. It is also important as your accountant that we have your correct UTR number, as we will use your unique number to track work carried out and claim back the maximum refund for you.
If you require any more information regarding your UTR number please contact us via phone, email or whatsapp.

Need more help with a UTR number?

Get in touch and we can try and help you further. CONTACT US TODAY

 

 

Tax Code
Tax Accountancy

Understand Your PAYE (Pay As You Earn) Tax Code

HMRC Pay As You Earn (PAYE)  Tax Codes

Your tax code is used by your employer or pension provider to work out how much Income Tax to take from your pay or pension, you will be able to see your tax code on your payslip provided by your employer. It is a good idea to check you are currently on the right tax code as it will determine the amount of Pay As You Earn (PAYE)  tax you are charged on your salary.

Every tax code is made up of letters and numbers. The number 1250, for example, should reflect how much tax-free pay you are allowed to earn in each tax year – as a general guide, you need to multiply the number by 10 to get the total amount of income you can earn each year before being taxed. If your tax code is 1250 then you will not pay tax on the first £12,500 earned on your salary.

The amount of tax you are due to pay can be affected by your tax-free allowance, these can include

  • Pensions contributions
  • Personal Allowance
  • Gifts to Charity
  • Blind persons allowance
  • Interest payments on qualifying loans

 

You can read about the certain payments that can reduce the amount of tax you pay here

If you notice your tax code has changed, this could be for any of the following reasons

  • If you have started a new job, your new employer may not have received your P45 yet, this will trigger an emergency tax code. Once the employer has the P45 your code will then be adjusted and the right amount of tax deducted.
  • If there is a change in your income, if your income increases or decreases there can be a change in your tax-free allowance.
  • State benefits such as employment and support allowance, state pension, widows pension etc can affect how much income you receive on your payslip, if you stop and start these benefits they can affect your tax code.
  • Benefits from your employment such as private health care, car allowance, if you opt in and out of these benefits then this again can affect your tax code and pay.

 

You will usually receive a PAYE code notice in the post from HMRC if your tax code is updated, always carefully check that these details implement your current tax-free allowance.

HMRC will need to be contacted if you believe your tax code is wrong, as this means you could have either underpaid or overpaid in tax. In the case where you have underpaid, HMRC will bill you for the amount owed, with an over payment they will either adjust your tax code so that you pay less tax and receive more wages or sometimes if it is for a previous tax year they will pay you the amount owed in full into your bank account.

As a client of Rebate My Tax we will be the ones to contact HMRC for you regarding any issues with your tax code. We pride ourselves on taking any stress away from our clients, whilst giving the most professional 5* service.

If you require more information on tax codes, please contact us directly. You can also check out the different types of tax codes here

 

 

 

 

Tax Accountancy

Self Assessment Deadline & Late Penalties

Self Assessment Deadline 31st Jan & Late Penalties

31st January is an important date, it is the deadline to complete and submit your tax return to HMRC.

If you receive a tax return from HMRC then you are legally obliged to complete it, even if you think it is not relevant to you. If you are asked to do a return and are 100% sure you do not meet the criteria, then contact HMRC on 0300 200 3310 as soon as possible to withdraw. Please note you have 2 years only to withdraw a return.

Your Tax Return must normally be filed (completed and submitted to HM Revenue and Customs) by 31 October following the tax year end (5 April) if you file on paper, or by 31 January following the tax year end if you file on-line. So the 2017 Tax Return (for the tax year 2016-2017) is due by 31st October 2017, if filed by paper, or by 31st January 2018, if filed on-line. You will be sent your Tax Return – or a notice to file on-line – about May after the end of the tax year.

Even if you do not owe tax you still need to submit your return, not submitting a return will result in fines, they also may issue an estimated bill, this will stand until you submit your completed tax return.

Penalties for not submitting Self-Assessment on time:

1. The first penalty you receive will be for late filing, this will be £100

2. If another 3 months go past still without a return, you when then be charged a daily penalty of £10 per day up to a maximum of £900

3. Once you get to six months past the deadline date there will be a penalty of £300 (or 5% the tax owing if this is greater)

4. You will then be charged another £300 (or 5% the tax owing if this is greater) once you get to the 12 months late mark.

Even if you do submit your return but payment is made late, you will be charged the following:

1. 5% of tax unpaid after 30 days

2. Another 5% of tax unpaid after 6 months

3. Another 5% of tax unpaid after 12 months

If you have a lot of outstanding Tax Returns, please do not feel worried, contact us at Rebate My Tax and we can start looking at your current and previous tax years. We will require information as to why your returns were not completed, and if you have a reasonable enough excuse then we can do our best to get your fines and penalties reversed and get your taxes back up to date.

To avoid hefty fines, it is always advisable to submit your return as soon as you can, as a client of Rebate My Tax we will always make sure your taxes are completed efficiently and on time to avoid any stress and always getting our clients the maximum rebates guaranteed.

Tax Accountancy

CIS – Construction Industry Scheme

CIS – Construction Industry Scheme

 

What is CIS?

If you work for a contractor in the construction industry as a self-employed individual then, under the CIS, the contractor is obliged to withhold tax on its payments to you. This is different from other self-employed individuals, who normally receive their payments gross.

Registered CIS workers receive their payments net of 20% tax. If a subcontractor is unregistered, they will receive their payment net of 30% tax. It is also possible to apply to receive payments gross.

There is more information on the CIS on https://www.gov.uk/what-is-the-construction-industry-scheme

How to claim back tax under the Construction Industry Scheme (CIS)?

Are you taxed under CIS? If so then your contractor is obliged to withhold tax on its payments to you. Many people under CIS overpay tax as a consequence and need to claim a refund, here at Rebate My Tax we can guide you on what expenses you can put through and get you the biggest rebate, but below is more information on the construction industry scheme.

When will a refund be due?

Where tax is deducted under CIS and you are on a lower income, a refund will normally arise because of the expenses of the trade and because you will normally have personal allowances available.

You can check with us here at Rebate My Tax on the types of expenses that you may be able claim in your tax return. The general rule is that any expenses must be wholly and exclusively incurred in relation to your work. This is why it is important to keep your receipts and either upload them to the Rebate My Tax app or send them via post to us.

It is worth bearing this in mind, because you may be asked to provide evidence by HMRC that firstly, you actually incurred an expense and secondly, the expense was wholly and exclusively for your business. You should not just make them up or put in private expenses just so you can reduce your taxable profits and get a bigger refund – it is illegal and penalties are severe.

How do I get the refund?

If you work under the CIS, we will file your Self-Assessment tax return and your refund will be reconciled as part of this.

 

Should I use an agent to file my tax return and get my refund?

Under CIS, you are faced with having to complete and submit an annual tax return to claim what may be a fairly significant tax refund.

Completing and submitting a Self Assessment tax return can be complex and daunting, that is where we come in, we will go through your income and expenses and get the best possible refund for you.

You should be aware that when it comes to CIS, there can be problems with certain tax agents, for example some agents might inflate the tax refund adding more expenses to maximise the percentage they will take. While you may be tempted to turn a blind eye to such a thing, as this will mean a higher refund in the first instance, if HMRC check your tax return, it is you rather than the agent who will have to account for the underpaid tax, perhaps some years later. In such cases, on the basis that a fee will have been deducted already by the tax refund organisation, the HMRC debt may well be more than the financial benefit you received in the first place.

In these instances, we have also heard of severe penalties being charged for the submission of an incorrect tax return.

At Rebate My Tax, we specialise in CIS workers, we pride ourselves in being able to offer a totally bespoke service, giving our clients the most personal and professional service. We provide a fast, hassle-free, honest tax refund service and build relationships with our customers so we can provide them with the best personal and professional services.

Tax Accountancy

Pay As You Earn (PAYE)

Pay As You Earn (PAYE)

What is PAYE?

For most UK workers, the Pay As You Earn (PAYE) scheme is how they pay the tax they owe on their income. HMRC gives you a tax code, which your employer uses to work out how much tax to take from your pay. They then send that money to HMRC before paying the rest to you. In most cases, you don’t have to do anything about it yourself. However, it’s worth keeping tabs on how much tax is coming out of your pay. It’s possible for your tax code to be wrong, or for you to be owed a refund on some of your work expenses.

Can PAYE workers be entitled to a tax rebate?

Many PAYE workers are missing out on possible tax rebates, there are many reasons why they could be owed tax. This could be from either having the wrong tax code & HMRC taking too much tax or as in many jobs you will often be asked to travel to work at other temporary work places or for training, in those cases then you could be due money back for travel, food or even accommodation costs.

The tax year runs each year from 6th April to the 5th April the following year, so make sure your employment is within these dates for the work you believe you were overtaxed on.

The great thing is you can claim back for the past 4 tax years so if you have not done so before then could be due a good amount back. Please speak to one our tax experts here at Rebate My Tax to find out more information and we can get your claim going as quickly as possible.

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Tax Accountancy

Uniform Tax Allowance

Uniform Tax Allowance

If you’re paying to buy, repair or replace your uniform or protective clothing you need for work, you may be due a tax refund from HMRC. You won’t get it automatically, you will need to claim it back by submitting a tax return. You must have proof of your expenditure so it is important to keep any receipts, you can upload them to our amazing app so it is easy for yourself & us as your agent to keep track. We will then put the expense into your tax return to claim back.

How much could I get?

The amount you’re able to claim tax relief on depends on your industry. The standard flat-rate expense allowance for uniform maintenance is £60 (2020/21) – if you’re a basic-rate taxpayer, you can claim 20% of this back, so £12. Higher-rate payers can reclaim £24 (40% of £60). The great thing is your can claim for within the last 4 tax years if you have no done so before.

You are eligible to claim if you fit any of the following.

  • You wear a recognisable uniform that shows you’ve got a certain job, such as a branded T-shirt, nurse or police uniform. Although even plain clothes which you only wear for work may count.
  • Your employer requires you to wear it while you’re working.
  • You have to purchase, clean, repair or replace it yourself. However, you can’t claim if your employer washes your kit, provides facilities to do so (even if you don’t use them) or pays you for doing this maintenance.
  • You paid income tax in the year you are claiming for.

For more information regarding Uniform Tax Allowance please contact one of our Tax Agents here at Rebate My Tax and see how much you can claim back.

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