1 August 2012 – Due date for Corporation Tax due for the year ended 31 October 2011. 19 August 2012 – PAYE and NIC deductions due for month ended 5 August 2012. (If you pay your tax electronically the due date is 22 August 2012.) 19 August 2012 – Filing deadline for the CIS300 monthly […]
Real Time Information
From April 2013 most employers (and from October 2013 all employers) will be required to submit PAYE information to HMRC as the information is processed. The process acronym, RTI, short for “Real Time Information”, is a new way for employers to report their employees’ pay and tax details. According to HMRC it will make it […]
Share reorganisations and CGT
If you exchange shares in your company for shares or debentures in the same or a different company as part of a company reorganisation, what are the tax consequences? If certain share reorganisation tax rules apply, the reorganisation is not treated as a disposal of the original shares. Essentially the new shares or debentures stand […]
VAT special scheme exit rules
Two of the VAT special schemes can provide particular advantages for smaller businesses. The Flat Rate Scheme (reviewed in our June 2012 newsletter) can reduce overall VAT payable, especially for traders that are subject to the lower Flat Rate percentages. Cash Accounting allows you to defer payment of VAT added to your sales until the […]
Recent house flipping case
The case in question involved a couple who inherited a second home from a deceased parent. They complied with the usual filing deadlines and sent an election to have the second property considered as their principal private residence for the week before it was sold on 19 October 2007. If successful, the election would have […]