A number of trade associations have issued warnings to their members recently. They are concerned that HMRC are making an issue of business mileage recording. Apparently, employers are failing to keep adequate records of mileage for employees who have the use of company vehicles. Self-employed business owners can also be caught out by the same […]
The new Single-Tier State Pension
It has been announced that the new Single-Tier State Pension will start, subject to Parliamentary approval, April 2016. The original proposals for the new system were outlined in a White Paper published January 2013. At present the changes are speculative and will need to be agreed by Parliament. However, readers may be interested to read […]
Home based start-ups reminded to claim for use of home
One of the major accountancy bodies, the Association of Certified Accountants, has reminded home based entrepreneurs that they can make a valid claim, for tax purposes. The ACCA’s head of tax, Chas Roy-Chowdhury, reflected: “The rise in start-ups from the home is good news for the economy, but whether these home-based entrepreneurs are aware that, […]
Tax Diary October/November 2013
1 October 2013 – Due date for Corporation Tax due for the year ended 31 December 2012. 19 October 2013 – PAYE and NIC deductions due for month ended 5 October 2013. (If you pay your tax electronically the due date is 22 October 2013.) 19 October 2013 – Filing deadline for the CIS300 monthly […]
HMRC accesses credit card data
HMRC was given new powers from 1st September 2013 to request information from UK’s merchant acquirers – the companies that process card payment transactions. This will enable HMRC to data-mine information on all credit and debit card payments made over the last four years. It would seem likely that HMRC will use their Connect software […]
What is ATED?
The acronym stands for Annual Tax on Enveloped Dwellings. The tax was introduced in April 2013 to discourage ownership of property in an “envelope” that could avoid payment of Stamp Duty Land Tax on a subsequent sale. ATED is a tax on companies and so-called Non-Natural Persons (NNPs) who have an interest in a residential […]
Protecting your pension lifetime allowance
From 6 April 2014 the pensions’ lifetime allowance will be reduced to £1.25 million from the present level of £1.5 million. If you have already built up pension savings of more than £1.25 million or have planned to do so in the expectation that the lifetime allowance would not reduce from the 2013-14 level, there […]
Capital allowances claims deadline
If you own the property that you trade from, for example a hotel or guest house, the purchase price of the property may have included the cost of certain integral features that it may be possible to submit a claim for capital allowances. The Finance Act 2012 included provisions that affect the ability to make […]
Tax issues for UK Vodafone shareholders
Following the announced sale by Vodafone of its stake in a US mobile phone network, Verizon Wireless, what are the UK tax implications for owners of Vodafone shares? The deal. It’s anticipated that Vodafone shareholders will receive shares in Verizon Communications, Verizon Wireless’s parent (with the base cost for capital gains tax purposes split between […]