1 April 2014 – Due date for Corporation Tax due for the year ended 30 June 2013. 19 April 2014 – PAYE and NIC deductions due for month ended 5 April 2014. (If you pay your tax electronically the due date is 22 April 2014.) 19 April 2014 – Filing deadline for the CIS300 […]
State Pension and tax
If you have recently started to receive your State Pension, you may, or may not, have noticed that it is paid without deduction of tax. This can have a number of unforeseen tax consequences: If your total income including your State Pension is less than your personal tax allowance then there is no tax to […]
HMRC is changing the way they charge interest on late paid PAYE
Employers should note that HMRC is changing the way they charge interest on unpaid PAYE from 6 April 2014. We have reproduced below HMRC’s recent Helpsheet: For the tax year 2014-15 onwards: HMRC will charge in-year, rather than annual, interest on all unpaid: PAYE tax and Class 1 National Insurance, including specified charges (estimates HMRC […]
What has not changed since the Budget?
Entrepreneurs’ Relief As long as the ownership of your business is structured correctly, and for a minimum time period, then lifetime disposals not exceeding £10m will only be taxed at 10% for Capital Gains Tax purposes. Cap on tax reliefs Don’t forget that certain tax reliefs are capped at £50,000 or 25% of […]
What has changed since the Budget?
For those born after 5 April 1948 the personal tax allowance is £10,000. It was also announced that from 6 April 2015 this would increase to £10,500. The much publicised change to the taxation of salaried members of Limited Liability Partnerships is confirmed. Ongoing vigilance is required to ensure that salaried members’ tax status does […]
Investing in plant and equipment?
If expenditure on plant and equipment qualifies for the Annual Investment Allowance (AIA) 100% of the cost can be written off against taxable profits. The amount that can be written off as AIA expenditure has changed a number of times in the past few years. Immediately before 31 December 2012 the (AIA) was set at […]
Budget highlights
We have reproduced two of the more surprising changes announced in the Budget notes published immediately following George Osborne’s presentation last week. HMRC to be given powers to raid bank accounts: “The government will modernise and strengthen HMRC’s debt collection powers to recover financial assets from the bank accounts of debtors who owe over £1,000 […]
Budget Statement 19 March 2014
Personal Tax, Stamp Duty Land Tax and miscellaneous matters Personal Tax allowance The personal allowance for those born after 5 April 1948 will be: For 2014-15 – £10,000 For 2015-16 – £10,500 Income Tax rate bands There was significant press commentary prior to the Budget announcements lobbying for an increase in the threshold at which […]
HMRC to use Mr Bean film makers
In a bizarre attempt to create positive PR for HMRC, Channel 4 has been given unprecedented access to HM Revenue and Customs as they pursue tax evaders and collect unpaid tax. Tiger Aspect Productions, the production company behind Mr Bean, will be filming HMRC staff as they target the so-called high risk sectors: the building […]