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Tax Diary October/November 2014
1 October 2014 – Due date for Corporation Tax due for the year ended 31 December 2013. 19 October 2014 – PAYE and NIC deductions due for month ended 5 October 2014. (If you pay your tax electronically the due date is 22 October 2014.) 19 October 2014 – Filing deadline for the CIS300 monthly […]
Autumn statement 2014
HM Treasury has announced that this year’s Autumn Statement will be made on 3 December 2014. Historically, this has been used to showcase the Government’s expected tax changes in the following year’s finance act. If you have any suggestions the Government is seeking your views on what you would like to see in the Statement. […]
Business rates relief
There are a number of reliefs available to owners or tenants of smaller business premises. This article lists a number that can be claimed. Small business rate relief: You’ll get 100% relief (doubled from the usual rate of 50%) until 31 March 2015 for properties with a rateable value of £6,000 or less. This means […]
HMRC delays RTI penalties
From 6 October 2014, HMRC was due to include smaller employers in the penalty regime for late filing of Real Time Information (RTI) payroll returns for 2014-15. HMRC have announced that this penalty process will be delayed for a number of smaller employers. They will now start from: 6 October 2014 for employers with 50 […]
Wear & Tear Allowance (WTA)
If a property is let furnished – with sufficient furniture, furnishings and equipment for normal residential use – landlords can only claim tax relief for the furniture and equipment by way of the WTA. Prior to April 2013, landlords had the option of claiming the cost of replacement furniture instead. The WTA is calculated as […]
Mapping the Customer Journey
Customers of a business go on a journey that turns an initial enquiries into a sale. The best businesses really understand the journey they take their customers on. Some businesses call it Customer Experience Mapping, others call it Customer Journey Mapping and some even refer to Customer Touchpoints. The thing to understand is that the […]
International tax avoidance
Britain is to take the lead in the clamp down on international tax avoidance, Financial Secretary to the Treasury David Gauke announced Saturday 20 September. UK-based multinationals will have to report to HMRC where they make profits and pay taxes around the world. The UK is the first of 44 countries to formally commit to […]
VAT registration dilemma
James is very industrious gent’s hairdresser. He just manages to keep his turnover below the VAT registration limit. Apart from his rent, which was not subject to a VAT charge, his overheads are minimal. He is considering the purchase of his first home and needs to raise a deposit. To do this he calculates that […]