There are precious few opportunities to make an arrangement after the end of a tax year, and carry the benefit back to impact tax liabilities of the previous tax year. One such opportunity involves gift aid, and has the full blessing of HMRC. According to HMRC you can: “… ask for a Gift Aid donations […]
Incorporated rogues
There is much evidence that dubious characters can masquerade as bona fide business people by calling themselves directors and wrapping themselves in the cloak of incorporation. They use limited liability status to avoid any personal, financial liability. Stories abound of “directors” who run up debts, place their insolvent businesses into receivership, buy any useful assets […]
Tax Diary November/December 2014
1 November 2014 – Due date for Corporation Tax due for the year ended 31 January 2014. 19 November 2014 – PAYE and NIC deductions due for month ended 5 November 2014. (If you pay your tax electronically the due date is 22 November 2014.) 19 November 2014 – Filing deadline for the CIS300 monthly […]
Rent-a-room relief
If you let a room or rooms in your main home you will not pay any tax on rents received as long as the gross receipts do not exceed £4,250 in a tax year. This relief extends to owner occupiers and tenants who receive rent from letting furnished accommodation in their home. If your gross […]
Workplace pensions overhaul
The Government has announced changes that should standardise, and in most cases reduce, the charges made to administer funds on behalf of contributors. Draft regulations published in October confirm that charges to invest and manage the default funds of all qualifying schemes will be capped at 0.75% annually. Small differences in charges can have a […]
Planning the Christmas celebrations
If you are involved in planning the staff Christmas party for your firm don’t forget to consider the Income Tax and VAT consequences. Here’s a short reminder of the points you should add to your check list. The cost of an annual staff party or similar function is allowed as a deduction for tax purposes. […]
Tax Diary of main events for Nov/Dec 2014
Date What’s Due 1 November Corporation tax for year to 31/01/14 19 November PAYE & NIC deductions, and CISreturn and tax, for month to 5/11/14 (22 November if paid electronically) 1 December Corporation tax for year to 28/02/14 19 December PAYE & NIC deductions, and CIS return and tax, for month to 5/12/14 (22 December […]