Readers will no doubt be aware that if you are required to file a self-assessment tax return for the tax year ending 5 April 2013, the filing deadline for electronic submission is 31 January 2014. At the time this blog posting was written that leaves you just 10 days to complete the formalities. According to […]
Bitcoins make waves
The internet currency Bitcoins is drawing the attention of US regulators. Recently New York prosecutors confiscated $28 million of the e-currency from the Silk Road marketplace. The Bitcoins were taken because they were received as payments for illegal activities. In the UK Bitcoins may be about to get an unexpected boost from HM Revenue & […]
What can you dispose of and not pay capital gains tax?
Believe it or not there are a number of assets that you can sell that do not trigger a capital gains tax (CGT) liability. The list, published on HMRC’s website is as follows: Your car Personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques Stocks and shares you hold in tax-free […]
Plan for progress
We are now in the last quarter of the current tax year that ends 5 April 2014. If you are in business or pay income tax at the higher rates there is a strong argument that you should consider, and invest in, a tax planning review with your professional advisor. Why? Shutting the stable door […]
Google to get �24m tax bill
It would seem that HMRC are making progress in their efforts to make larger concerns more responsible when paying tax. Google have been criticised in the past for using complex arrangements to reduce their UK tax liabilities. Google have responded that they have only taken advantage of tax strategies that are legal – in effect […]
HMRC publish oddest excuses
As the rush to file outstanding 2013 tax returns gathers pace, HMRC have published ten of the “oddest” excuses for late filing of returns in previous years. Readers should note that none of the excuses were successful! In no particular order they are: 1. My pet goldfish died (self-employed builder); 2. I had a run-in […]
Tax Diary January/February 2014
1 January 2014 – Due date for Corporation Tax payable for the year ended 31 March 2013. 19 January 2014 – PAYE and NIC deductions due for month ended 5 January 2014. (If you pay your tax electronically the due date is 22 January 2014.) 19 January 2014 – Filing deadline for the CIS300 monthly […]
Tax office bogus emails
Readers are reminded that HMRC do not send communications to tax payers by email. If you receive an email purporting to be from HMRC, it will be some sort of “scam” and should be ignored (deleted from your PC). Do not under any circumstances open any attached files or disclose any personal information. Typically, […]
Taxable benefits 2013-14
Where employees are provided with living accommodation, a car or a van, any private use is usually subject to specific scale charges or other rules. This article considers the provision of two further classes of assets provided for an employee’s or director’s personal use. The cash equivalent of the asset provided is the annual value […]