Although the UK tax year runs from 6 April to the following 5 April, there is another which ends 31 January each year – it’s the online filing deadline for self assessment purposes. The 31 January 2014 is also the date on which any outstanding self assessment tax unpaid for the tax year 2012-13 falls […]
The Bank of England directs funding to small businesses
From January 2014 the Bank of England and H M Treasury will redirect the Funding for Lending Scheme away from mortgage lending, and instead provide funding for hard pressed small businesses. There has been significant press commentary about the likely “over-heating” of the UK property market. Basic economics would seem to dictate that if you […]
Tax Diary December 2013/January 2014
1 December 2013 – Due date for Corporation Tax due for the year ended 28 February 2013. 19 December 2013 – PAYE and NIC deductions due for month ended 5 December 2013. (If you pay your tax electronically the due date is 22 December 2013.) 19 December 2013 – Filing deadline for the CIS300 monthly […]
Unused PAYE schemes
From October 2013, PAYE schemes will automatically be closed where No real time PAYE submissions have been made No payments have been made to HMRC The employer is not an annual payer There is no evidence that the employer wants to claim Construction Industry Scheme deductions The employer has not received an advance from HMRC […]
Tax-free Xmas party
This month gives us an excuse to let our hair down and enjoy a well earned celebration with our work colleagues and partners. This article is a reminder of the tax concessions that apply to the costs of providing the Christmas bash. The cost of an annual staff party or similar function is allowed as […]
The 60% Income Tax band
According to HMRC the highest rate of Income Tax is 45%. This will apply to anyone with income over £150,000. Income below this amount is taxed at 40%, or a combination of 20% and 40%. However, if your income marginally exceeds £100,000, for every £2 your income exceeds this amount you will lose £1 of […]
Pension Auto-Enrolment
The Pension Regulator issued a press release 17 October 2013 alerting medium sized businesses of their obligation to set up and automatically enrol employees in a pension scheme. They said: “The clock is ticking for thousands of medium sized employers across the UK who have six months to go before their duty to automatically enrol […]
Autumn Statement – 5 December 2013
George Osborne presented his Autumn Statement to Parliament amid mixed messages spilling from the Treasury, and promoted in the national press, about what he would, and would not give away. The reported economic indicators were encouraging: 1.4% growth in the UK expected for 2013, 2.2% for 2014. Increase in jobs this year of 400,000. National […]
Britain still has favoured tax regime for business
According to the Financial Times “Britain is still the favoured tax regime of business…”. Recent surveys have added a note of caution. Apparently, a growing number of organisations are concerned about the UK’s hardening attitude to tax avoidance. In an interesting twist in the mooted changes to international tax issues, UK resident businesses could be […]