The Office for Tax Simplification has published a new list of tax issues for review. They include: • Increasing the present £8,500 limit, below which employees (not directors) do not suffer benefit in kind charges. This limit was introduced in 1979 and was apparently based on the amount at which a married man started to pay […]
Ten new tax dodgers
Ten new tax defaulters have been added to HMRC’s rogues’ gallery. This follows the publication of twenty tax offenders’ details last year. So far only one of the original twenty has been caught. HMRC has statutory authority to “name and shame” taxpayers who they consider to be deliberate tax defaulters. Generally speaking these are persons […]
When is sports sponsorship tax deductible?
In a recent case heard by the Upper Tribunal, Interfish Ltd were denied tax relief for sponsorship payments made to a local rugby club, Plymouth Albion. The sponsorship payments were significant; over £1.2m over a number of years. The payments were used to fund the purchase of players as well as propping up the club’s […]
Bonuses increase Treasurys tax take
In March 2012 George Osborne and his Treasury advisors took a risk. They announced that on 6 April 2013 they would be reducing the additional rate of income tax from 50% to 45%. The Treasury was criticised at the time because the expected tax take from higher income earners was expected to fall in line […]
Taxation of loans to directors and shareholders about to change.
The Government have launched yet another consultation, this time they are considering changes to the way in which loans to directors and shareholders of small companies are taxed. Currently, if these loans are unpaid at the end of the company’s accounting year, an additional corporation tax charge equal to 25% of the loan outstanding will […]
Mentoring your Upcoming Talent
Business leaders are not born – they are created. Effective training and mentoring are the foundations of most successful managers, chief executives or business owners. Business leaders of the future must learn from those that are in leadership positions today. Future proofing your business means investing in your people to create the next generation of […]
Project Management
In today’s hyper-competitive business world, project management has become an essential skill for managers. As businesses grow and develop they need to adapt to change. A good project manager can ensure the successful delivery of projects that help to move the business forward. Time management Projects are temporary in nature with a pretty defined beginning […]
Did you have an Equitable Life Policy?
MPs have been criticising the Treasury regarding their handling of the compensation scheme for Equitable Life policy holders. On its own admission the Treasury estimates that between 17% and 20% of eligible policy holders may not receive the compensation they are due as they cannot be traced. The current Equitable Life Payment Scheme is due […]
Tax Diary August/September 2013
1 August 2013 – Due date for corporation tax due for the year ended 31 October 2012. 19 August 2013 – PAYE and NIC deductions due for month ended 5 August 2013. (If you pay your tax electronically the due date is 22 August 2013) 19 August 2013 – Filing deadline for the CIS300 monthly […]