The Chancellor announced the creation of a NICs Employment Allowance in the 2013 Budget. This is planned to start on 6 April 2014 and moved a step closer to becoming law with the First Reading of the Bill on 14 October 2013. HMRC have published the following background information about the scheme: “In the March […]
Sir Richard Branson leaves UK for British Virgin Islands
Sir Richard has decided to leave the UK and live in his holiday home. He wants more time to surf, kite surf, play tennis and stay limber practising pilates. He says that his decision is not dictated by tax considerations. His personal wealth is estimated to be £3.5bn which means he can spend several million […]
Talking up the prospects for growth
We have enough information about the UK’s economic woes to keep us depressed for many years to come. Every week we are told why sustainable recovery from recession and its after effects is just round the corner. The problem is the “corner” is mobile, always just out of reach. Which is why the current round […]
Do you record business mileage?
A number of trade associations have issued warnings to their members recently. They are concerned that HMRC are making an issue of business mileage recording. Apparently, employers are failing to keep adequate records of mileage for employees who have the use of company vehicles. Self-employed business owners can also be caught out by the same […]
The new Single-Tier State Pension
It has been announced that the new Single-Tier State Pension will start, subject to Parliamentary approval, April 2016. The original proposals for the new system were outlined in a White Paper published January 2013. At present the changes are speculative and will need to be agreed by Parliament. However, readers may be interested to read […]
Home based start-ups reminded to claim for use of home
One of the major accountancy bodies, the Association of Certified Accountants, has reminded home based entrepreneurs that they can make a valid claim, for tax purposes. The ACCA’s head of tax, Chas Roy-Chowdhury, reflected: “The rise in start-ups from the home is good news for the economy, but whether these home-based entrepreneurs are aware that, […]
Tax Diary October/November 2013
1 October 2013 – Due date for Corporation Tax due for the year ended 31 December 2012. 19 October 2013 – PAYE and NIC deductions due for month ended 5 October 2013. (If you pay your tax electronically the due date is 22 October 2013.) 19 October 2013 – Filing deadline for the CIS300 monthly […]
HMRC accesses credit card data
HMRC was given new powers from 1st September 2013 to request information from UK’s merchant acquirers – the companies that process card payment transactions. This will enable HMRC to data-mine information on all credit and debit card payments made over the last four years. It would seem likely that HMRC will use their Connect software […]
What is ATED?
The acronym stands for Annual Tax on Enveloped Dwellings. The tax was introduced in April 2013 to discourage ownership of property in an “envelope” that could avoid payment of Stamp Duty Land Tax on a subsequent sale. ATED is a tax on companies and so-called Non-Natural Persons (NNPs) who have an interest in a residential […]