1 May 2013 – Due date for Corporation Tax due for the year ended 31 July 2012. 19 May 2013 – PAYE and NIC deductions due for month ended 5 May 2013. (If you pay your tax electronically the due date is 22 May 2013.) 19 May 2013 – Filing deadline for the CIS300 monthly […]
Beware emails purporting to be from HMRC
HMRC have made it clear that they do not send taxpayers emails regarding their tax affairs. So the next time you receive an email purporting to be from HMRC you can safely bet that it is a scam and that it can be safely ignored. Whatever you do, do not follow any links in these […]
General Anti-Abuse Rule (GAAR)
Readers may have noted that from the date the Finance Bill 2013 receives a Royal Assent, HMRC will be using new powers to stop abusive tax schemes from reducing a tax payer’s liability. The legislation is set out in the GAAR, the General Anti-Abuse Rule. It is worth noting that HMRC can use the GAAR […]
Re-opening the stable door
Usually, it is necessary to perform an action within a tax year in order to impact your tax liability for that specific year. One notable exception is the ability to carry back charitable donations to the previous tax year in certain circumstances. The following notes are copied from HMRC’s website and explain what is involved: […]
Self Assessment 2013
We are already two months into the 2013-14 tax year and those readers who need to file a tax return for the year ending 5 April 2013 have until 31 January 2014 to do so if filing online. In this article we will explain why it is advisable to gather your various P60s and other […]
UK Pensions received by ex-pats
If you retire and live abroad make sure that you understand the tax position of your pension before you leave the UK. The UK has a number of so-called “Double Tax” agreements with other countries that set out how income generated and paid from the UK, such as pensions, is taxable. For example the […]
Budget 2013 implications for Directors Loan Accounts
Budget 2013 announced various anti avoidance measures aimed at “loans to participators”, this is the technical term for what we call “your overdrawn directors loan account”. The Rules Where a company makes a loan or advance to a participator (which to all intents and purposes means you as a director), it must account for tax […]
Ensuring your Strategy Works at all Levels of your Business
High-level strategy gives direction to the management team of a business. However, such high level plans can often prove to be of little use to other workers within the organisation. Aspects of the strategy must be distilled down to actions and plans which will drive the various areas of the business towards the common goals […]
When is a cost an investment?
Most businesses trade with the intention of making a profit. In order to do this they must pay certain costs. Generally, these fall into two categories: those that have to paid in order to trade, for example rent, rates, heating and so on, and those costs that have a more expansive role in maximising the […]