For those aged 55 and over and with a SIPP or other money purchase schemes, the new flexible pension rules commence on 6 April 2015. The new rules allow such pensioners to withdraw as much or as little income as they like from their fund but the income drawn will be taxed at their marginal […]
Business rates review
The Chief Secretary to the Treasury, Danny Alexander, launched the most wide-ranging review of national business rates in a generation this month – paving the way for changes to how businesses across England pay the tax. The review, set to report back by Budget 2016, will examine the structure of the current system which is […]
The Marriage Allowance
From 6 April 2015 married couples (and civil partners) will be able to register for the MA. If your income is less than £10,600 in the 2015 to 2016 tax year, you may be able to reduce your husband, wife or civil partner’s tax by up to £212. The new Marriage Allowance will let you […]
Grow your business through a strategic acquisition
Now that the worst of the downturn appears to be behind us, many business owners/managers are turning their attention to growing their businesses. Growth can be a complicated proposition for any company. There are many “organic” options such as winning new clients, hiring new staff, creating new product and service offerings and so on. While […]
County Court Judgements and your credit rating
County Court Judgements and your credit rating If you get a county court judgment (CCJ) or a high court judgment, it will stay on the Register of Judgments, Orders and Fines for 6 years. For this six year period Banks and loan companies will be aware of the CCJ and will take this into account […]
Pension changes from next month
There are a number of changes to the taxation of pensions from next month. We have copied into this article postings to the GOV.UK website regarding some of the more significant options available from April 2015. What happens to your pension when you die? Instead of paying the 55% rate of tax when passing on […]
Year End Pension Planning
Take advantage of the pension carry forward rules in order to benefit from any unused allowances from the previous three tax years. This is generally the difference between the old £50,000 limit and the pension input each year and can be added to your relief for 2014/15. Note that the annual pension allowance is £40,000 […]
Tax Diary from 1st March 2015
Date What’s Due 01 March Corporation tax for year to 31/5/14 19 March PAYE & NIC deductions, and CIS return and tax, for month to 5/3/15 (due 22 March if you pay electronically) 01 April Corporation tax for year to 30/6/14 05 April End of 2014/15 tax year, Many tax actions need to be […]
Payment in 30 days
In a recent speech Business Minister, Matthew Hancock, announced that the government-backed Prompt Payment Code will now promote 30-day terms as standard, with a 60-day maximum limit. Unless signatories can prove exceptional circumstances for longer terms, they will be removed from the Code. The change will be rigorously enforced by the new Code Compliance Board, […]