1 January 2013 – Due date for Corporation Tax due for the year ended 31 March 2012. 19 January 2013 – PAYE and NIC deductions due for month ended 5 January 2013. (If you pay your tax electronically the due date is 22 January 2013.) 19 January 2013 – Filing deadline for the CIS300 monthly […]
Merry Christmas…
The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. However, the cost is only deductible if it relates to employees and their guests, which would include directors in the case of a company, but not sole traders and business partners in the case of unincorporated organisations. […]
Business Records Checks
When the program was first unveiled in January 2011 HMRC intended to visit 50,000 small businesses across the UK. A year later the whole process was reviewed and subsequently suspended following concerns raised by professional bodies and accountants. According to HMRC:“Up until 17 February 2012, 3,431 BRC had been carried out. These found that 36 […]
Rag trade and alcohol industry targeted
The first taskforces to tackle tax cheats in the rag trade and alcohol industry were launched on 19 November by HMRC. The specialist taskforce teams will target those who do not pay the right amount of tax in: * the rag trade in the Midlands, North Wales and North West, including manufacturing, wholesale, retail and […]
Swiss bank account holders beware.
UK residents with Swiss bank accounts should be aware that new taxation arrangements are scheduled to come into force on 1 January 2013. The new tax agreement between the UK and Switzerland means that account holders must either provide full details to HM Revenue & Customs (HMRC) or pay over a proportion of the money […]
Tax Diary December 2012/January 2013
1 December 2012 – Due date for Corporation Tax due for the year ended 29 February 2012. 19 December 2012 – PAYE and NIC deductions due for month ended 5 December 2012. (If you pay your tax electronically the due date is 22 December 2012.) 19 December 2012 – Filing deadline for the CIS300 monthly […]
Summary of Autumn Statement 5 December 2012
Personal tax and benefits • The basic Personal Allowance, due to anyone born after 6 April 1948, will increase in April 2013 to £9,440 (2012-13 £8,105). The increase in the Personal Allowance is £235 more than expected and will save basic rate tax payers up to £267 in a full tax year.• For those born between 6 […]
Workplace pension reform
All employers need to be aware of their responsibilities following the introduction of pension reforms. Some elements of this new legislation, such as the safeguards for individuals, came into effect for all employers from 1 July 2012. The Pensions Regulator has issued “Getting Ready” notes for employers and this can be downloaded as a PDF […]
Higher paid and Child Benefit
Higher paid and Child Benefit From January 2013 a person who earns more than £50,000 must advise HMRC if they receive Child Benefit personally, or if they are the higher earner of a couple where their partner receives Child Benefit. If you fall into this category you may be receiving a letter soon from HMRC […]