The filing deadline for paper copies of your Self Assessment tax return for 2012 was 31 October 2012. If you file a paper return after this date penalties will apply. Would readers note that if we prepare your return it will be filed electronically, the deadline for electronic filing of 2012 Self Assessment returns is […]
Autumn statement 2012
The Autumn Statement 2012 will be made by the Chancellor of the Exchequer, George Osborne, on Wednesday 5 December at 12.30pm.The Statement provides an update on the Government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility. These forecasts are published alongside the Autumn Statement on 5 December. It […]
Tax Diary Nov/Dec 2012
1 November 2012 – Due date for Corporation Tax due for the year ended 31 January 2012. 19 November 2012 – PAYE and NIC deductions due for month ended 5 November 2012. (If you pay your tax electronically the due date is 22 November 2012.) 19 November 2012 – Filing deadline for the CIS300 monthly […]
Seed Enterprise Investment Scheme (SEIS)
Investors in higher-risk smaller companies have benefitted for a number of years from the Enterprise Investment Scheme (EIS). The new SEIS is targeted to provide funding for early stage companies who may find it difficult to raise seed capital. Recognising these needs, the SEIS scheme also offers investors higher tax breaks than the existing EIS. […]
Informants get paid…
A recent Freedom of Information Disclosure has revealed that payments made by HMRC to informants are on the increase. £323,780 was paid out in the tax year 2011/12 compared with just £155,950 in the tax year 2007/08. In total over £1m has been paid in the last three financial years. Section 26 of the Commissioners […]
Selling or buying business property?
Owners of business property will be aware that certain parts of commercial buildings are treated as fixtures and fittings and capital allowances can be claimed. From April 2012 sellers of commercial property should ensure that they have maximised any claims for capital allowances and have a full track history available to potential buyers. If appropriate […]
Benefits in kind and partnerships
In a potentially wide ranging decision, a First-tier Tribunal has ruled in favour of HMRC. The case involved an LLP partnership that was formed to provide management services to a company. The following details are of interest: As part of the arrangement the LLP owned and provided the use of cars to the partners. This […]
Termination payments
In a further, recent First-tier case the Tribunal considered the tax treatment of a businessman who was paid £123,750 on the termination of his employment. He dutifully deducted the usual £30,000 tax-free amount from this payment and declared the difference on his tax return. Unfortunately, the termination payment was paid under the terms of his […]
Tax Diary Sept/Oct 2012
1 September 2012 – Due date for Corporation Tax due for the year ended 30 November 2011. 19 September 2012 – PAYE and NIC deductions due for month ended 5 September 2012. (If you pay your tax electronically the due date is 22 September 2012.) 19 September 2012 – Filing deadline for the CIS300 monthly […]