December is a busy month for the Treasury

Wednesday 4th December 2013: Autumn Statement It has been announced that George Osborne will be presenting his Autumn Statement to Parliament at 12.30pm, Wednesday 4th December. The Statement usually sets the tone of future changes to our tax legislation, particularly, those to be included in the Finance Bill 2014.  Tuesday Read more…

UK economic growth best since 2010

Dare we hope? In the third quarter of 2013 the UK’s Gross Domestic Product (GDP) grew by 0.8%. Don’t be dismayed by the small percentage. The key is it’s a positive number and the best growth indicator published since 2010. Hidden within this increase are some pleasant surprises: • A 2.5% Read more…

Post Office sell-off underpriced?

If you managed to acquire Post Office shares at 330p per share you will have been presently surprised by the opening price on the London Stock Exchange. At 8am on the first day of trading the shares stood at 430p rising to 450p in the first few minutes. At the Read more…

NIC Employment Allowance April 2014

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 Read more…

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 Read more…

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 Read more…

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 Read more…

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 Read more…

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 Read more…

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 Read more…

Capital allowances claims deadline

If you own the property that you trade from, for example a hotel or guest house, the purchase price of the property may have included the cost of certain integral features that it may be possible to submit a claim for capital allowances.  The Finance Act 2012 included provisions that Read more…