Nothing better to do

 HMRC have revealed that 1,566 UK tax payers filed their 2013 self-assessment tax returns on Christmas day. Are we to take this as evidence that the “bah humbug” mentality is alive and well in the UK? In order to file their returns these reluctant revellers will have needed to switch Read more…

HMRC criticised for soft peddling

In a recent report prepared by the Public Accounts Committee HMRC was accused of pursuing smaller businesses with more vigour than larger concerns. HMRC was also criticised for under estimating the amount of uncollected tax, over estimating amounts due from the holders of Swiss bank accounts, and collecting tax credit Read more…

Tax free celebration for Christmas

Most business people are aware that if they keep the “per head” expenditure below £150 for the annual bash, and if they follow the other HMRC guidelines, then there should be no risk that HMRC will seek to treat the payments as a taxable benefit. However, if the cost creeps Read more…

Equitable Life additional payout

On the 10 December 2013 HM Treasury announced that the long awaited additional payment, to pre-1992 Equitable Life annuitants, will be made this week. The details below are the formal confirmation from H M Treasury’s website: The government has confirmed that it will make ex-gratia payments by next week to Read more…

Tax Diary December 2013/January 2014

 1 December 2013 – Due date for Corporation Tax due for the year ended 28 February 2013.  19 December 2013 – PAYE and NIC deductions due for month ended 5 December 2013. (If you pay your tax electronically the due date is 22 December 2013.)  19 December 2013 – Filing Read more…

Unused PAYE schemes

 From October 2013, PAYE schemes will automatically be closed where No real time PAYE submissions have been made No payments have been made to HMRC The employer is not an annual payer There is no evidence that the employer wants to claim Construction Industry Scheme deductions The employer has not Read more…

Tax-free Xmas party

This month gives us an excuse to let our hair down and enjoy a well earned celebration with our work colleagues and partners. This article is a reminder of the tax concessions that apply to the costs of providing the Christmas bash. The cost of an annual staff party or Read more…

The 60% Income Tax band

According to HMRC the highest rate of Income Tax is 45%. This will apply to anyone with income over £150,000. Income below this amount is taxed at 40%, or a combination of 20% and 40%. However, if your income marginally exceeds £100,000, for every £2 your income exceeds this amount Read more…

Pension Auto-Enrolment

The Pension Regulator issued a press release 17 October 2013 alerting medium sized businesses of their obligation to set up and automatically enrol employees in a pension scheme. They said: “The clock is ticking for thousands of medium sized employers across the UK who have six months to go before Read more…

Autumn Statement – 5 December 2013

George Osborne presented his Autumn Statement to Parliament amid mixed messages spilling from the Treasury, and promoted in the national press, about what he would, and would not give away. The reported economic indicators were encouraging: 1.4% growth in the UK expected for 2013, 2.2% for 2014. Increase in jobs Read more…

Britain still has favoured tax regime for business

 According to the Financial Times “Britain is still the favoured tax regime of business…”. Recent surveys have added a note of caution. Apparently, a growing number of organisations are concerned about the UK’s hardening attitude to tax avoidance. In an interesting twist in the mooted changes to international tax issues, Read more…

Property taxes…

Since 2003 our Government has collected more than £45bn in stamp duty receipts from British householders buying homes across the UK. The figures disguise a massive increase in the impact of stamp duty land tax (SDLT) over this period as the volume of property purchases and sales has actually fallen Read more…