Tax Diary October/November 2014

 1 October 2014 – Due date for Corporation Tax due for the year ended 31 December 2013.  19 October 2014 – PAYE and NIC deductions due for month ended 5 October 2014. (If you pay your tax electronically the due date is 22 October 2014.)  19 October 2014 – Filing Read more…

Autumn statement 2014

HM Treasury has announced that this year’s Autumn Statement will be made on 3 December 2014. Historically, this has been used to showcase the Government’s expected tax changes in the following year’s finance act. If you have any suggestions the Government is seeking your views on what you would like Read more…

Business rates relief

There are a number of reliefs available to owners or tenants of smaller business premises. This article lists a number that can be claimed. Small business rate relief: You’ll get 100% relief (doubled from the usual rate of 50%) until 31 March 2015 for properties with a rateable value of Read more…

HMRC delays RTI penalties

From 6 October 2014, HMRC was due to include smaller employers in the penalty regime for late filing of Real Time Information (RTI) payroll returns for 2014-15. HMRC have announced that this penalty process will be delayed for a number of smaller employers. They will now start from: 6 October Read more…

Wear & Tear Allowance (WTA)

If a property is let furnished – with sufficient furniture, furnishings and equipment for normal residential use – landlords can only claim tax relief for the furniture and equipment by way of the WTA. Prior to April 2013, landlords had the option of claiming the cost of replacement furniture instead. Read more…

International tax avoidance

Britain is to take the lead in the clamp down on international tax avoidance, Financial Secretary to the Treasury David Gauke announced Saturday 20 September. UK-based multinationals will have to report to HMRC where they make profits and pay taxes around the world. The UK is the first of 44 Read more…

VAT registration dilemma

James is very industrious gent’s hairdresser. He just manages to keep his turnover below the VAT registration limit. Apart from his rent, which was not subject to a VAT charge, his overheads are minimal. He is considering the purchase of his first home and needs to raise a deposit. To Read more…

Landlord redress schemes

Letting agents have until 1 October 2014 to register with 1 of 3 redress schemes, to ensure tenants and leaseholders have a straightforward option to hold their agents to account. Anyone who feels they get a poor deal from their letting agent will then be able to take their complaint Read more…

Autumn Statement 3 December 2014

The Chancellor of the Exchequer George Osborne has announced that he will give his annual Autumn Statement to Parliament on 3 December 2014. 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 will be Read more…

New e-Exporting programme to boost exports

UK Businesses will have access to a new suite of services to help boost their international trade through UKTI’s new e-Exporting Programme. new suite of services and support to help UK companies take advantage of online selling, forecast to reach £60 billion by 2018 UK Trade and Investment (UKTI) is Read more…

Car tax changes 1 October 2014

  Car tax changes 1 October 2014 From 1 October 2014, the paper tax disc will no longer need to be displayed on a vehicle windscreen. If you have a tax disc with any months left to run after this date, then it can be removed from the vehicle windscreen Read more…

What is HICBC?

The High Income Child Benefit Charge (HICBC) affects parents where one partner (or both) have income in excess of £50,000 and either: you or your partner get Child Benefit or, someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards Read more…

Tax Diary September/October 2014

 1 September 2014 – Due date for Corporation Tax due for the year ended 30 November 2013.  19 September 2014 – PAYE and NIC deductions due for month ended 5 September 2014. (If you pay your tax electronically the due date is 22 September 2014.)  19 September 2014 – Filing Read more…

Treat you as honest

Readers will be interested, and gratified to hear that HMRC will always treat you as honest. The following is an extract from HMRC’s “Your Charter” which states:  Your rights – What you can expect from us: Respect you Help and support you to get things right Treat you as honest Read more…

Smash and grab

The government is considering the response to its consultation document on proposals to introduce powers allowing HMRC to dip into a tax payer’s bank account in order to recover arrears of tax. There will be safeguards: The debt recovered would have to be £1,000 or more. A minimum of £5,000 Read more…

On your bike

The cycle to work scheme encourages employees to cycle to work and allows employers to reap the benefits of a healthier workforce. Employers of all sizes can set up a tax exempt scheme. Basically, employers can loan a cycle and associated safety equipment to an employee without the employee suffering Read more…

New support for home based businesses

It is estimated that seven out of ten small businesses are managed in the first instance from home. Home based entrepreneurs contribute £300 billion to the UK economy. It is not surprising, therefore, that the Government have woken up and realised that they should be supporting this sector.  Recently, the Read more…