Discount for first time buyers

A new scheme offering 100,000 first-time buyers new homes with a 20% discount was announced 15 December 2014. The Prime Minister launched the new scheme that will offer 100,000 first-time buyers new homes with a 20% discount, as part of a major push to help people onto the housing ladder. Read more…

Solicitors Tax Campaign

If you work within the legal profession as a solicitor in a partnership or company, or as an individual, this campaign provides an opportunity for you regularise your tax affairs. To take advantage of this opportunity firms will need to: Fill in a notification form by 9 March 2015. Fill Read more…

New proposals to tackle late payment

New proposals obliging large and listed companies to publish detailed information about their payment practices and performance were unveiled 27 November 2014 by the Business Minister Matthew Hancock. The proposed changes will provide robust information making it easier for small businesses to compare the role models with the less reputable. Read more…

Tax Diary December 2014/January 2015

1 December 2014 – Due date for Corporation Tax due for the year ended 28 February 2014.  19 December 2014 – PAYE and NIC deductions due for month ended 5 December 2014. (If you pay your tax electronically the due date is 22 December 2014.)  19 December 2014 – Filing Read more…

Personal tax summaries

HMRC have started to distribute personal tax summaries that set out how much tax you have paid and how the revenue collected is spent by government. According to a recent press release: 1.Personal tax summaries show you how your tax is calculated and what it is spent on Personal tax Read more…

Don’t file a paper tax return

The online filing deadline for 2013-14 Self Assessment tax returns is 31 January 2015. However, if you are still filing a paper version of the return, the 2013-14 deadline was 31 October 2014.  As the 31 October paper-filing deadline has passed, even if you have no tax to pay, or Read more…

Overtime and holiday pay

In the past companies have tended to base holiday pay payments on a worker’s basic pay, excluding overtime. In a recent landmark case an Employment Tribunal has ruled that past, non-guaranteed overtime should be included in the calculation of holiday pay.  Here’s what ACAS have to say:  “Non-guaranteed overtime is Read more…

Autumn Statement 3 December 2014

Economic indicators Employment Employment is at a record high of 30.8 million, up 1.7 million since the Government came into office, and more than 1 million above its pre-recession peak. Since 2010, employment has increased faster in the UK than in any other G7 country, and the working-age labour market Read more…

Shake up of UK tax system

The Scottish parliament is to take over responsibility for income tax and welfare benefits in the most significant devolution of taxes thus far. Changes to the management of income tax and other taxes, as published by the Smith Commission last week, are listed below. Any reference to a tax being Read more…