Annual Investment Allowance

The most generous tax allowance presently available to businesses that encourages direct investment in new plant, equipment and commercial vehicles, is the Annual Investment Allowance (AIA). If you buy qualifying assets you can write off the expenditure against your taxable profits in the same accounting period. The present limit to Read more…

Queens Award for Enterprise 2015

All of this year’s (2015) winners are UK businesses leading the way in international trade, innovation and sustainable development in a broad range of sectors including car manufacturing, education, software design and fashion. The Department for Business, Innovation and Skills (BIS) unveiled the 141 winners of the Queen’s Awards for Read more…

Black taxis urged to go green

On 26 March 2015 the government announced a new initiative to support taxi owners to convert to lower emission vehicles. The initiative is £45 million to support the rollout of greener taxis. A £20 million fund will be made available to local authorities to support the rollout of ultra-low emission Read more…

Emergency tax codes

You’re on an emergency tax code if your payslip says your tax code is one of the following: 1060L W1 1060L M1 1060L X Emergency tax codes are temporary. While you’re on an emergency tax code, you pay tax on all your income above the basic Personal Allowance (£10,600 for Read more…

Tax Diary April/May 2015

 1 April 2015 – Due date for Corporation Tax due for the year ended 30 June 2014.  19 April 2015 – PAYE and NIC deductions due for month ended 5 April 2015. (If you pay your tax electronically the due date is 22 April 2015.)  19 April 2015 – Filing Read more…

Pension’s flexibility a word of caution

The new flexibility, that certain pension pot holders can avail themselves from 6 April 2015, offers more opportunity regarding the funds they have saved. Once you reach minimum pension age, normally 55, you will be able to: leave your pension fund invested, no change;  enter drawdown, thereby taking some of Read more…

Savings boost

There were a number of changes to promote savings in the Budget. The main changes are set out below: Help to Buy ISA From autumn 2015, a new ISA is being launched that will enable first time buyers to save for their deposit. An initial deposit of £1,000 is allowed Read more…

Goodbye tax returns, hello digital accounts

In an effort to streamline and simplify the administration of the Self Assessment tax system HMRC is planning to open digital accounts for fifty million taxpayers by 2020. When completed, these taxpayers will no longer be required to submit Self Assessment tax returns to HMRC. Instead, HMRC will gather information Read more…

Some of the Budget changes March 2015

Following last week’s Budget, the government has published the Finance Bill 2015. The bill implements tax changes announced at Budget 2014, Autumn Statement 2014 and Budget 2015. It includes action by the government to support hardworking families keep more of their hard-earned money by: increasing the personal allowance by an Read more…