Pension changes

 HMRC have recently published an update to issues that affect pension scheme administrators and individuals who contribute to pension funds. Highlights of some of the issues raised are reproduced below: Annual allowance charges for tax year 2014-15 Administrators are reminded that it is really important that scheme members who have Read more…

Tax gap narrows

The tax gap for 2013-14 was 6.4% of tax due, continuing a long-term downward trend. The tax gap, which is the difference between the amount of tax due and the amount collected, has fallen from 8.4% in 2005-06. This reduction in the percentage tax gap since 2005-06 represents an additional Read more…

HMRC chases down tax fraudsters

HMRC recently announced that they have brought in an additional £109m in tax revenue in the last six months by pursuing claims against taxpayers who have not declared all their income for tax purposes. The specialist task forces employed to collect this tax are becoming increasingly effective at identifying and Read more…

Directors responsibilities

We are often asked to explain the role a director is required to undertake for an incorporated business. It is wise to take this question seriously as these responsibilities are written into company law – break them at your peril. The government website lists these duties as follows. As a Read more…

HMRC multi-year funding for voluntary sector

HMRC are inviting bids from interested charities and will allocate a guaranteed £1.5m per year over the next 3 years to the voluntary and community sector (VCS) to support taxpayers who need extra help understanding and complying with their tax obligations and claiming their entitlements, including those who are currently Read more…

Early bird filing

Why would you want to file your tax return early? The end of this month, for example, is the deadline for filing a paper version of the 2014-15 self assessment tax returns, and if you file online, the deadline is 31 January 2016. A significant number of taxpayers still file Read more…

Creditors have their day in court

In a recent insolvency investigation Richard Price and Timothy Porter, both directors of Recruit Investments Limited, which headed up a group of businesses specialising in labour recruitment, have been banned from being company directors for 6 years and 5 years respectively for transferring company assets for no consideration, including Arabian Read more…

Safeguarding your business ideas

You will have automatic copyright protection for writing and literary works, art, photography, films, TV, music, web content and sound recordings ‘Design right’ automatically protects your design for 10 years after it was first sold or 15 years after it was created – whichever is earliest. You can use it Read more…

Tax Diary October/November 2015

 1 October 2015 – Due date for Corporation Tax due for the year ended 31 December 2014.  19 October 2015 – PAYE and NIC deductions due for month ended 5 October 2015. (If you pay your tax electronically the due date is 22 October 2015.)  19 October 2015 – Filing Read more…

Emerging markets in the EU

If you are considering, or already are, selling your products and services in the EU, you may want to read the following recent announcement published on the UK government website. “Emerging Europe offers opportunities for all UK companies ranging from novice to experienced exporters, and across multiple sectors. Emerging Europe Read more…

Personal Savings Allowance

From April 2016, you won’t have to pay tax on interest received up to £1,000 (if you are a standard rate taxpayer), or £500 if you pay tax at the higher rate. Therefore, to be eligible for this new allowance in 2016-17: Your taxable income needs to be less than Read more…

Salary v dividends conundrum

In the last two editions of this newsletter we have outlined the impact of the changes to the taxation of dividends that will commence 6 April 2016. This month we want to continue to look at this major change as it affects the shareholder directors of private limited companies. For Read more…

Warning about cyber threat to UK businesses

UK businesses were recently warned about the growing risk of cyber attacks as Minister for the Digital Economy, Ed Vaizey, urged businesses across the country to protect themselves by taking up the Government’s Cyber Essentials scheme. Whilst businesses are reaping the benefits of operating online and now earn £1 in Read more…