According to HMRC, over £2 billion has been collected from users of tax avoidance schemes as a result of new government measures to collect disputed tax upfront. New Accelerated Payments notices mean that users of tax avoidance schemes pay disputed tax up-front while their tax-affairs are investigated, instead of waiting until they are concluded. Given […]
Monthly Archives: February 2016
A reminder that it is not too late to avoid the hefty car fuel benefit charge if you drive a company car and your employer pays for your private fuel. Many employers have an arrangement with their company car drivers to obtain reimbursement of any private fuel provided. Usually, the employee must reimburse the […]
From 1 April 2016, landlords who acquire new property to let as residential accommodation will be required to pay SDLT at significantly higher rates. The increase is also expected to apply to private householders who buy a second home. The new rates will be: Purchase price banding Current rates New rates from April […]
Despite generating substantial profits from sales of online services to individuals and businesses in the UK, Google is perceived to be avoiding tax on these profits in the UK. Press commentary has highlighted the use of off-shore tax vehicles to divert Google’s profits in the UK into lower taxed countries: Ireland and Luxembourg have been […]
If your company has a 31 March yearend, you only have a few weeks to consider available planning options that may save you tax for the current financial year 2015-16. There are also a number of practical matters that should be considered. They include: Directors Are there any monies owed to the company by directors? […]
The following announcement was posted to the GOV.UK website 1 February 2016: “The Valuation Office Agency (VOA) is in the process of updating the rateable values of all business properties. This is known as a revaluation. If you register your email details with us now we will email you when the draft rateable values are […]
Earnings over £100,000? If your taxable earnings for 2015-16 are likely to exceed £100,000, perhaps for the first time, now would be a good time to consider your tax planning options before 6 April 2016. For every £1 your income exceeds £100,000 your income tax personal allowance will be reduced by £2. In effect, when […]
The government has published an update of the various grants and support available to individuals and businesses affected by flooding in recent months. The announcement is reproduced below: Government support for homes, businesses, farmers and councils In total the government’s investment in recovery from Storm Eva and Storm Desmond now amounts to nearly £200 million. […]
1 February 2016 – Due date for Corporation Tax payable for the year ended 30 April 2015. 19 February 2016 – PAYE and NIC deductions due for month ended 5 February 2016. (If you pay your tax electronically the due date is 22 February 2016) 19 February 2016 – Filing deadline for the CIS300 monthly […]
As implied in the CGT planning article above, the 31 January 2016 was not only the deadline for filing your Self Assessment return online, it was also the date when any underpayment of Income Tax, Class 4 NIC and CGT for 2014-15 fell due for payment, together with your first payment on account for 2015-16. […]
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