1 March 2016 – Due date for Corporation Tax due for the year ended 31 May 2015. 2 March 2016 – Self Assessment tax for 2014/15 paid after this date will incur a 5% surcharge. 16 March 2016 – Budget Day… 19 March 2016 – PAYE and NIC deductions due for month ended 5 March […]
Monthly Archives: March 2016
In an unprecedented move, HMRC have issued a press release regarding the accusation that Google were offered a deal that short changed UK taxpayers. Here’s what they had to say regarding the “sweetheart deal” accusation and the settlement with Google: ‘Sweetheart deal’ HMRC does not do “sweetheart deals”. The National Audit Office has full access […]
Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge. […]
Prior to 6 April 2016, self employed traders could make overall tax and NIC savings by incorporating their business if their annual income from self-employment exceeded approximately £10,000. The saving generally arose by taking a low salary and the balance as dividends thus avoiding NIC charges. Unfortunately, changes to the tax system from 6 April […]
Since the recent announcement of various changes to the taxation of unincorporated property businesses, there has been renewed interest in incorporation: would it be possible to shelter property income and capital gains inside the lower Corporation Tax regime? Unfortunately, this apparent quick-fix for property business owners is fraught with dangers for the unwary. For example: […]
From 6 April 2016, savers will no longer pay income tax on interest they receive from certain deposit accounts. This is due in large part to the introduction of the Personal Savings Allowance (PSA) on the same date. The PSA is worth £1,000 to basic rate taxpayers and £500 to higher rate taxpayers. So, if […]
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