Employers please note that the National Minimum Wage rates are increasing from 1 October 2013. They will be: Apprentice rates: £2.68 per hour. * But see note below. Under 18s: £3.72 per hour. 18 to 20 years: £5.03 per hour. Age 21 years and over: £6.31 per hour. *This is the rate for apprentices under […]
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At the conclusion of the recent G8 summit at Lough Erne, a form of consensus was achieved in order to tackle the thorny issue of tax transparency: who is accountable for what and where! Their full declaration is set out below, the aim, to improve tax transparency and to bring the international tax system into […]
HMRC have a recurring issue with individuals that have changes to their employment circumstances. Due to the “instantaneous” impact of PAYE, tax is deducted when you are paid, then if HMRC are unable to determine what allowances should be set-off against each employment, then under or over payments of tax may occur. In the general […]
An aggrieved public sector worker in Hungary was dismayed when a lump sum, paid to her on retirement, was taxed at 98%. She appealed the imposition of the tax to the European Court of Human Rights. The Court ruled that the legislation, imposing the 98% tax, was in breach of Article 1 of the first […]
The debate continues! David Cameron has advised the G8 summit that the UK will draw up a register of beneficial owners of companies. The measure would aim to expose the real owners of businesses and strip away the secrecy created by faceless, offshore shell companies. Cameron has said he would make the UK register public […]
Next week the world’s richest nations will be meeting in Northern Ireland and are expected to consider ways that they can address the present exploitation of international tax law, especially by larger, corporate groups, who seek to move profits to lower tax jurisdictions in order to minimise their group tax liability. The economic costs are […]
Our Government believes that it can recover £300m within two years by redefining the tax status of certain partners as “salaried”. At present all individual members (partners) of Limited Liability Partnerships (LLPs) are taxed as self employed. Accordingly, any regular withdrawals they make from the partnership can be treated as a share of profits rather […]
1 June 2013 – Due date for Corporation Tax due for the year ended 31 August 2012. 19 June 2013 – PAYE and NIC deductions due for month ended 5 June 2013. (If you pay your tax electronically the due date is 22 June 2013.) 19 June 2013 – Filing deadline for the CIS300 monthly […]
The British Retail Consortium is setting up a working group to look at the burden of taxation now suffered by the High Street retail sector in the UK. They are concerned that online retailers have an unfair advantage as they pay less business rates and employ fewer staff than their High Street competitors. Recent research […]
Last year a case was heard before the First-tier Tribunal that found a Furnished Holiday Let (FHL) property should not be considered an investment for Business Property Relief (BPR) purposes. This was an important decision for owners of FHL businesses as it confirmed the availability of BPR for Inheritance Tax purposes. If the property in […]