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 £57 billion in cumulative tax […]
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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 tracking down individuals and businesses […]
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 director of a limited company, […]
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 digitally excluded. They are looking […]
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 after the deadlines and seem […]
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 horses and money to one […]
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 to stop someone copying your […]
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 every £5 from the Internet, […]
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 2015-16 any dividends drawn by […]
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 £42,700 a year to qualify […]