Is this a good time to invest if you are in business? Actual business investment in the UK fell in the last quarter of 2014. This was largely driven by the reduction of investment in North Sea oil and gas exploration as global energy prices continued to fall. Additionally, smaller businesses may have been waiting […]
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So now we know. For the next five years we will have a Conservative government, albeit, with a slim majority in the House of Commons. From a tax point of view George Osborne is continuing as Chancellor and we can probably expect more of the same as he struggles to reduce the deficit, repay debt […]
This posting lists a few (but not necessarily all) of the tax issues you will need to consider when you are planning a new business: Get you business registered with HMRC, failure to do this can lead to penalties. If you are incorporating your business, HMRC generally pick up your business registration via their links […]
HMRC has kindly published a list of the tax changes that affect individuals from 6th April 2015. We have reproduced the list below. Individuals over the age of 55 have flexible access to their defined contribution pension savings The Income Tax Personal Allowance increases to £10,600 The higher rate Income Tax threshold increases to £42,385 […]
The published list of tax changes that affect primarily businesses are listed below. The Corporation Tax rate has been reduced to 20% The new Diverted Profits Tax has been introduced The bank levy has increased from 0.156% to 0.21% Air Passenger Duty has been restructured – abolishing bands C and D Hospice charities, blood bikes, […]
If you pay your employees a mileage rate for the business use of their personal vehicles, as long as you do not exceed the approved rates per mile, there is no necessity to report these payments to HMRC and the payment will not be treated as a taxable benefit. Employers and employees may also find […]
HM Revenue and Customs has secured three tribunal wins against tax avoidance schemes, protecting over £260 million in tax. All three rulings uphold earlier judgments in HMRC’s favour at the First-tier Tribunal. The Upper Tribunal dismissed an appeal brought by users of a scheme that sought to create artificial losses by using a combination of […]
19 May 2015 – PAYE and NIC deductions due for month ended 5 May 2015. (If you pay your tax electronically the due date is 22 May 2015.) 19 May 2015 – Filing deadline for the CIS300 monthly return for the month ended 5 May 2015. 19 May 2015 – CIS tax deducted for the […]
The most generous tax allowance presently available to businesses that encourages direct investment in new plant, equipment and commercial vehicles, is the Annual Investment Allowance (AIA). If you buy qualifying assets you can write off the expenditure against your taxable profits in the same accounting period. The present limit to this allowance is generous, £500,000. […]
All of this year’s (2015) winners are UK businesses leading the way in international trade, innovation and sustainable development in a broad range of sectors including car manufacturing, education, software design and fashion. The Department for Business, Innovation and Skills (BIS) unveiled the 141 winners of the Queen’s Awards for Enterprise and 6 individual recipients […]