There are a number of changes to the taxation of pensions from next month. We have copied into this article postings to the GOV.UK website regarding some of the more significant options available from April 2015. What happens to your pension when you die? Instead of paying the 55% rate of tax when passing on […]
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In a recent speech Business Minister, Matthew Hancock, announced that the government-backed Prompt Payment Code will now promote 30-day terms as standard, with a 60-day maximum limit. Unless signatories can prove exceptional circumstances for longer terms, they will be removed from the Code. The change will be rigorously enforced by the new Code Compliance Board, […]
As we mentioned in our January 2015 newsletter there are a number of tax planning opportunities that will cease to exist once the clock passes midnight, 5 April 2015. For businesses whose year end coincides with the 5 April 2015 (or 31 March 2015) these opportunities included: The timing of capital purchases: equipment, vehicles and […]
HMRC has published a list of ten items that serial tax avoiders need to be aware. It’s a reminder as we approach the end of another tax year that overstepping the mark can have serious consequences. Here’s what HMRC has said: HMRC is serious about stopping avoidance: the Government is taking unprecedented steps to clamp […]
Do you have any idea if your estate will have an inheritance bill when you die? How much will it be? Who will have to pay it? Planning opportunities arise if: If you have assets that you would like to give away. If you have any interests in a business or company, or own agricultural […]
Did you know that if you take on domestic help you may be considered an employer? Anyone who works in a private home is treated as an employee if they only work for one family, except for au pairs. This includes nannies, housekeepers, gardeners and anyone else working for one family. You’re their employer if […]
1 March 2015 – Due date for Corporation Tax due for the year ended 31 May 2014. 2 March 2015 – Self Assessment tax for 2013/14 paid after this date will incur a 5% surcharge. 19 March 2015 – PAYE and NIC deductions due for month ended 5 March 2015. (If you pay your tax […]
The 2014-15 tax year finishes midnight, 5 April 2015. There are a number of tax planning opportunities that need to be considered before this date. Only a few weeks to go. If you have not already done so we recommend you speak with your professional advisor without delay. Who should be concerned? Tax year end […]
Landlords can reduce their tax bill by up to £1,500 a year with the Landlord’s Energy Saving Allowance. Unless extended in the forthcoming budget, this scheme is due to end 5 April 2015. What you can claim You can claim Landlord’s Energy Saving Allowance for the costs of buying and installing the following energy-saving products […]
This relief will help you to defer capital gains tax (CGT) when you give away chargeable assets or if you sell something subject to CGT for less than its market value. The relief is called Gift Hold-Over Relief and could be claimed if you give away business assets (including certain shares) or sell them for […]