HMRC have started to distribute personal tax summaries that set out how much tax you have paid and how the revenue collected is spent by government. According to a recent press release: 1.Personal tax summaries show you how your tax is calculated and what it is spent on Personal tax summaries show you how much […]
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1 December 2014 – Due date for Corporation Tax due for the year ended 28 February 2014. 19 December 2014 – PAYE and NIC deductions due for month ended 5 December 2014. (If you pay your tax electronically the due date is 22 December 2014.) 19 December 2014 – Filing deadline for the CIS300 monthly […]
Economic indicators Employment Employment is at a record high of 30.8 million, up 1.7 million since the Government came into office, and more than 1 million above its pre-recession peak. Since 2010, employment has increased faster in the UK than in any other G7 country, and the working-age labour market participation rate has risen to […]
The Scottish parliament is to take over responsibility for income tax and welfare benefits in the most significant devolution of taxes thus far. Changes to the management of income tax and other taxes, as published by the Smith Commission last week, are listed below. Any reference to a tax being “reserved” means it will be […]
Many business readers of this blog will have their accounting year end set to coincide with the tax year end. For convenience, the end of March. As we approach the end of the calendar year you might want to consider the value of an interim review of your accounts to see what planning strategies are […]
The government has launched a public information campaign to ensure everyone knows what the State Pension changes mean for them. With just over 500 days to go, Work and Pensions Secretary Iain Duncan Smith and Pensions Minister Steve Webb have recently launched a major new drive to help people understand the historic reforms that will […]
Readers who still need to file their 2014 self-assessment tax return may be asking themselves what’s the rush? After all, the deadline for filing the return is not until 31 January 2015: more than two months away. In fact there are at least two good reasons why you should attend to your filing obligation […]
It would seem that errant directors are not only being pursued by HMRC for sloppy accounting procedures. The Insolvency Service is now taking a more active interest. Daniel Mark Holloway, the sole registered director of Holloways Contract Services, based in Romford, Essex, has been disqualified from acting as a company director for 7 years for […]
There are a number of personal assets that you can sell without a risk that you are creating a CGT liability. They include: your car individual personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques stocks and shares you hold in tax-free investment savings accounts, such as ISAs and PEPs UK […]
From March 2015 (subject to Parliamentary approval), the Child Maintenance Service and Child Support Agency (CSA) will begin sharing certain information about the payment records of their clients with credit reference agencies. This means that arrears built up in maintenance payments will have the same effect on people’s credit score as other debts. Having a […]