There are precious few opportunities to make an arrangement after the end of a tax year, and carry the benefit back to impact tax liabilities of the previous tax year. One such opportunity involves gift aid, and has the full blessing of HMRC. According to HMRC you can: “… ask for a Gift Aid donations […]
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There is much evidence that dubious characters can masquerade as bona fide business people by calling themselves directors and wrapping themselves in the cloak of incorporation. They use limited liability status to avoid any personal, financial liability. Stories abound of “directors” who run up debts, place their insolvent businesses into receivership, buy any useful assets […]
If you are involved in planning the staff Christmas party for your firm don’t forget to consider the Income Tax and VAT consequences. Here’s a short reminder of the points you should add to your check list. The cost of an annual staff party or similar function is allowed as a deduction for tax purposes. […]
The Government has announced changes that should standardise, and in most cases reduce, the charges made to administer funds on behalf of contributors. Draft regulations published in October confirm that charges to invest and manage the default funds of all qualifying schemes will be capped at 0.75% annually. Small differences in charges can have a […]
If you let a room or rooms in your main home you will not pay any tax on rents received as long as the gross receipts do not exceed £4,250 in a tax year. This relief extends to owner occupiers and tenants who receive rent from letting furnished accommodation in their home. If your gross […]
1 November 2014 – Due date for Corporation Tax due for the year ended 31 January 2014. 19 November 2014 – PAYE and NIC deductions due for month ended 5 November 2014. (If you pay your tax electronically the due date is 22 November 2014.) 19 November 2014 – Filing deadline for the CIS300 monthly […]
HM Revenue and Customs has sent notices to tax avoidance scheme users to pay over £250 million of disputed tax under the Accelerated Payments regime introduced in this year’s Finance Act. The Financial Secretary to the Treasury, David Gauke, told MPs scrutinising the National Insurance Contributions Bill that over 600 Accelerated Payment notices had […]
There can be savings, particularly for employers, if a worker can be paid as a self-employed person. This is particularly so in the construction industry where most workers are engaged by contractors as self-employed subcontractors. What many contractors fail to realise is that they are required to reach a judgement on a worker’s tax status […]
Paid annual leave is a legal right that an employer must provide. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of statutory annual leave. Self-employed workers aren’t entitled to annual leave. Most workers who […]
Apart from the retail trade and internet traders most of us send an invoice when we provide our goods or services to customers and then wait for the period of credit to expire before we get paid. During this waiting time we still have our own bills and wages to pay so the working capital […]