If any of your Construction Industry (CIS) returns are filed one day late, HMRC will charge an initial fixed penalty of £100. Additionally, if they have still not received that return: two months after the date it was due, they will charge a second fixed penalty of £200 six months after the date it was […]
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This month sees the launch of a new service that provides a personalised written estimate of what you can expect to receive under the new State Pension system. This will be based on your work history and National Insurance (NI) contributions to date. Initially, the estimate will be available to the approximately 2.5 million people […]
Farm animals are usually dealt with for tax purposes as trading stock: the costs of animals are deducted from monies received when the animals are sold and any resultant profit taxed as income. However, farmers can elect to treat qualifying “herds” of animals in a more tax efficient way, they can apply the Herd Basis […]
A move by the US Treasury to close loopholes that encourage US companies to merge with foreign firms and relocate their tax residences offshore could stifle takeovers announced this year worth hundreds of billions of dollars. In particular, it will probably throw into doubt the agreed £32bn takeover of UK listed Shire by AbbVie of […]
If a property is let furnished – with sufficient furniture, furnishings and equipment for normal residential use – landlords can only claim tax relief for the furniture and equipment by way of the WTA. Prior to April 2013, landlords had the option of claiming the cost of replacement furniture instead. The WTA is calculated as […]
From 6 October 2014, HMRC was due to include smaller employers in the penalty regime for late filing of Real Time Information (RTI) payroll returns for 2014-15. HMRC have announced that this penalty process will be delayed for a number of smaller employers. They will now start from: 6 October 2014 for employers with 50 […]
There are a number of reliefs available to owners or tenants of smaller business premises. This article lists a number that can be claimed. Small business rate relief: You’ll get 100% relief (doubled from the usual rate of 50%) until 31 March 2015 for properties with a rateable value of £6,000 or less. This means […]
HM Treasury has announced that this year’s Autumn Statement will be made on 3 December 2014. Historically, this has been used to showcase the Government’s expected tax changes in the following year’s finance act. If you have any suggestions the Government is seeking your views on what you would like to see in the Statement. […]
1 October 2014 – Due date for Corporation Tax due for the year ended 31 December 2013. 19 October 2014 – PAYE and NIC deductions due for month ended 5 October 2014. (If you pay your tax electronically the due date is 22 October 2014.) 19 October 2014 – Filing deadline for the CIS300 monthly […]
Britain is to take the lead in the clamp down on international tax avoidance, Financial Secretary to the Treasury David Gauke announced Saturday 20 September. UK-based multinationals will have to report to HMRC where they make profits and pay taxes around the world. The UK is the first of 44 countries to formally commit to […]