The cycle to work scheme encourages employees to cycle to work and allows employers to reap the benefits of a healthier workforce. Employers of all sizes can set up a tax exempt scheme. Basically, employers can loan a cycle and associated safety equipment to an employee without the employee suffering a taxable benefit-in-kind charge. In […]
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The government is considering the response to its consultation document on proposals to introduce powers allowing HMRC to dip into a tax payer’s bank account in order to recover arrears of tax. There will be safeguards: The debt recovered would have to be £1,000 or more. A minimum of £5,000 has to be left in […]
Readers will be interested, and gratified to hear that HMRC will always treat you as honest. The following is an extract from HMRC’s “Your Charter” which states: Your rights – What you can expect from us: Respect you Help and support you to get things right Treat you as honest Treat you even-handedly Be professional […]
1 September 2014 – Due date for Corporation Tax due for the year ended 30 November 2013. 19 September 2014 – PAYE and NIC deductions due for month ended 5 September 2014. (If you pay your tax electronically the due date is 22 September 2014.) 19 September 2014 – Filing deadline for the CIS300 monthly […]
According to insurers PFP, HMRC business record checks are on the increase. In the tax year 2013/14 HMRC checked 5,515 sets of business records compared to just 3,431 checks in 2011/12, an increase of 60%. Interestingly, of the records checked 73% were found to have no significant errors. Since November 2012, HMRC have adopted a […]
Data released by HM Treasury at the end of July reveals that 725,000 employers across the UK are benefitting from the Employment Allowance. The allowance reduces the amount of employer National Insurance by up to £2,000 in a full tax year. The deduction is automatically made by most payroll software products including HMRC’s online service. […]
The Finance Act 2014 introduced a temporary increase in the Annual Investment Allowance (AIA). From 1 April 2014 (for companies) and 6 April 2014 for the self-employed, the ability to write off qualifying capital purchases against your profits for tax purposes increased to £500,000. This generous tax allowance will reduce to £25,000 on 1 January […]
Budding entrepreneurs will be given greater freedom to start and grow a business from their home under new measures announced by the government on 15 August 2014. Around 70% of new businesses start off in the home, and they contribute £300 billion to the economy. As part of its long-term economic plan to back businesses, […]
The Finance Act 2014 has introduced limited flexibility for married couples, or couples in a civil partnership, to transfer a part of their personal allowance to their partner. The amounts involved are not substantial and there are a number of conditions that must be met. These include: The spouse receiving the transferred allowance must not […]
Car clubs are set to receive a £500,000 boost to drive forward their work, Transport Minister Baroness Kramer has announced. As part of a wider visit to Norfolk, 28 July 2014, the minister announced that the Department for Transport will provide the funding to support two pilot programmes which will promote much wider access to […]