If expenditure on plant and equipment qualifies for the Annual Investment Allowance (AIA) 100% of the cost can be written off against taxable profits. The amount that can be written off as AIA expenditure has changed a number of times in the past few years. Immediately before 31 December 2012 the (AIA) was set at […]
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We have reproduced two of the more surprising changes announced in the Budget notes published immediately following George Osborne’s presentation last week. HMRC to be given powers to raid bank accounts: “The government will modernise and strengthen HMRC’s debt collection powers to recover financial assets from the bank accounts of debtors who owe over £1,000 […]
Personal Tax, Stamp Duty Land Tax and miscellaneous matters Personal Tax allowance The personal allowance for those born after 5 April 1948 will be: For 2014-15 – £10,000 For 2015-16 – £10,500 Income Tax rate bands There was significant press commentary prior to the Budget announcements lobbying for an increase in the threshold at […]
In a bizarre attempt to create positive PR for HMRC, Channel 4 has been given unprecedented access to HM Revenue and Customs as they pursue tax evaders and collect unpaid tax. Tiger Aspect Productions, the production company behind Mr Bean, will be filming HMRC staff as they target the so-called high risk sectors: the building […]
George Osborne is delivering his Budget speech Wednesday of this week. It will be interesting to see if his plea for ideas to help smaller businesses has received a sympathetic ear. Here’s what a number of organisations have requested: British Chambers of Commerce The BCC have made three recommendations: A £100m scheme to pay businesses […]
Just in case you have missed the news – that HMRC are stepping up their campaigns to stop tax avoidance and evasion – you may be interested to read the following quotes from HMRC and the Treasury: “Issue The difference between the revenues that in HM Revenue & Customs’ (HMRC) view should come in, and […]
Speculation is rife that George Osborne is under pressure to pre-empt possible interest rate increases next year by offering tax cuts in the forthcoming Budget announcements on 19 March. Polling day for the 2015 general election is 7 May so an announcement to increase the basic personal allowance (presently £10,000) may be an option as […]
For employers with between 50 and 249 employees auto-enrolment of employees into a pension scheme starts 1 April 2014. Smaller employers, under 50 employees, will need auto-enrol on a staged basis between 1 June 2015 and 1 April 2017. Employers who are still unclear what their responsibilities are under this new regulation should take a […]
The government has already published certain draft clauses for the Finance Bill 2014. We have listed below some of the more topical changes disclosed. Changes for the tax year 2014-15: Personal Tax: Individuals born after 5 April 1948 will be entitled to a personal tax allowance of £10,000. Employees will be able to increase the […]
The following announcements were posted to the GOV.UK website last month. They provide details of some of the compensation being offered to businesses affected by last month’s flooding across the UK: Cash compensation Measures include: A £5,000 repair and renewal grant for all affected householders and businesses. The aim is to top up money received […]