If you are self-employed, as a sole trader or in partnership, and if we assume that your business year end is 31 March, then the profits you earn in the year to 31 March 2014 will form the basis of your tax payments on account for the tax year 2014-15 (unless the year to 31 […]
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Employers that provide a company car and pay for the employees’ private fuel create tax, NIC and administrative issues for both parties. Employers will be liable for Class 1A National Insurance charges on the taxable benefit created by the provision of the car and payment of private fuel; unless the employee fully reimburses the private […]
In a recent tax tribunal case a tax payer was denied Capital Gains Tax relief for the cost of improvements to a property as he could provide no evidence of his expenditure to the court. The court came to the conclusion that the taxpayer had made improvements and were somewhat dismayed by his inability to […]
1 February 2014 – Due date for Corporation Tax payable for the year ended 30 April 2013. 19 February 2014 – PAYE and NIC deductions due for month ended 5 February 2014. (If you pay your tax electronically the due date is 22 February 2014.) 19 February 2014 – Filing deadline for the CIS300 monthly […]
The following information is reproduced from the GOV.UK website where you can get more information on this topic if required. You can get small business rate relief if: you only use one property its rateable value is less than £12,000 What you get Until 31 March 2015 you’ll get 100% relief (doubled from the usual […]
The following information is reproduced from the GOV.UK website where you can get more information on this topic if required. You can get small business rate relief if: you only use one property its rateable value is less than £12,000 What you get Until 31 March 2015 you’ll get 100% relief (doubled from the usual […]
There has considerable press commentary during the last few weeks about a “copy-cat” website taxreturngateway. If you Google tax return gateway you will still be directed to https://secure.taxreturngateway.com, it’s the top listing. The site purports to act as a channel that allows you to file your return online. When you have finished the process you […]
Readers will no doubt be aware that if you are required to file a self-assessment tax return for the tax year ending 5 April 2013, the filing deadline for electronic submission is 31 January 2014. At the time this blog posting was written that leaves you just 10 days to complete the formalities. According to […]
The internet currency Bitcoins is drawing the attention of US regulators. Recently New York prosecutors confiscated $28 million of the e-currency from the Silk Road marketplace. The Bitcoins were taken because they were received as payments for illegal activities. In the UK Bitcoins may be about to get an unexpected boost from HM Revenue & […]
Believe it or not there are a number of assets that you can sell that do not trigger a capital gains tax (CGT) liability. The list, published on HMRC’s website is as follows: Your car Personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques Stocks and shares you hold in tax-free […]