In a recent report prepared by the Public Accounts Committee HMRC was accused of pursuing smaller businesses with more vigour than larger concerns. HMRC was also criticised for under estimating the amount of uncollected tax, over estimating amounts due from the holders of Swiss bank accounts, and collecting tax credit debt. A summary of the […]
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Most business people are aware that if they keep the “per head” expenditure below £150 for the annual bash, and if they follow the other HMRC guidelines, then there should be no risk that HMRC will seek to treat the payments as a taxable benefit. However, if the cost creeps over £150, to say £200 […]
On the 10 December 2013 HM Treasury announced that the long awaited additional payment, to pre-1992 Equitable Life annuitants, will be made this week. The details below are the formal confirmation from H M Treasury’s website: The government has confirmed that it will make ex-gratia payments by next week to those Equitable Life With-Profits policy […]
Although the UK tax year runs from 6 April to the following 5 April, there is another which ends 31 January each year – it’s the online filing deadline for self assessment purposes. The 31 January 2014 is also the date on which any outstanding self assessment tax unpaid for the tax year 2012-13 falls […]
From January 2014 the Bank of England and H M Treasury will redirect the Funding for Lending Scheme away from mortgage lending, and instead provide funding for hard pressed small businesses. There has been significant press commentary about the likely “over-heating” of the UK property market. Basic economics would seem to dictate that if you […]
The Pension Regulator issued a press release 17 October 2013 alerting medium sized businesses of their obligation to set up and automatically enrol employees in a pension scheme. They said: “The clock is ticking for thousands of medium sized employers across the UK who have six months to go before their duty to automatically enrol […]
According to HMRC the highest rate of Income Tax is 45%. This will apply to anyone with income over £150,000. Income below this amount is taxed at 40%, or a combination of 20% and 40%. However, if your income marginally exceeds £100,000, for every £2 your income exceeds this amount you will lose £1 of […]
This month gives us an excuse to let our hair down and enjoy a well earned celebration with our work colleagues and partners. This article is a reminder of the tax concessions that apply to the costs of providing the Christmas bash. The cost of an annual staff party or similar function is allowed as […]
From October 2013, PAYE schemes will automatically be closed where No real time PAYE submissions have been made No payments have been made to HMRC The employer is not an annual payer There is no evidence that the employer wants to claim Construction Industry Scheme deductions The employer has not received an advance from HMRC […]
1 December 2013 – Due date for Corporation Tax due for the year ended 28 February 2013. 19 December 2013 – PAYE and NIC deductions due for month ended 5 December 2013. (If you pay your tax electronically the due date is 22 December 2013.) 19 December 2013 – Filing deadline for the CIS300 monthly […]