2014/15 introduced te Employer Allowance, an up to £2,000 saving on Employer Class 1 National Insurance contributions (ERNIC) for many businesses and charities. As the tax year draws to a close it is worth checking whether your business was entitled to caim and ensuring the calim has been made... Click here to read more.
The newsletter covers a number of topical issues including the introduction of various changes to the PAYE compliance system. It is important to ensure RTI submissions and payment of liabilities, are made on time every time to avoid interest and penalties. We also report on the latest measures being introduced to minimise employee sickness absence with the roll out of 'Fit for Work' the new Health and Work Service.. Click here to read more.
The newsletter covers a number of topical issues including a review of a number of Government approved investment schemes which are available to encourage individuals to invest in high risk unquoted trading companies, and more recently social enterprises. We consider the reliefs available... Click here to read more.
With Real Time Information PAYE reporting now in force for broadly all employers, we advise on the revised timetable to the introduction of penalties for failing to make returns or pay PAYE liabilities on time. Employers beware, do not get caught out.. Click here to read more.
We report that, according to the Government, some companies and employment businesses are using employment intermediaries to disguise the employment of their workers and are treating them as self employed. We outline the proposed changes to the rules.Along with State Pension age increases, the demise of the paper tax disc, business rates changes and new tax reliefs for those investing in social enterprise, we are sure you will find something of interest. Click here to read more.
Would you like the opportunity to reduce the taxman's take from your own and your family's income? If so read on, as carrying out an annual review of your tax affairs could significantly reduce your own and your family's tax liabilities. The period leading up to the end of the tax year on 5 April is one of the best times to review your taxes and finances and indeed taking action prior to the end of the tax year in some cases will give even greater saving opportunities, so do not delay! As always we would be delighted to discuss with you the issues involved and any appropriate action you may need to take. Click here to read more.
What should you do if HMRC contact you directly about your tax affairs? Recently HMRC have adopted this approach in a number of areas. Our advice is to ‘Just say no!’ and to refer them to us as your advisers, after all that is what we are here for. For those with income from property rentals we consider changes to the rules for calculating taxable rental income and the demise of the ‘renewals basis’. HMRC issued some consultation earlier this year which will potentially affect some LLPs and mixed partnerships with a corporate member. Click here to read more.
Our article ‘Chasing car tax’ considers car benefits which are a popular perk but can be expensive for both the employee in tax terms and the employer with regard to the provision of the vehicle and related costs. Some employers have sought alternative arrangements to provide the cars and we report on a recent case where employee leasing agreements were used. Click here to read more.
The Government has announced a new scheme for tax free childcare for working families. In our lead article we consider the proposal on offer and the circumstances when the new scheme will be available. Many owner managers provide personal guarantees to institutions for loans made to their companies. We report on a tribunal decision which considered whether tax relief is available when the guarantee has to be honoured. Click here to read more.
The end of last year saw HMRC take ‘a new approach to Business Records Checks’ and our article ‘ BRC are now up and running’ explains the latest position and what action to take should you receive a letter. We also look at the biggest surprise announced in the Autumn Statement, the tenfold increase in Annual Investment Allowance for businesses. This isn’t as straight forward as the headlines would have you believe so make sure you read our article ‘Capital complexity’ to see if you can benefit. Click here to read more.
Payment Protection Insurance has been covered extensively in the media. However, the matter of tax due on any successful claim seems to have been omitted from the headlines. Our article 'Payment Protection Insurance (PPI)' sets out the tax position. Another topic to hit the headlines is pensions and the new rules on auto enrolment. Whilst this isn't relevant for the majority of employers (those with less than 50 employees) until June 2015 it is important to be aware of the rules and to start to plan now so you have everything in place. Click here to read more.
Our article ‘Are you getting credit?’ looks at the tax incentives on offer for research and development carried out by small and medium (SME) UK companies. This follows the issue of the most recent HMRC statistics which indicate a very low portion of SME companies make claims for the reliefs available so we thought it might be time to take a fresh look at an area which could reap significant benefits. Click here to read more.
Our article ‘A haven of success’ looks at Business Property Relief, a very important relief for Inheritance Tax purposes but its availability in certain circumstances can be regularly challenged by HMRC. In a recent case the judge ruled against HMRC so does that leave the door open for more to benefit? Read on to find out if you could benefit. Click here to read more.
Our article ‘The location lottery’ looks at Enterprise Zones, the latest Government initiative to drive growth and create jobs. There are conditions that need to be met and you may be interested to know more. In ‘ER success’, we also summarise the conditions that need to be met to benefit from Entrepreneurs’ Relief and the subsequent 10% tax rate. Click here to read more.
In the current economic climate and with people living longer the Government is keen to ensure that we all have some pension provision. Measures have been introduced that place duties on employers to automatically enrol employees into a work based pension scheme. Click here to read more.
HMRC continue to get tough on overdue taxes. Our article ‘HMRC get tough on overdue taxes’ summarises the latest position and offers advice on what action you might take if you receive one of the many debt letters they are sending. HMRC are also busy issuing penalties but appeals toI the tax Tribunal continue to flow and this has led in some cases to criticism of HMRC. ‘Penalty delay criticised’ looks at a recent tribunal case concerning late P35 and P14 forms. Click here to read more.