Tax Tips and News for October 2014
This issue … Creating Extra Cash-flow, Understanding the CIS, VAT on International Services, Scottish Taxes, October Questions and Answers, October Key Tax Dates
Creating Extra Cash-flow
Could your creative company benefit from a boost to its cash flow? If it produces computer games, films, high-end TV or animation programmes, it may qualify for a new payable tax credit.
All of these…
Tax Tips and News for September 2014
This issue … Late Filing Penalties, Redress Payments, VAT On Multi-products, Travel Question, September Questions and Answers, September Key Tax Dates
Late Filing Penalties
From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI "late", or don't submit it at all for a month in which you paid your employees.…
Tax Tips and News for August 2014
This issue … Accelerated Payments, Maximising Statutory Maternity Pay, Commission Refunds, EC Sales Lists, August Questions and Answers, August Key Tax Dates
Accelerated Payments
The Taxman now has the power to demand tax from you if you have used a registered tax avoidance scheme, or if he thinks the tax scheme you have used is similar to one that has been judged to fail by a Court or…
Research and Development Relief | R&D Relief
If you’re the owner of a small to medium-sized enterprise (SME), or indeed a much larger company, you may be able to receive Research and Development Relief to reduce your Corporation Tax (CT) when undertaking qualifying revenue expenditure in an Research and Development (R&D) project that’s related to your company or organisation’s trade, or a trade that you’re looking to expand into.…
Tax Tips and News for July 2014
This issue … RTI Penalty Notices; VAT on Digital Services; PAYE Reconciliations; Scary Letters; July Questions and Answers; July Key Tax Dates
Real Time Information (RTI) Penalty Notices
As an employer you may have received an RTI penalty warning letter accusing you of not submitting all of the RTI returns required for 2013/14. However, that letter may be incorrect.
HMRC has admitted…
Tax Tips and News for June 2014
This issue … Marginal Tax Rates, Real Time Information (RTI) Interest, VAT and Discounts, Auto-enrolment, June Questions and Answers, June Key Tax Dates
Marginal Tax Rates
What rate of tax would you pay on an additional £1 of earnings? If your annual income is between £41,865 and £150,000 you may think the tax rate would be 40%, but the peculiarities of the UK tax system mean you could pay…
Tax Tips and News for April 2014
This issue ... Salary and Dividend Strategy 2014, Salaried Members of LLPs, Cross-border Services, Search for Landlords, April Question and Answer Section & April Key Tax Dates
Salary and Dividend Strategy 2014
As a director and shareholder of your own company you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most…
Tax Tips and News for March 2014
This issue ... Budget News, Business Journeys, RTI Penalties, Let Property Campaign, VAT on Books and Leaflets, March Question and Answer Section, March Key Tax Dates
2014 Budget News
Summary
This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo…
Tax Tips and News for February 2014
This issue … CGT on Home Developments, Non-Resident Landlords, VAT penalties, IHT Relief on Business Assets, February Question and Answer Section, February Key Tax Dates
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Your main home is exempt from capital gains tax when you sell it, but only if you bought the property with the intention of living in…
Who Needs to Submit a Self Assessment Tax Return?
The deadline of 31 January is fast approaching and you may be finding yourself pressurised by how little time is left to submit your self assessment tax return.
Or you may well be wondering whether you actually need to complete a return at all.
If you have been sent a tax return or a notice to file, then you will need to take action, even if you don't think you meet the criteria.
Read…