George Osborne has delivered his final Autumn Statement before the General Election next year. The main headlines are: Stamp Duty Land Tax (‘SDLT’) has been changed and a progressive tax rate will apply to residential sales completed after midnight on Wednesday 3rd December. The ‘break even’ point is £935,000, purchases below that will be subject […]
Social functions for employees There is a tax exemption for employee entertaining, but terms and conditions apply. The relief only applies to ‘annual parties’ available to all staff and is set at £150 per head. This figure is inclusive of VAT. If the cost of qualifying parties goes over £150 per head then unfortunately all […]
During their lifetime, an individual can make three types of transfer which might be caught by IHT legislation: exempt transfers chargeable lifetime transfers (CLTs) potentially exempt transfers (PETs). Let’s look at each of these in more detail. Exempt transfers Exempt transfers fall into two categories: transfers which are exempt if made during lifetime or at […]
From 2015/16 the starting rate for savings income is reduced to 0% and the savings rate band is increased to £5,000. This means that where a person’s taxable non-savings income is not more than £5,000, it will be possible to receive a significant amount of savings income tax-free (and to reclaim any tax suffered at […]
Following customer feedback, HMRC has published a short guide to help businesses prepare for the introduction of late filing penalties from October 2014. Follow this link for a copy of the helpsheet. http://www.hmrc.gov.uk/news/paye-late-pen.pdf
From the 6 April 2014 most employers can get the Employment Allowance which could reduce Class 1 National Insurance Contributions (NICs) by up to £2,000 every year. Who is eligible? Almost every employer who is a business or charity (including a Community Amateur Sports Club) that pays employer Class 1 NICs on their employee’s or […]
MAGENTA TO GIVE FREE ADVICE TO SMALL BUSINESSES UNDER NEW SCHEME
Free advice will be available to small businesses worth up to £2000 from Magenta Accounts, a member of global accountancy body ACCA (the Association of Chartered Certified Accountants) under a new initiative with the government and small business network Enterprise Nation. The Growth Voucher project, which is being jointly run with the Department of Business […]
HMRC is running a ‘routine review’ on company directors. The review has been launched to ensure that company directors are submitting their personal tax returns, and recipients of the enquiry letter are asked to provide HMRC with details of any full or part-time employments from 6 April 2006 to 5 April 2012 and particulars of self-employment. […]
HMRC have once again revised the advisory fuel rates for company cars. Follow this link to see how it applies to you: http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm
