Budget 2015

March 19, 2015 2 comments

Chancellor George Osbourne delivered his 2015 Budget to Parliament yesterday. He stated that “Britain is walking tall again”, that the “national debt target has been met” and predicted the “end of austerity” a year early. The key announcements were as follows:- An increase in the personal allowance for income tax to £10,800 for 2016/17 and […]

Budget 2014

March 20, 2014 No comments yet

Chancellor George Osborne delivered his Budget Statement to Parliament yesterday. He was keen to drive home the message that the economy is recovering “faster than forecast” but warned that “the job is far from done”. The key announcements were as follows: An increase in the personal allowance for income tax to £10,500 for 2015/16 Higher […]

Gross or net interest paid

December 24, 2013 No comments yet

Interest on term deposits in excess of £50,000 is paid gross without deduction of tax. The Revenue is automatically notified by the banks of interest paid to customers and they compare this information with the figures entered on the self assessment tax return. They pay particular attention to those accounts where interest is paid gross […]

Patent Box – an early Christmas present?

October 24, 2013 1 comment

Do you have any registered or pending patents? Are you currently developing an innovative and unique product or process? Is there anything you do that could potentially be patented? If so, then Patent Box tax legislation, which came into effect from 1st April 2013, could significantly reduce your company’s tax bill to an effective rate […]

Auto Enrolment Update

April 26, 2013 No comments yet

Auto-Enrolment is coming to every company in the UK which employs one person or more. The government has now implemented workplace pension reform in an attempt to stimulate an increase in private savings. The initiative aims to address problems arising from increased life expectancy coupled with lower pension savings. How it Works The reforms, which […]

Budget 2013

March 21, 2013 No comments yet

Yesterday the Chancellor, George Osborne, delivered his fourth Budget statement for the coming year. Heralding his Budget as a mandate for those who aspire to ‘work hard and get on’, the Chancellor unveiled measures aimed at supporting businesses and individuals. The key announcements were as follows: An increase of £560 in the personal allowance to […]

Commercial Property Tax Saving

January 21, 2013 No comments yet

COMMERCIAL PROPERTY – TAX SAVING OPPORTUNITY – CAPITAL ALLOWANCES Many businesses and individuals owning commercial property continue to overlook the opportunity to make a tax saving by failing to identify unclaimed capital allowances. All commercial properties contain assets that qualify for capital allowances. Therefore, if you have built, bought or refurbished a property you may […]

Annual Investment Allowance

January 21, 2013 No comments yet

MAJOR INCREASE IN CAPITAL ALLOWANCES – ANNUAL INVESTMENT ALLOWANCE (AIA) In the recent autumn statement the Chancellor announced that the Annual Investment Allowance (AIA) will be increased from £25,000 to £250,000. Starting on 1 January 2013 and for the next two years, £250,000 worth of investment will qualify for 100% relief, the chancellor said. ‘This […]

PAYE and NIC Returns

January 8, 2013 No comments yet

H M Revenue & Customs are now going to levy a penalty and interest charges on late filing of the PAYE and NIC returns. These will be determined at the end of the fiscal year based on the number of late payments and outstanding amounts. Please see below. There are a number of ways you […]

Reporting real time information on PAYE

November 19, 2012 No comments yet

The move to reporting information in real time is the biggest change to the operation of PAYE in over 60 years. Between April 2013 and October 2013, virtually all employers will start reporting payroll information to HMRC on or before every payday – instead of after the end of the tax year, as now. These […]