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 […]

Regional Growth Fund update

June 19, 2012 No comments yet

Many Small and Medium sized businesses are still not aware that they could potentially benefit from substantial government investment through the Regional Growth Fund to help boost growth and rebalance the economy. Initial details of the grant available to businesses, which can be a Limited Company, Limited Liability Partnership, sole trader or partnership, were distributed to […]

Seed Enterprise Investment Scheme (SEIS)

April 30, 2012 No comments yet

The Government has announced the introduction of the Seed Enterprise Investment Scheme (SEIS). The scheme is very tax advantageous to individuals investing in small and medium companies. The following is a brief summary of the key elements of the scheme. INCOME TAX RELIEF SEIS reduces an individual’s income tax liability by 50% of the investment […]

Cap on unlimited income tax reliefs

April 13, 2012 No comments yet

Budget 2012 contained an important announcement that legislation may be introduced in Finance Bill 2013 to put a cap on unlimited income tax reliefs at £50,000 or 25% of income. The cap to income tax reliefs will apply to individuals and will take effect from 6th April 2013. The principal reliefs affected are loss reliefs […]

Research and Development tax credits

April 13, 2012 No comments yet

The Chancellor made a commitment in the 2011 Autumn Statement to introduce an “Above the Line” (ATL) credit in 2013 to encourage Research and Development tax credits by larger companies. The proposal is for the ATL credit to replace the existing large companies Research and Development (R&D) regime, and a consultation period on the ATL credit has been announced, which […]