Tax-free Xmas party

Dec 10, 2013

This month gives us an excuse to let our hair down and enjoy a well earned celebration with our work colleagues and partners. This article is a reminder of the tax concessions that apply to the costs of providing the Christmas bash.

The cost of an annual staff party or similar function is allowed as a deduction for tax purposes. However, the cost is only deductible if it relates to employees…

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Unused PAYE schemes

Dec 10, 2013

 From October 2013, PAYE schemes will automatically be closed where

  • No real time PAYE submissions have been made
  • No payments have been made to HMRC
  • The employer is not an annual payer
  • There is no evidence that the employer wants to claim Construction Industry Scheme deductions
  • The employer has not received an advance from HMRC
  • There…

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Tax Diary December 2013/January 2014

Dec 10, 2013

 1 December 2013 - Due date for Corporation Tax due for the year ended 28 February 2013.

 19 December 2013 - PAYE and NIC deductions due for month ended 5 December 2013. (If you pay your tax electronically the due date is 22 December 2013.)

 19 December 2013 - Filing deadline for the CIS300 monthly return for the month ended 5 December 2013.

 19 December 2013 - CIS tax…

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Autumn Statement - 5 December 2013

Dec 06, 2013

George Osborne presented his Autumn Statement to Parliament amid mixed messages spilling from the Treasury, and promoted in the national press, about what he would, and would not give away.

The reported economic indicators were encouraging:

  • 1.4% growth in the UK expected for 2013, 2.2% for 2014.
  • Increase in jobs this year of 400,000.
  • National…

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Britain still has favoured tax regime for business

Dec 05, 2013

 According to the Financial Times “Britain is still the favoured tax regime of business...”.

Recent surveys have added a note of caution. Apparently, a growing number of organisations are concerned about the UK’s hardening attitude to tax avoidance. In an interesting twist in the mooted changes to international tax issues, UK resident businesses could be paying more tax to overseas jurisdictions…

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Property taxes...

Dec 03, 2013

Since 2003 our Government has collected more than £45bn in stamp duty receipts from British householders buying homes across the UK.

The figures disguise a massive increase in the impact of stamp duty land tax (SDLT) over this period as the volume of property purchases and sales has actually fallen by 45%. Ten years ago sales were 1.7m properties, in 2012-13 the equivalent figure was…

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Tax changes ahead for partnerships?

Nov 28, 2013

HMRC are considering changes to the tax rules for partnerships. Changes arising will be included in legislation that will be effective from 6 April 2014.

HMRC’s formal consultation closed 9 August 2013 and consideration is now being applied to the following issues:

  • Disguising employment relationships through Limited Liability Partnerships, and
  • Certain arrangements…

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National Minimum Wage

Nov 26, 2013

Many businesses are unaware that the National Minimum Wage (NMW) rules are monitored by HMRC. There are consequences if you fail to pay employees NMW rates.

Currently, the rates set 1st October 2013 apply. They are:

  • 21 and over - £6.31 per hour
  • 18 to 20 - £5.03 per hour
  • Under 18 - £3.72 per hour
  • Apprentice - £2.68 per…

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Deliberate tax defaulters

Nov 21, 2013

A new list of deliberate tax defaulters has been published by HMRC on 12 November 2013. It includes a number of food retailers, hairdresser, wholesalers, a yacht brokerage, construction industry firms, haulage operator and a property rental owner.

HM Revenue & Customs (HMRC) publishes details of deliberate tax defaulters - people who have received penalties either for:

  • deliberate…

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