NIC Employment Allowance April 2014

Oct 22, 2013

The Chancellor announced the creation of a NICs Employment Allowance in the 2013 Budget. This is planned to start on 6 April 2014 and moved a step closer to becoming law with the First Reading of the Bill on 14 October 2013.

HMRC have published the following background information about the scheme:

“In the March 2013 Budget, as part of its strategy to encourage business growth,…

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Sir Richard Branson leaves UK for British Virgin Islands

Oct 17, 2013

Sir Richard has decided to leave the UK and live in his holiday home. He wants more time to surf, kite surf, play tennis and stay limber practising pilates. He says that his decision is not dictated by tax considerations. His personal wealth is estimated to be £3.5bn which means he can spend several million pounds a year for the next 50 years and still be a wealthy man.

He’s done all…

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Do you record business mileage?

Oct 15, 2013

A number of trade associations have issued warnings to their members recently. They are concerned that HMRC are making an issue of business mileage recording. Apparently, employers are failing to keep adequate records of mileage for employees who have the use of company vehicles.

Self-employed business owners can also be caught out by the same issue. If you are a sole trader or partner…

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Talking up the prospects for growth

Oct 15, 2013

We have enough information about the UK’s economic woes to keep us depressed for many years to come. Every week we are told why sustainable recovery from recession and its after effects is just round the corner. The problem is the “corner” is mobile, always just out of reach.

Which is why the current round of speculation about the UK economy is encouraging:

• We are told that…

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The new Single-Tier State Pension

Oct 08, 2013

It has been announced that the new Single-Tier State Pension will start, subject to Parliamentary approval, April 2016.

The original proposals for the new system were outlined in a White Paper published January 2013. At present the changes are speculative and will need to be agreed by Parliament. However, readers may be interested to read the following notes that summary some of the provisions…

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Home based start-ups reminded to claim for use of home

Oct 04, 2013

One of the major accountancy bodies, the Association of Certified Accountants, has reminded home based entrepreneurs that they can make a valid claim, for tax purposes. The ACCA’s head of tax, Chas Roy-Chowdhury, reflected:

“The rise in start-ups from the home is good news for the economy, but whether these home-based entrepreneurs are aware that, for example, they can deduct tax for…

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Capital allowances claims deadline

Oct 03, 2013

If you own the property that you trade from, for example a hotel or guest house, the purchase price of the property may have included the cost of certain integral features that it may be possible to submit a claim for capital allowances.

 The Finance Act 2012 included provisions that affect the ability to make such a claim and we are now in a transition period ending in April 2014. Accordingly,…

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Protecting your pension lifetime allowance

Oct 03, 2013

 From 6 April 2014 the pensions’ lifetime allowance will be reduced to £1.25 million from the present level of £1.5 million. If you have already built up pension savings of more than £1.25 million or have planned to do so in the expectation that the lifetime allowance would not reduce from the 2013-14 level, there is a new form of protection called “Fixed Protection 2014” (FP2014).

The…

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