HMRC criticised for soft peddling

Dec 24, 2013

In a recent report prepared by the Public Accounts Committee HMRC was accused of pursuing smaller businesses with more vigour than larger concerns. HMRC was also criticised for under estimating the…

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Tax free celebration for Christmas

Dec 19, 2013

Most business people are aware that if they keep the “per head” expenditure below £150 for the annual bash, and if they follow the other HMRC guidelines, then there should be no risk that HMRC will…

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Equitable Life additional payout

Dec 17, 2013

On the 10 December 2013 HM Treasury announced that the long awaited additional payment, to pre-1992 Equitable Life annuitants, will be made this week. The details below are the formal confirmation…

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Approaching the end of another tax cycle.

Dec 12, 2013

Although the UK tax year runs from 6 April to the following 5 April, there is another which ends 31 January each year – it’s the online filing deadline for self assessment purposes.

The 31…

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The Bank of England directs funding to small businesses

Dec 11, 2013

From January 2014 the Bank of England and H M Treasury will redirect the Funding for Lending Scheme away from mortgage lending, and instead provide funding for hard pressed small businesses.

There…

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Pension Auto-Enrolment

Dec 10, 2013

The Pension Regulator issued a press release 17 October 2013 alerting medium sized businesses of their obligation to set up and automatically enrol employees in a pension scheme. They said:

“The…

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The 60% Income Tax band

Dec 10, 2013

According to HMRC the highest rate of Income Tax is 45%. This will apply to anyone with income over £150,000. Income below this amount is taxed at 40%, or a combination of 20% and 40%.

However,…

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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…

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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…

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