HMRC has sensibly announced a relaxation of the payroll reporting requirements under Real Time Information (RTI) for businesses with less than 50 employees. Instead of having to report payments to employees on or before the payments to them, you must report by 5th day of the month following the payments. For more information, the ICAEW […]
We have reviewed the Budget on 20 March 2013 and our detailed report can be viewed by clicking here. You can also download our tax tables for 2013/14 which are attached below.
HMRC has announced a new campaign for individuals who have previously sold a residential property either in the UK or abroad which is not their main home and have not informed HMRC of the sale. HMRC are clearly interested in possible capital gains tax on the sale of a second property which is not the main […]
HMRC has published the latest table of advisory fuel rates, which apply to all journeys on or after 1 March 2013 until further notice. Advisory fuel rates are HMRC-approved rates which apply where employers reimburse employees for business travel in a company car, and where employees reimburse the cost of fuel used for private travel in a company car. […]
HMRC has recently announced a new disclosure facility for individuals who have unpaid taxes connected with the Isle of Man. This new facility commences from 6 April 2013 and runs until 30 September 2016. It has some of the beneficial terms of HMRC’s Liechtenstein Disclosure Facility (LDF); namely a limited disclosure period and reduced penalties. However, […]
Real Time Information (RTI) represents one of the biggest changes to the PAYE system since it was introduced. The Government now expect all businesses who make payments to employees to notify HMRC “on or before” they actually make the payment. For more information about RTI, please read our fact sheet below. The fact sheet also […]
The Government is currently putting in place the legislation to implement what was designed to be a simplified way fo accounting for “small” businesses. A small business for this purpose is where the turnover/level of sales is less than the VAT limit (currently £77,000). As indicated by an article from the ICAEW (see here), this is proving […]
A capital gain on the disposal of your main residence is exempt from Capital Gains Tax. If you are fortunate enough to have two or more residences, you can make an election to determine which of them is to be treated as your main residence for CGT purposes. Of course, you can make the election […]
HMRC has published the latest table of advisory fuel rates, which apply to all journeys on or after 1 December 2012 until further notice. Advisory fuel rates are HMRC-approved rates which apply where employers reimburse employees for business travel in their company cars, and where employees reimburse the cost of fuel used for private travel […]
The introduction of the child benefit charge for parents where one earns more than £50K has begun to be publicised. You may wish to refer to my article dated 15 May 2012 for more details of how this charge is meant to work. There is a very good article on the AccountingWeb site saying how the […]
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