Posts By: ilyas Patel

BEWARE PENSION LIBERATION

Have you been approached by firms that promise you instant cash from your pension fund? This known as pension liberation, and involves taking cash from your pension fund before you reach the retirement age set by your pension scheme. Unscrupulous firms persuade individuals to apply to move their pension funds out of their current scheme,… Read more »

An End to Self Build Tax

On 15 April 2013 the Government have announced that it proposes to exempt self builders from paying the Community Infrastructure Levy (CIL).  The changes are likely to come into effect during the summer after a 6-8 week consultation. The CIL was introduced under the Labor Government and was implemented by some councils in January 2012. … Read more »

HMRC – Employment Tax Shake Up

HMRC have admitted that the largest employment tax shake up in the last 70 years may cause more cost to businesses than previously thought. We have reported for months now that the Real Time Initiative (RTI) will cause significant problems to small businesses, causing extra work and receiving feedback from employers, HMRC have now acknowledged… Read more »

SLEEPING PARTNERS AND NI

In the past sleeping partners and inactive partners didn’t have to pay NI contributions on their partnership profits. However, HMRC changed its view on this in April 2013 and it now considers that all partners are liable to pay NICs in respect of their taxable profits, whatever their level of activity within the business. The… Read more »

MAY KEY TAX DATES

2 – Last day for car change notifications in the quarter to 5 April – Use P46 Car 19 – Deadline for Employers’ 2012/13 end of year PAYE Returns (P35, P14, P38 & P38A). Penalties for non submission. 19/22 – PAYE/NIC and CIS deductions due for month to 5/5/2013  31 – Deadline for copies of… Read more »

Changes in Payment Surcharge Rules

From 6 April 2013 it has become unlawful for businesses to charge consumer fees on certain methods of payments. Jo Swainson, Consumer Minister welcomed the above news saying “consumers have been ripped off for far too long.” Although payment surcharges will continue, businesses need to be up front and clear about the fees and they… Read more »

RTI ROUND UP

Real time information (RTI) has had a bumpy start. In brief these are the major problems and work-arounds discovered so far. Annual PAYE Schemes If you expect to pay all of your employees just once in the tax year, and all on the same date, you can register your PAYE scheme with the Tax Office… Read more »

Cash Basis for Small Businesses

In an attempt to simplify accounting and tax reporting for the smallest businesses, from 6 April 2013 small businesses can now choose to calculate profits/losses on the basis of the cash received and expenses paid out.  This is known as the cash basis and it ignores debts owed by the business and any amount owing to… Read more »

CASH BASIS FOR SMALL BUSINESSES

The cash basis was also mentioned in the 2013 Budget announcements, but now we have some more details. In an attempt to simplify accounting and tax reporting for the smallest businesses, from 6 April 2013 small businesses can choose to calculate profits/losses on the basis of the cash received and expenses paid out. This is… Read more »

SEIS INVESTMENT EXTENSION

The Budget also included an announcement of the extension of capital gains tax (CGT) relief, where the gain is reinvested in new shares issued under the Seed Enterprise Investment Scheme (SEIS). This scheme started on 6 April 2012 and is due to run to 5 April 2017, but the CGT relief was due to apply… Read more »