Posts By: ilyas Patel

LOANS TO PARTICIPATORS TRAP

The 2013 Budget announcements included a brief outline of how the law will be changed to tax loans taken out of owner-managed companies by the shareholders/directors (known as participators). We have now seen the draft legislation so we can give you further details of how the tax law will apply for loans or repayments made… Read more »

APRIL KEY TAX DATES

5 – End of 2012/13 tax year. Last day to use up your annual exemptions for capital gains tax, inheritance tax and ISA’s 14 – Return and payment of CT61 tax due for quarter to 31 March 2013 19/22 – PAYE/NIC and CIS deductions due for month to 5/4/2013 or quarter 4 of 2012/13 for… Read more »

RTI RELAXATION

The real time information (RTI) system for submitting PAYE information to HMRC must be used by small employers for all pay days on and after 6 April 2013. However, at the last minute the Government has agreed to a temporary relaxation of one of the RTI reporting requirements for employers with fewer than 50 employees. If you fall into… Read more »

Child Benefit

The High Income Child Benefit Charge (HICBC) that came into force on 7 January 2013 applies to a parent where they or their partner have an annual income in excess of £50,000. Once you or your partner’s annual income hits £60,000, the full amount of Child Benefit will be clawed back via the HICBC. There… Read more »

HMRC – Investigate Property Sales

HMRC are looking into all residential property sales with a view to collecting tax on undeclared gains.  Their investigations will start later this year. HMRC announced  in September that  it will start reviewing  tax records of all those who sold residential properties and is giving anyone who has not declared a taxable gain until August… Read more »

BUDGET MARCH 2013

WELCOME…  to our Budget newsletter. This newsletter aims to summarise the main measures that affect our clients. If you need further assistance just let us know. We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary. Please contact us for advice in your own specific circumstances. We’re here to help! EMPLOYERS … Read more »

Budget – 2013

Chancellor George Osborne has announced his budget:- The personal allowance will be raised to £10,000 from next year and not from 2015 as previously planned. Corporation tax will be reduced by 1% to 20% in April 2015 to show “Britain is open for business”, but the bank levy rate will increase to 0.142% to offset this reduction…. Read more »

Property – VAT and SDLT

“Option to Tax” On 1 August 1989 the UK government introduced a major change to the VAT regime forced on it by the EU.  As a result, land and buildings became subject to VAT.  However, older buildings remained exempt but owners could “waive the exemption” which is commonly known as an “option to tax”.  Reasons for… Read more »

Taxman eased new real time PAYE requirements for SMEs

New rules from April will see real-time PAYE reporting rolled out in the UK, but those businesses who employ less than 50 people and are struggling with increased PAYE filings to HMRC will now have a longer filing period. The taxman has temporarily eased on the the new real-time PAYE requirements for small business and… Read more »

SELF-EMPLOYED TRAVEL EXPENSES

If you are self-employed you may have a number of customers you go to  regularly to work at their premises. This could apply to mobile  hairdressers, cleaners, gardeners, and even medical professionals who  work at private clinics. The miles you drive to reach each of your  customers from your business base are used to calculate… Read more »