Posts By: ilyas Patel

POLYTUNNELS AND GLASSHOUSES

Does your business use a polytunnel or glasshouse? In the past the Taxman has refused to allow a tax deduction for the  cost of such structures, on the basis that greenhouses are  buildings. A greenhouse is generally expected to last several  years, so the cost of the structure should be treated in the business  accounts… Read more »

TAX FREE ALLOWANCE

The standard personal allowance (amount of tax-free income) for  2013/14 will be £9,440. We had been expecting a smaller increase  to £9,205. The new higher allowance allows an individual to earn £181.54  per week (about £787 per month) tax free. But the NIC thresholds  will not increase by as much, so an employee starts to pay… Read more »

Warning for companies who have failed to pay their VAT

HMRC are to scrutinse companies who have outstanding VAT.  The taxman will be targeting approximately 50,000 businesses this month who have not paid their VAT on time.  These businesses will be told that from 28 February their tax affairs will be under scrutiny and are exposed to further inspection should their VAT remain outstanding. Some of… Read more »

Real Time Information (RTI) ….. What to report

The rules for reporting wages, hours worked and payroll deductions  under real time information (RTI) are still being written. What to report RTI reports will need to be made where at least one employee is paid  above the lower earnings limit (LEL), (£109 per week for  2013/14). For wages between the LEL and the Primary… Read more »

INCREASED ANNUAL INVESTMENT ALLOWANCE

The annual investment allowance (AIA) gives a 100% deduction for tax  purposes for the cost of plant, equipment and certain fixtures in  buildings, which qualify for capital allowances. The AIA has an annual  cap. This started at £50,000 in 2008, was increased to  £100,000 by the previous government, and was cut to  £25,000 in April… Read more »

HMRC for poor and expensive customer service

HMRC have been slammed by the National Audit Office (NAO) for shoddy customer service that cost callers – one in four of whom couldn’t even get through – £136m in 2011–12. The NAO’s damning report found that taxpayers shelled out £33m in call charges, many clocking up huge bills on costly premium rate numbers even… Read more »

JANUARY KEY TAX DATES

1 – Due date for payment of Corporation Tax for the  year ended 31 March 2012  14 – Return and payment of CT61 tax due for quarter  to 31 December 2012  19/22 – PAYE/NIC and CIS deductions due for month to  5/1/2013 or quarter 3 of 2012/13 for small employers  31 – Deadline for filing… Read more »

Streamlined gift aid for charity shops

New rules that will lift the administration burden for charities claiming gift aid on the proceeds of donors’ goods sold by charity shops have been announced by HMRC. The new rules allow donors to make a one-off gift aid declaration that covers donations of up to £100, or £1,000 of future sale proceeds, in a… Read more »

PAYE – RTI is coming!

H M Revenue & Customs are urging employers to get ready for the PAYE changes that are coming into effect in three months time. From April 2013 employers will be required to send PAYE returns electronically, using the new RTI payroll software to HMRC each time they pay their employees as part of the routine… Read more »

Pension Nest Egg for Britains Self Employed

A pension scheme known as NEST (National Employment Savings Trust) has opened it’s doors to everyone wishing to build for retirement. The pension was originally built as a simple and cheap fix for companies without a scheme for their staff, but excluded the self employed, however now it has opened it’s doors to everyone, it… Read more »