Posts By: ilyas Patel

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »