The Government is committed to supporting employee ownership and encouraging its use more widely in UK business and a consultation process is now underway on tax reliefs designed to encourage the creation of “John Lewis” style businesses. Following the independent Nuttall Review of Employee Ownership in 2012 which concluded that companies with employee ownership produce… Read more »
Posts Categorized: Uncategorized
Tax Planning – “minimise the tax bill”
In a recent poll on attitudes to corporate tax more than 100 individuals in the UK’s leading businesses and more than 500 SME decision makers and members of the general public revealed that the business elite are almost twice as likely as SMEs to take advantage of tax planning to reduce the amount of tax… Read more »
PAYE Schemes – HMRC
It has been reported that more than 1.4 million employer PAYE schemes are now reporting to HMRC in real time which means that more than 83% pf small to medium sized business and more than 77% of micro employers have started to report PAYE in real time. HMRC have announced that it will be seeking… Read more »
HMRC – RTI
HMRC have announced that the temporary relaxation of real time PAYE rules on reporting have been extended to April 2014. The RTI system began in April 2013 and it received criticism for both stakeholders and institutes, therefore HMRC made allowances for business with less than 50 employees and allowed them to continue reporting their payrolls… Read more »
Letting Business Tax Reliefs
The tax treatment of businesses which involve the letting of property is not consistent across all taxes and tax reliefs. It’s not logical, but just because the letting business qualifies for one tax relief it will not necessarily qualify for an apparently similar tax relief. For example if you have a property letting enterprise which… Read more »
RTI Growing Pains
The Taxman is also causing RTI pains for employers and employees by issuing duff data. Incorrect NI numbers When you submit a FPS or NI number verification request (NVR), the Taxman should reply with any missing or corrected NI numbers. However, in some cases the NI numbers the Taxman has returned to employers have no… Read more »
No RTI Reports Made?
Employers were told that they had to use real time information (RTI) to report PAYE deductions from the first pay day on or after 6 April 2013. But what if there has been no pay day since 6 April, because no one has been paid? In that case RTI does apply from 6 April 2013… Read more »
Inheritance Tax Loan Change
A change in the way loans are treated for inheritance tax (IHT) purposes could increase the taxable value of your estate on death, and the amount of IHT payable. This change will affect IHT calculated on deaths occurring after the Finance Act 2013 is passed, (expected mid-July 2013) but applies to loans which are already… Read more »
RTI – Payroll and Pensions
As the RTI forces companies to make more regular PAYE filings to the H M Revenue & Customs, which include changes to employee’s circumstances and now the new rulings for pensions, it has been reported that many firms are feeling the strain and are seeking help. Should you need any advice or assistance with your payroll and… Read more »
HMRC – Tax Write-Offs
HMRC are intended to scrap it’s long standing concession known as ESC A19 which allowed it to cancel tax bills that had risen because of error by it’s staff. This was to be replaced with a more modern, revamped version of the rules, but the draft version was met with complaints from tax experts saying… Read more »