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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 »

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 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 »

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 »

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 »