The Autumn Statement contained a few interesting tax U-turns, the most exciting of which for businesses is the increase in the Annual Investment Allowance to £250,000 from 1 January 2013 for two years. It had been this Chancellor who had significantly reduced the allowance from £100,000 in April 2012 to £25,000 almost wiping out investment by… Read more »
Posts Categorized: Uncategorized
Retailers & Credit Card Merchants targeted by HMRC
Retailers that attempt to hide the true extent of their sales and profits to avoid tax are to be targeted. HMRC is seeking data to assess whether companies are declaring sales. HM Revenue and Customs is to be given wider powers which will allow it to force banks to hand over the data from credit… Read more »
A hike in tax for second homes
As part of plans by Preston City Council, second homes and properties within the city which have been empty for more than two years are set to be hit by proposed new changes in council tax. A 10 per cent council tax discount could be revoked for 304 second homeowners as a number of homes… Read more »
GOV.UK website has replaced Business Link and Directgov sites
GOV.UK launched today, initially replacing Business Link and Directgov. This is the first step towards making GOV.UK the definitive website for interacting with central government. In the meantime, HMRC’s website is still available as a primary source of online support and it’s important to note that there will be no immediate changes to HMRC’s online… Read more »
Autumn Statement
The Chancellor has delivered his 2012 Autumn Statement to parliament The Department for Business has secured £2.4 billion of additional funding to support growth, with a focus on skills and science projects. This money reinforces the Government’s commitment to plan for medium and long term recovery and will aid the development of an industrial strategy. Some… Read more »
HMRC – Registration call for Self Assessment
HMRC is to issue a call to all newcomers who are preparing to complete their first online self assessment tax return. Remember! In order to complete your self assessment tax return online you MUST register for HMRC’s online services well in advance because it can take up to seven working days to complete the process, as… Read more »
Taskforce Targets Private Landlords
The Taxman has announced a taskforce to investigate tax avoidance in landlords in South East England. Private residential landlords have now been the subject of a taskforce in: Scotland, North Wales, London, East Anglia, North East, North West, and now South East England. That covers pretty much the whole of the UK. The message is… Read more »
December Key Tax Dates
19/22 – PAYE/NIC and CIS deductions due for month to 5/12/2012 30 – Deadline for 2011/12 self assessment online returns to be filed if you are an employee and want tax underpaid to be collected by adjustment to your 2013/14 PAYE code (for underpayments of up to £3000 only)
Millionaires left Britain to avoid the 50p tax rate
It has been reported that almost two-thirds of the country’s millionaire earners left Britain when the 50p top rate of tax was introduced. In 2009/2010 more that 16,000 people had declared an annual income of more that £1m to H M Revenue & Customs, but after Gordon Brown introduced the new 50p top rate of income… Read more »
Business Record Checks
The Taxman apparently believes that anyone who does business in cash must be a potential ‘tax cheat’. This is ridiculous of-course, but his latest business record checks campaign is based on this fallacy. If you receive a call from the Taxman asking questions about your business records, please refer the caller to us before agreeing… Read more »