With the countdown to Christmas well under way there may be some of us with a few gifts still to buy. Before resorting to the panic buying of gift vouchers stop and think about the bigger picture and consider whether there is an opportunity to not only make someone happy but to undertake tax planning at the same time.
There are […]
You may have seen commentary, following the Autumn Statement, on the changes to the treatment of goodwill when a business is incorporated.
These changes will impact on business owners looking to claim Entrepreneurs Relief (“ER”) on the disposal of their business to a company.
Previous position
Prior to the Autumn Statement ER has been available to reduce capital gains tax (“CGT”)payable on gains […]
Pensions auto-enrolment is one of the most important developments for employers currently coming into effect. Businesses with fewer than 50 employees must implement the process from 1 June 2015. As a consequence, employers will be looking to maximise tax reliefs, while employees will also seek to join the scheme in the most cost-efficient manner possible. A salary sacrifice arrangement will […]
31 January 2015Tax returns – don’t leave it too late!
The deadline for filing your 2014 self assessment tax return online is 31 January 2015. Returns not filed by this date will result in a £100 penalty. Where the return has still not been submitted after three months, daily penalties of £10 will accrue, continuing […]
HMRC has announced that it will exempt employers with fewer than 50 staff from Real Time Information (RTI) late filing penalties until 6 March 2015. Until that date, they will be allowed to submit PAYE information monthly.
RTI requires employers to provide information about tax and National Insurance deductions every time they pay an employee rather than annually. The original deadline […]
Plan ahead for entrepreneurs’ relief
Entrepreneurs’ relief can be very valuable, potentially reducing the capital gains tax when selling a business from a rate of 28% to 10%. However, the relief is only available as long as the qualifying conditions are met. Because the conditions generally need to be met for 12 months prior to the disposal or the cessation of […]
From an Autumn Statement peppered with continuing austerity measures and deficit issues the main talking point was the reform of Stamp Duty. The Chancellor announced that the current system, where the amount owed jumps at each threshold level, would be replaced by a graduated rate, similar to income tax. The change came in at midnight and the new rates are […]