High income earners have until 5 April 2013 to review their tax position for 2012-13. In most cases action will need to be taken prior to this date. Deferring income If you normally receive bonuses this month or a dividend from your company you should estimate your earnings for the next tax year, 2013-14, and […]
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The main tax announcements for the 2013-14 tax year, as announced 5 December 2012, have now been published as draft clauses for the forthcoming Finance Bill 2013. GAAR The new acronym stands for General Anti-Abuse Rule. It will give HMRC powers to stop companies and tax payers taking advantage of complex tax arrangements in order […]
Last month’s newsletter included details of the major change in reporting of PAYE information to HMRC from April 2013. The new process is to be known as Real Time Information (RTI) reporting. From 6 April 2013 you will be required to submit payroll data on or before the date that salaries and wages are paid […]
1 March 2013 – Due date for Corporation Tax due for the year ended 31 May 2012. 19 March 2013 – PAYE and NIC deductions due for month ended 5 March 2013. (If you pay your tax electronically the due date is 22 March 2013.) 19 March 2013 – Filing deadline for the CIS300 monthly […]
HMRC issued a press release 12 February 2013 advising “tax cheats” in London and the South East that they will be targeted by a new taskforce. The taskforce will put the spotlight on people abusing the Self Assessment system fraudulently to claim back money they are not entitled to. It is expected to recover £6 […]
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Employers should make sure that they are ready for the switch to the Real Time Information (RTI) from April 2013. Most employers will be affected from April 2013 and all employers by October 2013. Essentially, RTI requires that you submit payroll data on or before the date that salaries and wages are paid to employees […]
It has been proposed that from 2017 a new flat-rate state pension will be paid – worth in today’s money £144 a week. Details will no doubt change over time but some of the information available so far is listed below: • As stated above the starting rate April 2017 will be £144 per week, £7,488 […]
There are a number of tax allowances that can be claimed if certain conditions apply, in some cases these can be transferred to your spouse or civil partner if you are unable to utilise the additional tax relief. 1. Increased personal allowance from age 65. You will be eligible to apply for an additional personal tax […]
Businesses that have failed to submit their VAT returns by the due date will be targeted by HMRC this month. An estimated 50,000 businesses may be affected by this latest campaign by HMRC. Registered traders who have outstanding returns to file may find that their tax affairs will be closely scrutinised and without prior warning.According […]