Introduction Economic growth and borrowing Business Tax Pensions and benefits Infrastructure and transport Housing View official documents and full Autumn Statement Introduction Despite warnings this week that the UK was likely to slip back into recession, Chancellor George Osborne has said that the Office for Budget Responsibility’s (OBR) latest annual growth and borrowing figures […]
There is a sharp increase in the taxable car benefit on many company cars with effect from 6 April 2012. This is by reference to a new emissions scale which creates an income tax charge (and Class 1A national insurance liability) for the private use of a company car on 10% of the car’s list […]
The Institute of Directors (IoD) has proposed a new economic growth plan which aims to improve business investment and development. ‘The Route Back to Growth’ contains several recommendations including: 1. Monetary policy – Quantitative easing; launch QE2 in October with an initial £50 billion 2. Fiscal rules – A new 35% of GDP public spending […]
A novel new tax break due to come in from 6 April 2012 attempts to encourage you to pass at least 10% of your estate on death to a charity (or charities). If that happens the rate of inheritance tax on the rest of your estate reduces from the normal 40% to 36%. Whether this […]
Tax returns for the year to 5 April 2011 filed late will create a penalty even if the correct amount of tax is paid on time or indeed there is no more tax to pay. Arguably that was a move which could have been expected before now, and at least the basic penalty stays at […]
A nice thought, and it can be achieved in specific circumstances whereas basically any benefit in kind obtained from your employer or business contact is taxable. The point is that certain gifts from a third party such as a supplier or customer are exempt from tax. The list is short, not surprisingly, and if the […]
This is the somewhat quaint name of the latest HMRC initiative to tackle tax defaulters. It is aimed at those delivering tuition and coaching or who use those skills in another way to supplement income, but it also provides a means of telling HMRC of ANY undeclared income or gains with the promise of lower […]
HMRC publish benchmark scale rates for accommodation and subsistence payments made to you by your employer where you travel overseas, so that up to those rates there is no income tax charge on you nor any exposure to national insurance contributions. The rates are reviewed once a year and new rates have just been announced. […]
HMRC have announced that they are extending their Business Records Checks programme. These checks were piloted earlier this year and involved checks on the adequacy of Small and Medium Sized Entities’ business records. The pilots apparently found that around 44% of businesses visited had issues with their record-keeping, while around 12% of those visited had […]
HMRC have launched a campaign to target private tutors and coaches who have undeclared tax liabilities. The Tax Catch Up Plan (TCUP) is aimed at individuals who provide private lessons, or who profit from tuition and coaching, as a main or secondary income where the correct tax has not been paid. The types of tuition, […]
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