Small businesses often become trapped by the major banks, who charge high interest rates and fees for any borrowing – if they are willing to offer finance at all. Indeed, despite the introduction of the Project Merlin agreement, the five main UK banks missed their target for lending to smaller firms by £1.1 billion in […]
Families who pay a nanny in cash are to be targeted by HMRC. Under the crackdown, families now need to contact HMRC every time they pay their nanny, instead of just each quarter as previously applied under the simplified PAYE scheme. It is estimated that there are more than 30,000 nannies working in England alone […]
If this is you, there is the likely option for you to declare income and expenditure on the cash basis from April 2013, and at the same time claim some expenses on a flat rate basis (even using estimates for small items). This idea may not necessarily be good news for you, as there will […]
It may seem early to consider this, in view of the reduction not taking effect until the 2013/14 tax year, but that depends on your circumstances. The scope for deferring income and/or accelerating expenditure can require a long lead-in time. In addition, if profits of a sole trader or partner are based on an accounting […]
We mentioned this last time as well, and again more details of the plans have been made known. Currently you can, in theory, offset your entire income against income tax reliefs, and as a result pay no income tax at all. As unlikely a scenario as that is for most of us, we will have […]
A number of changes to the income tax charge have been announced, which we touched on in the April Tax E-News. We now have more details and here are a few tasters: Increase in income tax charge of 1% of list price for 2013/14 Another 1% increase for 2014/15 A further 2% increase for 2015/16, […]
The amount of information supplied nowadays by HMRC for taxpayers (or customers as they like to call us, even though we have no choice but to pay tax and to pay it to a monopoly!) is increasing all the time. You might assume that we take a cynical view of the information supply chain from […]
The government is proposing to restrict tax reliefs available to individuals such as charitable giving. Currently individuals can offset their entire income against income tax reliefs, and as a result may pay no income tax at all. It was announced in the Budget 2012 that from 6 April 2013 there will be limits to the […]
HMRC are consulting on changing the rules on hot takeaway food to ensure that all food (with the exception of freshly baked bread) that is above ambient air temperature when provided to the customer is standard rated. Currently the rules are complex as if food is hot because it has just been cooked, such as […]
HMRC have updated their guidance on Real Time Information (RTI). This new system of monthly PAYE returns is to be piloted from April 2012 and is expected to be compulsory for all employers from October 2013. If you would like to read more about the new system please follow the link below. If you would […]
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