Not part of the Autumn Statement, but you need to know about the new rates from 1 December 2013 which show a reduction in most situations as under with the previous rates in brackets where a change applies: engine size petrol diesel LPG 1,400 cc or less 14p (15p) 9p (10p) 1,600 cc or […]
If you let out a UK residence you are naturally liable to UK income tax on the net profit. That is the case even if you are not tax resident in the UK, but that does not mean you have to pay any CGT on the gain on sale if you live abroad. Well, not […]
A gain arising on a property which has been your private residence throughout your period of ownership is exempt from CGT. There are deemed period of occupation rules which may help to provide an exemption from CGT even if you were not living in the property at the time. This can with care result in […]
A new penalty regime for RTI comes in from 6 April 2014, to encourage compliance with the information and payment obligations. Late filing penalties will apply to each PAYE scheme, with the size of the penalty based on the number of employees in the scheme. Monthly penalties of between £100 and £400 will apply to […]
Following consultation there will be new tax reliefs to encourage and promote indirect employee ownership. This will represent a possible alternative exit route from your business, with full CGT exemption where you pass a controlling interest to your staff via an employee ownership trust from April 2014. In addition, from October 2014 bonus payments made […]
As previously announced a tax exemption will apply for amounts up to £500 paid by employers for medical treatment for employees. Following consultation this exemption will extend to medical treatments recommended by employer arranged occupational health services in addition to those recommended by the new Health and Work Service.
From April 2015 the employer NIC for those under the age of 21 will be abolished. This exemption will not apply to those exceptionally earning more than the Upper Earnings Limit (UEL), which is £42,285 for 2015/16. Employer NIC will be liable as normal beyond this limit.
Employees and directors who are provided with a company car and who also receive some or all of their private fuel from their employers are subject to the fuel benefit charge – on an all or nothing basis. The benefit charge is determined by applying a set multiple to the appropriate percentage for the car, […]
As previously announced, a new tax relief for equity and certain debt investments in social enterprises will be available from April 2014. Organisations which are charities, community interest companies or community benefit societies will be eligible. Following consultation, investment in social impact bonds issued by companies limited by shares will also be eligible. A ‘roadmap’ […]
An individual can make a donation to a CASC under Gift Aid. This will be extended to cover donations of money made by companies.