Category: Tax

As recently introduced by Liverpool City Council, Wirral Borough Council are now also enforcing the Licensing Scheme from 1 July 2015. The scheme is being introduced under the Government’s selective licensing laws and signing up for it is compulsory if your let property is within the selected area. What are the benefits of the scheme? … Continued

Chancellor George Osborne used his final Budget statement of this Parliament to announce that “Britain is walking tall again”. There are many things to be positive about: Economy The economy grew 2.6% in 2014 – faster than any other advanced economy. The Office for Budget Responsibility (OBR) has revised up its 2015 growth forecast to … Continued

HMRC have announced some changes to the Advisory Fuel Rates from 1 March 2015. These rates only apply to employees using a company car. You can use the previous rates for up to 1 month from the date the new rates apply. Engine size Petrol LPG 1400cc or less 11p 8p 1401cc to 2000cc 13p … Continued

There is only one month remaining of the 2014/15 tax year. Here is a summary of personal tax reliefs and allowances to use before the tax year-end. Income tax The personal allowance is £10,000 for 2014/15 and will rise to £10,600 in 2015/16. Make sure that your spouse or civil partner is taking advantage of … Continued

SMEs pay almost £10 billion in tax compliance costs each year, according to research by the Association of Accounting Technicians (AAT). The survey of 500 businesses reveals that the average SME spends £4,376 complying with business taxes each year. Collectively, the SME sector spends £9.9 billion annually on tax compliance. Important findings: SMEs spend up … Continued

HMRC will shortly start issuing penalty notices to those individuals who did not file their returns on time. A fixed penalty of £100 will be due for all returns which were outstanding at 31 January 2015. HMRC will also start to add £10 daily penalties up to a maximum of 90 days where the return … Continued

HMRC announced in December that they were launching a campaign targeting solicitors who have not declared all their earnings. The Solicitors’ Tax Campaign (STC) means that both individuals and their firms will be under scrutiny. To take advantage of the lower penalties available under the STC you would need to: Notify the Revenue by 9 … Continued

Expected retirement incomes among 2015 retirees have hit a 6-year high, according to research by Prudential. The survey of more than 1,000 people planning to retire this year found that the average expected income is £17,000 a year. This is an 8% increase from the 2014 average of £15,800. Despite optimism increasing in 2015, expected … Continued

CGT entrepreneurs relief is available when owners of trading companies sell their shares, provided certain conditions are satisfied for the 12 months prior to sale. One condition is that the individual has 5% voting control, but a further condition is that they are an officer or employee of the company. There have been a number … Continued

If your business bought a car costing more than £12,000 prior to April 2009, the writing down allowance has been restricted to £3,000 a year and the car was kept separate from other assets. For accounting periods ending on or after 31 March 2014 for corporation tax and 5 April 2014 for income tax, the … Continued