Category: Tax

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HMRC yesterday announced that they have agreed to delay the introduction of Real Time information (RTI) for employers with less than 50 employees. HMRC have said that they recognise that some small employees weekly, or more frequently, but who only process their payroll monthly may need longer to adapt to reporting PAYE information in real … Continued

There are a number of fundamental changes being made to the responsibilities for employers generally, and in particular, in addition to the more onerous requirements of ‘real time information’, over the coming years employers will be required to automatically enrol eligible staff into a recognised pension scheme. For the largest employers the regulations have already … Continued

Autumn Statement 2012 – Update Personal Tax The personal allowance for 2013/14 The personal allowance will be increased from £8,105 to £9,440 for those aged under 65. The increase in the personal allowance is larger than the amount previously announced and is part of the plan of the Coalition Government to ultimately raise the allowance … Continued

With the ‘outing’ in the Times and then in the press generally of the more aggressive tax planning schemes, the K2 scheme provider which had been exposed said in a conference that far from their business being declining, they had increased sales by 40%!.  The publicity generated made tax payers more aware of the availability … Continued

It is important to understand the new, complex RTI penalty regime. Penalties for late real-time PAYE submissions will not be charged until April 2014 – but errors will now be penalised from next April 2013. No penalties will be imposed for late filing of returns for 2012/13 or 2013/14 under RTI. The current penalty system … Continued

On 1 November 2012, HMRC started a ‘new approach to Business Records Checks’ (BRCs). The target audience of these checks are small and medium sized businesses which is why we are writing to you about this development. What are Business Records Checks? In the context of income tax, a BRC is a check by HMRC … Continued

There are currently three types of investment vehicle that provide investors with a measure of tax relief. 1.      Seed Enterprise Investment Scheme (SEIS) The SEIS is designed to increase the level of investing in the early development of high growth potential businesses. The scheme is similar to the EIS but focuses on smaller, early stage … Continued

Small business owners need to be mindful that withdrawing funds from their company can have a number of unwanted tax consequences; this includes paying personal bills as well as withdrawing cash.  It is quite common for small company accounts to show an overdrawn position on a director’s loan account. A DLA overdraws if a director … Continued

As you are probably well aware, the Revenue has recently been targeting the legal profession in one of its latest campaigns. We have seen letters which confirm that a new Barristers Team has been set up in Bradford specifically looking into the taxation of barristers’ profits. With the Revenue’s wider powers to undertake informal checks … Continued