Tax Diary June/July 2017

1 June 2017 - Due date for Corporation Tax due for the year ended 31 August 2016. 19 June 2017 - PAYE and NIC deductions due for month ended 5 June 2017. (If you pay your tax electronically the due date is 22 June 2017.) 19 June 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 June...

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Are you missing out on a �662 tax rebate

Apparently, over 4 million tax payers are eligible to claim the new marriage allowance, but only 2 million have done so. If our math is correct, this add up to £1.3bn in unclaimed tax refunds. The allowance has been available since 6 April 2015 and is worth £212 for 2015-16, £220 for 2016-17 and £230 for 2017-18; a cumulative tax rebate...

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Possible bonus when you register for VAT

Businesses are required to register for VAT purposes when their annual taxable turnover exceeds £85,000 (this limit applies from 1 April 2017). You will not have to account for VAT on your taxable sales up to the date you are required to register, but interestingly, you may be able to claim back VAT you have paid out on purchases of...

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Do you use your car for business purposes

Many employees use their own cars to undertake journeys for their employers. In most cases, employers will pay for this. Generally, they will pay a rate per mile. HMRC consider this type of mileage payment as tax exempt as long as the rate per mile paid does not exceed a certain amount. Currently, the tax-free rates for cars are: 45p per mile...

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Muras Matters: New ‘Lifetime ISA’

New ‘Lifetime ISA’ Background From April 2017 the Government introduced the new Lifetime Individual Savings Account (ISA) to provide an another option for younger people looking to save flexibly for the future. The  Lifetime ISA is intended to be a longer-term tax-free savings account that will provide savers with a 25% bonus on the amount they put into their account. As with other...

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Changes to taxable benefits from April 2017

The good news, the way in which benefits in kind are taxed – company cars, mobile phones, etc. – is unchanged for the tax year just ended, to 5 April 2017. Consequently, you can expect your tax position regarding any benefits you enjoy to be unchanged for 2016-17; as long as the benefits themselves have not changed. Unfortunately, from April 2017,...

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Damage limitation

The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU? We will all likely be affected. If not directly involved in trade with Europe, we are possibly part of the downward supply chain. What to do? First...

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Muras Matters: HM Revenue & Customs and ‘Phishing’ Emails

HM Revenue & Customs And ‘Phishing’ Emails Phishing On Friday HM Revenue and Customs (“HMRC”) issued another warning of ‘phishing’ emails being sent out by fraudsters. This follows the warnings in the run up to the Self Assessment deadline in January, and with the worldwide ransomware virus issues of the last few days, it is essential to be vigilant with all such...

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What is the current tax position when dividends are taken

One of the most useful ways for owner directors of small companies to reduce their overall tax and NIC costs is to pay themselves a reduced salary – just enough to maintain their State benefits entitlements – and take any balance of remuneration in the form of tax efficient benefits and dividends. Government has changed the rules regarding the sacrifice of...

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The new Criminal Finances Bill

New legislation to increase the powers of law enforcement received Royal Assent 27 April 2017. The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism. The act: creates unexplained wealth orders which can require those suspected of serious...

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