In the immediate fall-out after the Brexit vote it was rumoured that interest rates would fall when the Bank of England Monetary Policy Committee (MPC) met on the 13th July. Following the meeting, Mark Carney announced that interest rates would be held at 0.5%. However, the minutes of the July 13th MPC meeting make it clear that at their next meeting...
15% corporation tax
George Osborne has floated the idea that the UK could reduce corporation tax to 15% or lower in an attempt to make the UK the place to do business. By making this surprise announcement at the beginning of the month, he will no doubt have in mind the many larger institutions that are reconsidering a move from London to other...
Business as usual
The hiatus continues. Both major political parties are locked into leadership issues and until these are resolved it is difficult to see in which direction the UK will take. Apparently, the present government, with its new leadership team, will continue until the next scheduled general election, 7 May 2020. George Osborne’s last budget, March 2016, is still working its way through...
Muras Matters: Registration Limits for New Companies
Registration Limits for New Companies Research at Companies House shows that 1,867 new companies were incorporated during 2015 in Wolverhampton alone. In total over the West Midlands region 26,952 new companies were formed, an increase of 8% compared to the previous calendar year (25,059 companies). There are a number of accounting and tax compliance obligations which new companies should consider and today...
Changes to business market place post Brexit
While we wait for the politicians to sort themselves out it may be prudent to reflect on the likely changes to the business market place post Brexit. For example: If the sterling exchange rate settles at a lower level the cost of imported goods will rise and our exporters may benefit as their goods and services will be priced lower in...
Muras Matters: Tax Credits Renewal
Tax Credits Renewal Tax credit deadline – a reminder If you are in receipt of tax credits then it is essential that you renew your claim by 31 July 2016 or your payments could stop. All current claimants should have received a renewals pack from the Tax Credit Office (“TCO”) which must be actioned by the end of the month. If the pack...
Sooner or later
Is it better to file your Self Assessment tax return as soon as possible after the end of the tax year? You are not obliged to file your tax return for 2015-16, online, before the 31 January 2017. However, if you leave the process of completing your return until close to this date, it will not give you much time to...
Business expenses you can claim
Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. That aside, the following will provide you with guidance in areas where the outcome is reasonably predictable: Professional fees, your accountant for example:...
Transferring ISAs
ISA investors may be interested to read the following guidance issued by HMRC regarding the transfer of ISAs from one provider to another. What you can transfer You can transfer a cash ISA to another cash ISA with a different provider. You can do the same with stocks and shares ISAs. You can also transfer a cash ISA to a stocks and...
Bogus emails and now, bogus phone calls
The “phishing” emails sent by nefarious individuals, purporting to be from HMRC, have now been joined by bogus phone calls. We have received information that taxpayers are being called, apparently by HMRC, and advised that they have significant tax bills to pay and the caller encourages the offended taxpayer to settle the bill during the phone call. We have reproduced below a...