1 July 2016 - Due date for Corporation Tax due for the year ended 30 September 2015. 6 July 2016 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs, and give copies of the information to your employees. 19 July 2016 - Pay Class 1A NICs (by the 22 July 2016 if paid...
What is next for Brexit
Clients who are concerned by the uncertainty created by the Brexit vote should contact us. There are steps we can all take now that will ease our progress through the transition. Essentially, we need to be financially fit. The areas of our businesses that we should fine tune are: Record keeping. There has never been a time when fast access to financial...
Brexit vote wins the day
In a decision that has staggered the rest of Europe, the UK has voted to leave the EU. George Osborne emerged today to reassure us all that everything was under control. This, in the face of continuing political hiatus: our prime minister has resigned, almost, and the main opposition party is locked in internal, leadership wranglings. George Osborne said: “Today (27 June 2016)...
Muras Matters: VAT on Goods Sold Internationally
VAT on Goods Sold Internationally VAT on distance selling goods Following the recent referendum, it is a good time to examine some of the VAT rules on sales from the UK to other countries as they apply at the current time. VAT rules are notoriously complex and care is always required to be certain of the VAT treatment. Today we are looking...
Annual return morphs into a confirmation statement
The following change in Companies House (CH) filing requirements will apply from the end of June 2016. The following post sets out the changes that will apply: From 30 June 2016, the annual return is being replaced. Instead, you’ll now file a confirmation statement at least once a year. You need to check and confirm the company information CH hold for...
In or out
This article was posted three days before the UK decides if it wants to stay or leave the EU. It feels as if everything is on hold pending this result. Government departments are being unusually quiet: no press releases, no announcements, no changes in legislation. It is a well-quoted cliché, but it really does feel like the calm before the storm. Whichever way...
Muras Matters: The Referendum and Related Tax Issues
The Referendum and Related Tax Issues Background With the Referendum this week, everyone is talking about the potential advantages and disadvantages of Remain and Leave so we are taking a look at the potential tax effects of each option. There is clearly a lot of uncertainty and the issues noted are only possibilities. We are not making predictions and there is the chance...
HMRC bogus emails extended to phone calls
Many of us have received emails purporting to be from HMRC that urge us to provide personal information in order to receive an outstanding tax refund. Sometimes, these “phishing” communications include veiled threats: send information or you will be pursued for large, outstanding tax liabilities. The perpetrators of the emails want you to respond, the “pot-of-gold” they are seeking is your...
P11D processing errors and late filing
The deadline for filing forms P11D is 6 July 2016. You will be liable to a penalty of £100 per 50 employees for each month or part month your P11D(b) is late. The P11D(b) is the form used to submit your individual P11Ds to HMRC. You’ll also be charged penalties and interest if you’re late paying HMRC the employers’ Class...
Muras Matters: Principal Private Residence Nomination
Principal Private Residence Nomination Background With the holiday season soon upon us it is perhaps a good time for a reminder of the benefits of an ‘Only or Main Residence’ nomination for Capital Gains Tax (CGT) purposes, as this may be relevant in connection with ownership of a holiday home. Taxpayers with two or more qualifying residences have the right to nominate which...