The government has published an update of the various grants and support available to individuals and businesses affected by flooding in recent months. The announcement is reproduced below: Government support for homes, businesses, farmers and councils In total the government’s investment in recovery from Storm Eva and Storm Desmond now amounts to nearly £200 million. Households and businesses The Floodline Service on 0345 988...
Muras Matters: FRS 102 – ARE YOU READY?
FRS 102 - ARE YOU READY? Background There has been a fundamental reform of accounting standards which will apply to companies with accounting periods beginning on or after 1 January 2015. This means that companies with a year end of 31 December 2015 will be amongst the first to implement the new rules. Small companies are able to obtain an extra years grace...
Right to rent
On 1 February 2016, the responsibility for ensuring that tenants have a right to live in the UK was passed from the Home Office to landlords, the so-called right to rent checks. The following guidance pointers were issued by the Home Office: There are four basic steps. Find out who will live in property Check that these people have the correct documentation to stay...
Capital Gains Tax planning
Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax year 2015-16 and pay no CGT. This exemption cannot be transferred to a future tax year or carried back to a previous tax year if it is not utilised. Many will also remember that it is no longer feasible to sell...
Tax payments due 31 January 2016
As implied in the CGT planning article above, the 31 January 2016 was not only the deadline for filing your Self Assessment return online, it was also the date when any underpayment of Income Tax, Class 4 NIC and CGT for 2014-15 fell due for payment, together with your first payment on account for 2015-16. If you made your payment on...
Tax Diary February/March 2016
1 February 2016 - Due date for Corporation Tax payable for the year ended 30 April 2015. 19 February 2016 - PAYE and NIC deductions due for month ended 5 February 2016. (If you pay your tax electronically the due date is 22 February 2016) 19 February 2016 - Filing deadline for the CIS300 monthly return for the month ended 5 February...
Wasted opportunity
Most of the UK taxes have exemptions and allowances that apply for each tax year. Many are increased in each year in the March budget. Almost none are transferrable from one tax year to another. If you don’t utilise an allowance, in most cases it is lost forever. This article lists some of the basic allowances you should check out with your...
Muras Matters: Economic & Business Seminar
Economic & Business Seminar On Tuesday 9th February 2016 our tax director Jenny Marks will be speaking at a free seminar on the significant economic, financial and legal issues that will affect your business in 2016. She will cover the changes to dividend taxation, coming in on 6 April 2016, and profit extraction generally at the seminar which will be held...
Pensions and tax relief
At present, until 5 April 2016, there are opportunities to pay more into your pension fund and still qualify for tax relief. The maximum, for some tax payers, is doubled in 2015-16 from £40,000 to £80,000. This is due to a technical issue that aligns the pension input period with the tax year. It is also possible to utilise unused allowances...
What is the current rate of capital gains tax
If you sell an asset that is subject to CGT the rate of tax you will pay will be 0%, 18% or 28%. In the current tax year 2015-16, you are allowed to make gains of up to £11,100 tax free. In fact the first £11,100 of all gains are free of tax. If all your taxable income, including any capital gain...