From 1 December 2015, the advisory fuel rates have changed to: 1400cc or less: petrol 11p per mile, LPG 7p per mile 1401-2000cc: petrol 13p per mile, LPG 9p per mile Over 2000cc: petrol 20p per mile, LPG 13p per mile Diesel rates: 1600cc or less: 9p per mile 1601-2000cc: 11p per mile Over 2000cc: 13p per mile These rates can be used from 1 December 2015 to...
Tax Diary January/February 2016
1 January 2016 - Due date for Corporation Tax due for the year ended 31 March 2015. 19 January 2016 - PAYE and NIC deductions due for month ended 5 January 2016. (If you pay your tax electronically the due date is 22 January 2016.) 19 January 2016 - Filing deadline for the CIS300 monthly return for the month ended 5 January...
Muras Matters: Key Dates for the New Year
Key Dates for the New Year Happy New Year! Happy New Year to you all, we hope you have enjoyed the break and are ready for 2016! As the first quarter of the year is a busy time in the tax world, we though it would be useful to point out some important dates for individuals in Self Assessment to note over the...
Business flood victims support fund
Businesses caught up in the devastation of Storm Eva will be able to apply for £6 million of government money to get their doors back open to customers. Read Winter flooding 2015: community support for advice and current information. The Department for Business, Innovation and Skills announced the cash pot would be made available for the estimated 2,500 firms on either side...
Tax helpline for those affected by recent flooding
Readers affected by the recent floods, particularly in the north-west of England, should take note that HMRC has created a support line. If your business was affected you should call HMRC as they will be sympathetic to requests to extend tax payments while the clean-up operation continues. The helpline will enable anyone affected to get practical help and advice on a...
Draft finance bill clauses published
HMRC has issued the following information regarding the publication of draft clauses of the Finance Bill 2016: New draft tax legislation has been published (9 December 2016) to implement policies published at Summer Budget and Autumn Statement 2015. It has also published new tax consultations and responses to policy consultations which took place over the past year. Finance Bill 2016 continues the government’s...
Training for employees and franchisees
Employers who pay for their employees and sub-contractors to attend training courses may be interested in the following directive from HMRC, issued July 2015. The cost of food and accommodation provided for employees attending training courses for the purpose of the trade is not disallowable under the legislation. However, if food and accommodation are provided as part of training given to...
National Living Wage
HMRC has issued the following information regarding the imminent launch of the NMW 1 April 2016. Firms are advised to take simple steps now as poll reveals 93% of bosses support initiative, with majority believing it will boost productivity and retain staff. Britain’s bosses are urged to take 4 simple steps to be better prepared for the introduction of next year’s...
Muras Matters: Gift Aid in the Season of Giving
Gift Aid In the Season of Giving As Christmas is only 17 days away, and in the Season of Giving, we have detailed below some of the tax benefits to donating to charity. Gift Aid enables charities and Community Amateur Sports Clubs (“CASC’s”) to receive additional money from the Government on top of donations by individuals, in recognition of the basic rate...
Landlords despair
On the 8 July 2015, George Osborne announced a number of changes to the taxation of property businesses. Without a doubt the most impactful change is the loss of higher rate tax relief for finance charges, which includes mortgage interest. What he didn’t explain was the not so gentle push of many landlords, who were previously basic rate tax payers,...