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,...
A 30th December 2015 filing deadline
One of the more obscure filing deadlines for Self Assessment purposes relates to a claim to have your tax underpaid for a year recovered by an adjustment, an increase, in the PAYE stopped from your salary in a future tax year. For underpayments year to 5 April 2015, the filing deadline is fast approaching, 30 December 2015. You will not be able...
Help to buy ISAs are available from 1 December 2015
The following information is extracted from the Government’s help sheet: New accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for. Accounts will be available through banks and building societies from Autumn 2015. You can make an initial deposit of £1,000 when you open the account – in...
Repaying employers for private fuel
Company car drivers should be giving consideration to the issues raised in this article if they are provided with fuel for private mileage by their employers. With no repayment to compensate for private fuel provided, employees will suffer a significant car fuel benefit in kind charge. Depending on the type of vehicle you drive the annual car fuel benefit charge could...
Tax Diary December 2015/January 2016
1 December 2015 - Due date for Corporation Tax due for the year ended 28 February 2015. 19 December 2015 - PAYE and NIC deductions due for month ended 5 December 2015. (If you pay your tax electronically the due date is 22 December 2015.) 19 December 2015 - Filing deadline for the CIS300 monthly return for the month ended 5 December...