It was bound to happen some time... At present there are considerable savings in National Insurance contributions to be made if a minimal amount is paid as salary and any balance of a remuneration package is paid as dividends (particularly for shareholder directors of private limited companies). From April 2016, the NIC status of dividends is not changing and therefore this strategy...
Emails from the tax office
Generally speaking, HMRC will communicate with you by sending a letter or calling you. It will never ask for personal details by email. Accordingly, you can disregard any emails you receive from HMRC that do ask for personal information, particularly bank details, as they will likely be scams... However, HMRC is starting to send out more information by email. In particular: Employer...
Appeal against HMRC penalties
You can appeal to HMRC against a penalty for: Late filing of a return Paying tax after the due date Failing to pay all the tax you owe Unable to demonstrate that you have kept adequate records to underpin your tax returns Filing an incorrect return Your penalty will be cancelled or amended if you have a reasonable excuse. The latest definitions of what does, and what...
R & D boost for smaller businesses
In a major boost for pioneering small businesses, the Financial Secretary to the Treasury, David Gauke, recently launched a new plan outlining how government will make it easier for small businesses investing in research and development to claim tax relief. The two-year plan, which is a response to an HMRC consultation, aims to increase take-up of research and development (R&D) tax...
R & D boost for smaller businesses
In a major boost for pioneering small businesses, the Financial Secretary to the Treasury, David Gauke, recently launched a new plan outlining how government will make it easier for small businesses investing in research and development to claim tax relief. The two-year plan, which is a response to an HMRC consultation, aims to increase take-up of research and development (R&D) tax...
Muras Matters: ‘MGI’ International Connections
‘MGI’ International Connections Directors of Muras Baker Jones have recently attended the Annual General Meeting of MGI in London. It was also a chance to meet the ‘Queen’ and ‘Kate & Wills’ at the same time! MGI, the international network to which Muras Baker Jones belongs, has a presence in 321 offices in 82 countries across all continents, making it one of the largest...
The VW emissions fiasco
Many owners of VWs will be peeved that they may have been misled if the recent revelations regarding published CO2 levels are confirmed: they will be driving cars that are not as environmentally friendly as they were led to believe. VW have admitted that as many as 1.2m of its vehicles sold in the UK have been fitted with software that...
Less is more
In order to increase tax revenues the Treasury is faced with a conundrum: To increase rates of tax charged and hope that this does not prove to be a disincentive to increase profits and investment, or To decrease rates of tax charged and hope that this proves to be a stimulant to business growth. The Financial Secretary, David Gauke, recently made the following...
End of the tax cycle
There is barely three months left until the deadline for filing Self Assessment returns for 2014-15 passes. After 31 January 2016 automatic late filing penalties will apply. Unfortunately, on the same date, 31 January 2016, you will need to settle any outstanding tax owed for 2014-15 and make a payment on account for 2015-16. Readers who are adopting a “head in the...
Business rates
There are still reliefs you may be able to claim that will reduce your business rates. The process depends on where you are based: Business rates relief in England You will need to apply for these reliefs at your local council: small business rate relief rural rate relief charitable rate relief enterprise zone relief retail relief Exempted buildings and empty buildings relief is automatically applied by your local...