1 October 2014 - Due date for Corporation Tax due for the year ended 31 December 2013. 19 October 2014 - PAYE and NIC deductions due for month ended 5 October 2014. (If you pay your tax electronically the due date is 22 October 2014.) 19 October 2014 - Filing deadline for the CIS300 monthly return for the month ended 5 October...
Wear & Tear Allowance (WTA)
If a property is let furnished - with sufficient furniture, furnishings and equipment for normal residential use – landlords can only claim tax relief for the furniture and equipment by way of the WTA. Prior to April 2013, landlords had the option of claiming the cost of replacement furniture instead. The WTA is calculated as 10% of the gross rents less...
International tax avoidance
Britain is to take the lead in the clamp down on international tax avoidance, Financial Secretary to the Treasury David Gauke announced Saturday 20 September. UK-based multinationals will have to report to HMRC where they make profits and pay taxes around the world. The UK is the first of 44 countries to formally commit to implementing the new country-by-country reporting...
VAT registration dilemma
James is very industrious gent’s hairdresser. He just manages to keep his turnover below the VAT registration limit. Apart from his rent, which was not subject to a VAT charge, his overheads are minimal. He is considering the purchase of his first home and needs to raise a deposit. To do this he calculates that he can just about fit in...
Muras Matters: HMRC Rental Income Taskforce
HMRC Rental Income Taskforce Background HM Revenue & Customs (“HMRC”) continue to target buy to let landlords and are launching regional taskforces to target under declared rental income and capital gains. It is anticipated that taskforces will bring in more than £100m in additional tax receipts during the 2014/2015 tax year. HMRC hold a database for all property disposals attracting Stamp Duty Land...
�1,000 business rates discount for High Street.
In her first major speech new High Streets Minister Penny Mordaunt tells retailers that business rates support is now helping all parts the country. Six months after it was introduced the £1,000 business rates discount for local shops, cafes, restaurants and pubs (up to a rateable value of £50,000) is estimated to be giving nearly 300,000 premises more than £272 million...
£1,000 business rates discount for High Street.
In her first major speech new High Streets Minister Penny Mordaunt tells retailers that business rates support is now helping all parts the country. Six months after it was introduced the £1,000 business rates discount for local shops, cafes, restaurants and pubs (up to a rateable value of £50,000) is estimated to be giving nearly 300,000 premises more than £272 million...
£1,000 business rates discount for High Street.
In her first major speech new High Streets Minister Penny Mordaunt tells retailers that business rates support is now helping all parts the country. Six months after it was introduced the £1,000 business rates discount for local shops, cafes, restaurants and pubs (up to a rateable value of £50,000) is estimated to be giving nearly 300,000 premises more than £272 million...
Landlord redress schemes
Letting agents have until 1 October 2014 to register with 1 of 3 redress schemes, to ensure tenants and leaseholders have a straightforward option to hold their agents to account. Anyone who feels they get a poor deal from their letting agent will then be able to take their complaint to the redress scheme, and could receive compensation. The schemes are run...
Muras Matters: RTI and Late Payment Penalties
RTI & Late Payment Penalties Real Time Information (“RTI”) Since April 2013 it has been compulsory for all employers to submit payroll information electronically in real time, with reports to be filed on or before payment is made to the employees and a final return to be made after the end of the tax year. Initially HM Revenue & Customs (“HMRC”) delayed imposing...