Did you know that if you take on domestic help you may be considered an employer? Anyone who works in a private home is treated as an employee if they only work for one family, except for au pairs. This includes nannies, housekeepers, gardeners and anyone else working for one family. You’re their employer if you hire them. As an employer you...
Tax Diary March/April 2015
1 March 2015 - Due date for Corporation Tax due for the year ended 31 May 2014. 2 March 2015 – Self Assessment tax for 2013/14 paid after this date will incur a 5% surcharge. 19 March 2015 - PAYE and NIC deductions due for month ended 5 March 2015. (If you pay your tax electronically the due date is 22 March...
Year end tax planning 2014 – 15
The 2014-15 tax year finishes midnight, 5 April 2015. There are a number of tax planning opportunities that need to be considered before this date. Only a few weeks to go. If you have not already done so we recommend you speak with your professional advisor without delay. Who should be concerned? Tax year end planning should be considered by: Anyone in business Individuals...
Landlords Energy Saving Allowance ends 5 April 2015
Landlords can reduce their tax bill by up to £1,500 a year with the Landlord’s Energy Saving Allowance. Unless extended in the forthcoming budget, this scheme is due to end 5 April 2015. What you can claim You can claim Landlord’s Energy Saving Allowance for the costs of buying and installing the following energy-saving products for properties you rent out: cavity wall and...
Muras Matters: Research & Development Tax Credits
Research & Development Tax Credits Background Research and Development (“R&D”) tax credits is a subject we have covered a few times in Muras Matters over the years but research suggests it is still a relief which is under claimed. Further the relief has been enhanced by successive Governments and last month HMRC launched a consultation on how SME’s could be encouraged to...
Gift Hold-over Relief
This relief will help you to defer capital gains tax (CGT) when you give away chargeable assets or if you sell something subject to CGT for less than its market value. The relief is called Gift Hold-Over Relief and could be claimed if you give away business assets (including certain shares) or sell them for less than they are worth...
Business plans
Why you need a business plan A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan helps you to: clarify your business idea spot potential problems set out your goals measure your progress You’ll need a business plan if you want to secure investment or a loan from a bank. It can also help to...
Muras Matters: Changes to Principal Private Residence Relief For Sale of Residential Property
Changes to Principal Private Residence Relief For Sale of Residential Property Currently, the sale of a main residence is free of Capital Gains Tax (“CGT”) where it has always been occupied as the owners Principal Private Residence (“PPR”). UK resident individuals with more than one residence can elect which property is their main residence for tax purposes, this is known as...
New rules to safeguard value for money in workplace pensions
From April, people automatically enrolled into a workplace pension will see their charges capped at 0.75%, unless they have chosen a more expensive option. The details are set out in draft regulations laid before Parliament on 4 February 2015. For an average earner currently paying into a fund with a charge of 1.5%, this new cap could save them around £100,000...
Staff loans for would be tenants
Housing Minister Brandon Lewis announced recently government-wide support for a new scheme that will become available to thousands of potential tenants. The minister said he was determined to “create a bigger, better private rented sector”. All of Whitehall has now agreed to offer deposit loans to staff looking to take up new tenancies in the private rented sector, following in the...