Pension wise will offer free and impartial guidance to people on the new pension freedoms which come into effect in April 2015. Pension wise will be a first port of call for consumers, offering free and impartial information and guidance to people with a defined contribution pension approaching retirement. From April 2015, over 300,000 individuals a year with defined contribution pension savings...
Muras Matters: Changes to Tax on Residential Property Owned by a Company
Changes to Tax on Residential Property Owned by a Company Annual Tax on Enveloped Dwellings (ATED) The ATED charge is a tax on residential property owned through a corporate vehicle. It was introduced to prevent non-resident investors from avoiding Stamp Duty by owning their UK residence through a company. The legislation is drafted very widely however and will have implications for UK...
Top ten excuses for late filing
As most self employed persons, certain pensioners and high income earners will be aware their self-assessment tax returns for 2013-14 have to be filed by the end of January 2015 in order to avoid late filing penalties There are also other costs (possible interest and further penalties) if you fail to pay your tax on time. Any balance of self-assessment tax...
Employing staff for the first time
According to the tax office there are six things you need to consider when you are employing staff for the first time. They are: Decide how much to pay someone - you must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in the UK. You may have to do other employment checks...
Muras Matters: Self Assessment ‘Time to Pay’
Self Assessment ‘Time to Pay’ Time to Pay! As stated in Muras Matters last week the deadline for filing Self Assessment Tax Returns and paying any outstanding tax due is 31 January 2015. Taxpayers struggling to pay their tax liability however may, under certain circumstances, be able to enter into a ‘Time to Pay’ arrangement with HM Revenue & Customs. In order to...
The New Enterprise Allowance
ver 450 new businesses every week have been set up over the last year thanks to a government scheme which helps people on benefits to become their own boss. The New Enterprise Allowance (NEA) helps jobseekers, lone parents and people on sickness benefits with a good idea to set up their own business. New figures published today (19 December 2014) show...
Planning your business year end
Most of the tax planning that can be employed to reduce your business tax liabilities need to be considered and implemented prior to your year end date. If you are in business, you should consider at least one planning meeting with your professional advisor before the end of the tax year. This should be a priority. Here’s why: You may make an ill-considered...
Planning your business year end
Most of the tax planning that can be employed to reduce your business tax liabilities need to be considered and implemented prior to your year end date. If you are in business, you should consider at least one planning meeting with your professional advisor before the end of the tax year. This should be a priority. Here’s why: You may make an ill-considered...
Work out your tax position sooner rather than later
If you are required to file a Self Assessment tax return there are compelling arguments to support the notion that you should calculate your tax position as soon as you can after the 5 April. Don’t forget, it is possible to work out your tax position for 2014-15 and consider your planning options before you file the return. Certainly, we...
Work out your tax position sooner rather than later
If you are required to file a Self Assessment tax return there are compelling arguments to support the notion that you should calculate your tax position as soon as you can after the 5 April. Don’t forget, it is possible to work out your tax position for 2014-15 and consider your planning options before you file the return. Certainly, we...