The Government has indicated that it wants to offer more to existing pensioners and people who reach State Pension age before 6 April 2016 when the single-tier pension is introduced. To achieve this a new Class 3A voluntary contribution will be available from October 2015 to April 2017. The Class 3A contribution will allow people to top up their additional State Pension. The...
Tax Diary January/February 2015
1 January 2015 - Due date for Corporation Tax due for the year ended 31 March 2014. 19 January 2015 - PAYE and NIC deductions due for month ended 5 January 2015. (If you pay your tax electronically the due date is 22 January 2015.) 19 January 2015 - Filing deadline for the CIS300 monthly return for the month ended 5 January...
Muras Matters: January Hangover – Self Assessment Deadline
31 January Deadline Happy New Year! Happy New Year to you all, we hope you have enjoyed the break and are ready for 2015! The Self Assessment Tax Return deadline for the tax year ended 5 April 2014 is fast approaching. Returns must be submitted online by midnight on 31 January 2015 to avoid penalties being charged. As the 31st falls on a...
What are your business and tax online filing obligations
We though you would be interested to know what your legal obligations are to file information online. Limited companies All companies are required to file a corporation tax return together with an electronic copy of the statutory accounts to H M Revenue & Customs. The returns have to be filed online, generally within 12 months of the end of your accounting period...
Discount for first time buyers
A new scheme offering 100,000 first-time buyers new homes with a 20% discount was announced 15 December 2014. The Prime Minister launched the new scheme that will offer 100,000 first-time buyers new homes with a 20% discount, as part of a major push to help people onto the housing ladder. Aspiring home owners will be asked to register their interest in buying...
Solicitors Tax Campaign
If you work within the legal profession as a solicitor in a partnership or company, or as an individual, this campaign provides an opportunity for you regularise your tax affairs. To take advantage of this opportunity firms will need to: Fill in a notification form by 9 March 2015. Fill in a disclosure form and pay what you owe by 9 June 2015. As...
Muras Matters: Company Cars Changes to Advisory Fuel Rates
Company Cars Changes to Advisory Fuel Rates This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage While everyone has been preparing for Christmas, HM Revenue and Customs (HMRC) changed their advisory fuel rates for company cars with effect from 1 December 2014. The rates are intended to give guidance to employers about...
New flexible approach to child care announced
Parents will gain greater flexibility in how they share the care of their child in the first year after birth as new regulations regarding Shared Parental Leave (SPL) came into force 1 December 2014. The new rules, which apply to couples with babies due or children matched or placed for adoption on or after 5 April 2015, will allow parents to...
New proposals to tackle late payment
New proposals obliging large and listed companies to publish detailed information about their payment practices and performance were unveiled 27 November 2014 by the Business Minister Matthew Hancock. The proposed changes will provide robust information making it easier for small businesses to compare the role models with the less reputable. Specifically, the average payment time; the proportion of invoices paid beyond...
Government names employers who fail to pay the National Minimum Wage
Employers who owe their workers thousands of pounds for failing to pay them the National Minimum Wage (NMW) have been named by Business Minister Jo Swinson. On the 27 November 2014, a further 25 employers who failed to pay their workers the National Minimum Wage were named under the revised naming scheme - introduced in October 2013. The scheme was...