In the past companies have tended to base holiday pay payments on a worker’s basic pay, excluding overtime. In a recent landmark case an Employment Tribunal has ruled that past, non-guaranteed overtime should be included in the calculation of holiday pay. Here’s what ACAS have to say: “Non-guaranteed overtime is where there is no obligation by the employer to offer overtime but...
Don’t file a paper tax return
The online filing deadline for 2013-14 Self Assessment tax returns is 31 January 2015. However, if you are still filing a paper version of the return, the 2013-14 deadline was 31 October 2014. As the 31 October paper-filing deadline has passed, even if you have no tax to pay, or you eventually pay your tax on time, and if you file...
Personal tax summaries
HMRC have started to distribute personal tax summaries that set out how much tax you have paid and how the revenue collected is spent by government. According to a recent press release: 1.Personal tax summaries show you how your tax is calculated and what it is spent on Personal tax summaries show you how much Income Tax and National Insurance Contributions (NICs)...
Tax Diary December 2014/January 2015
1 December 2014 - Due date for Corporation Tax due for the year ended 28 February 2014. 19 December 2014 - PAYE and NIC deductions due for month ended 5 December 2014. (If you pay your tax electronically the due date is 22 December 2014.) 19 December 2014 - Filing deadline for the CIS300 monthly return for the month ended 5 December...
Muras Matters: HMRC to target Solicitors
HMRC to target Solicitors Background This morning HM Revenue & Customs (“HMRC”) have launched a new initiative, the “Solicitors’ Tax Campaign” (“the Campaign”), aimed at solicitors who they believe have not declared all their income or capital gains to HMRC. The Campaign, which is intelligence led, is aimed specifically at solicitors. Previous campaigns have targeted medics, plumbers, tutors, online traders and landlords and, according...
Autumn Statement 3 December 2014
Economic indicators Employment Employment is at a record high of 30.8 million, up 1.7 million since the Government came into office, and more than 1 million above its pre-recession peak. Since 2010, employment has increased faster in the UK than in any other G7 country, and the working-age labour market participation rate has risen to levels last seen over 20 years ago. Growth UK...
Autumn Statement 2014 First Class Stamp
Autumn Statement 2014 First Class Stamp The Chancellor has just sat down from delivering the 2014 Autumn Statement speech. The two major surprises were the abolition of Entrepreneurs’ Relief (ER) for goodwill on incorporation and big changes to the Stamp Duty Land Tax on residential property. The main tax and savings matters referred to in the speech were as follows: Entrepreneurs’ Relief: • ER not available...
Shake up of UK tax system
The Scottish parliament is to take over responsibility for income tax and welfare benefits in the most significant devolution of taxes thus far. Changes to the management of income tax and other taxes, as published by the Smith Commission last week, are listed below. Any reference to a tax being “reserved” means it will be controlled by the UK parliament: Income Tax Income...
Muras Matters: VAT on eServices
1 January 2015 VAT on eServices Background The VAT rules for ‘eServices’ are changing with effect from 1 January 2015. ‘Eservices’ has a very wide definition being broadly any service provided on an electronic network, such as a website or webpage. Examples include downloading applications (“apps”), e-books, on-line auctions etc but not the supply of goods. The rules are changing for the supply...
The value of interim accounts
Many business readers of this blog will have their accounting year end set to coincide with the tax year end. For convenience, the end of March. As we approach the end of the calendar year you might want to consider the value of an interim review of your accounts to see what planning strategies are available to you. For example: Keeping...