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...
Is your income approaching �100,000
If you estimate that your taxable income for 2014-15 will marginally exceed £100,000, perhaps for the first time, you should consider your options. If your income does exceed £100,000 then for every £2 that your income exceeds this amount your personal tax allowance will be reduced by £1. As the basic personal allowance is £10,000 for 2014-15 this means that when your...
Is your income approaching �100,000
If you estimate that your taxable income for 2014-15 will marginally exceed £100,000, perhaps for the first time, you should consider your options. If your income does exceed £100,000 then for every £2 that your income exceeds this amount your personal tax allowance will be reduced by £1. As the basic personal allowance is £10,000 for 2014-15 this means that when your...
Topping up your State Pension
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...
Topping up your State Pension
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...