The government has launched a public information campaign to ensure everyone knows what the State Pension changes mean for them. With just over 500 days to go, Work and Pensions Secretary Iain Duncan Smith and Pensions Minister Steve Webb have recently launched a major new drive to help people understand the historic reforms that will introduce a flat-rate State Pension. According to...
Muras Matters: UK & USA Tax Liabilities
UK & USA Tax Liabilities The Mayor of London, Boris Johnson, made the news over the weekend regarding a tax demand issued for the sale of his home. In the UK, the sale of your own residence is free from Capital Gains Tax, however Mr Johnson is a dual UK and US citizen. US tax rules apply to all US citizens...
What is the rush
Readers who still need to file their 2014 self-assessment tax return may be asking themselves what’s the rush? After all, the deadline for filing the return is not until 31 January 2015: more than two months away. In fact there are at least two good reasons why you should attend to your filing obligation in the next few weeks. If part of...
Seven year ban for inadequate accounting records
It would seem that errant directors are not only being pursued by HMRC for sloppy accounting procedures. The Insolvency Service is now taking a more active interest. Daniel Mark Holloway, the sole registered director of Holloways Contract Services, based in Romford, Essex, has been disqualified from acting as a company director for 7 years for failing to adequately explain cash withdrawals...
Muras Matters: The Future of Company Cars
The Future of Company Cars Background In the Finance Act 2014, company car tax rates were announced up to the 2018/19 tax year, enabling us to calculate the taxable benefit arising on company cars for a number of years. Currently, the tax treatment of company cars depends on the CO2 emission level of the car which determines a percentage to apply to the...
Selling personal possessions and capital gains tax
There are a number of personal assets that you can sell without a risk that you are creating a CGT liability. They include: your car individual personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques stocks and shares you hold in tax-free investment savings accounts, such as ISAs and PEPs UK Government or 'gilt-edged' securities, for example, National Savings Certificates,...
Failure to pay maintenance to affect credit rating
From March 2015 (subject to Parliamentary approval), the Child Maintenance Service and Child Support Agency (CSA) will begin sharing certain information about the payment records of their clients with credit reference agencies. This means that arrears built up in maintenance payments will have the same effect on people’s credit score as other debts. Having a poor credit rating can cause...
Muras Matters: ‘Right to Rent’ Check
‘Right to Rent’ Check Background Under the Immigration Act 2014, landlords will be required to check the right of prospective tenants to be in the UK before letting a property to them. The rules are being piloted from 1 December 2014 in Birmingham, Walsall, Sandwell, Dudley and Wolverhampton for tenancy agreements starting on or after 1 December. If the pilot is successful...
Don\’t look gift aid opportunity in the mouth
There are precious few opportunities to make an arrangement after the end of a tax year, and carry the benefit back to impact tax liabilities of the previous tax year. One such opportunity involves gift aid, and has the full blessing of HMRC. According to HMRC you can: “... ask for a Gift Aid donations to be treated as being paid in the...
Incorporated rogues
There is much evidence that dubious characters can masquerade as bona fide business people by calling themselves directors and wrapping themselves in the cloak of incorporation. They use limited liability status to avoid any personal, financial liability. Stories abound of “directors” who run up debts, place their insolvent businesses into receivership, buy any useful assets from the receiver at a knock...