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...
Update on State Pension changes
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...