‘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...
Muras Matters: HMRC Tax Summaries
HMRC Tax Summaries Background In the 2012 Budget the Chancellor, George Osborne, announced that all taxpayers would receive details of how their taxes are spent. According to the Government, over 24 million taxpayers will receive their first summary from today. Taxpayers will be sent personalised statements containing pie charts showing exactly how much of their earnings are being spent on areas including the...
Planning the Christmas celebrations
If you are involved in planning the staff Christmas party for your firm don’t forget to consider the Income Tax and VAT consequences. Here’s a short reminder of the points you should add to your check list. The cost of an annual staff party or similar function is allowed as a deduction for tax purposes. However, the cost is only deductible...
Workplace pensions overhaul
The Government has announced changes that should standardise, and in most cases reduce, the charges made to administer funds on behalf of contributors. Draft regulations published in October confirm that charges to invest and manage the default funds of all qualifying schemes will be capped at 0.75% annually. Small differences in charges can have a major impact on a pension pot by...
Rent-a-room relief
If you let a room or rooms in your main home you will not pay any tax on rents received as long as the gross receipts do not exceed £4,250 in a tax year. This relief extends to owner occupiers and tenants who receive rent from letting furnished accommodation in their home. If your gross receipts are more than £4,250 you can...
National Minimum Wage
A reminder to business readers that the NMW rates increased from 1 October 2014; the new rates are: 21 and over £6.50 per hour 18 to 20 £5.13 per hour Under 18 £3.79 Apprentice rate £2.73 Don’t forget that HMRC oversees compliance with the NMW regulations. The types of workers who are not entitled to the minimum wage are: self-employed people running their own business company directors volunteers...
Tax Diary November/December 2014
1 November 2014 - Due date for Corporation Tax due for the year ended 31 January 2014. 19 November 2014 - PAYE and NIC deductions due for month ended 5 November 2014. (If you pay your tax electronically the due date is 22 November 2014.) 19 November 2014 - Filing deadline for the CIS300 monthly return for the month ended 5 November...
Tax avoidance scheme users ordered to pay up
HM Revenue and Customs has sent notices to tax avoidance scheme users to pay over £250 million of disputed tax under the Accelerated Payments regime introduced in this year’s Finance Act. The Financial Secretary to the Treasury, David Gauke, told MPs scrutinising the National Insurance Contributions Bill that over 600 Accelerated Payment notices had been sent since late August. Despite recipients having...