For employers with between 50 and 249 employees auto-enrolment of employees into a pension scheme starts 1 April 2014. Smaller employers, under 50 employees, will need auto-enrol on a staged basis between 1 June 2015 and 1 April 2017. Employers who are still unclear what their responsibilities are under this new regulation should take a look at the Pensions Regulator website: https://www.thepensionsregulator.gov.uk/employers/does-automatic-enrolment-apply-to-me.aspx The...
Expected tax changes in the Budget 2014
The government has already published certain draft clauses for the Finance Bill 2014. We have listed below some of the more topical changes disclosed. Changes for the tax year 2014-15: Personal Tax: Individuals born after 5 April 1948 will be entitled to a personal tax allowance of £10,000. Employees will be able to increase the maximum value of shares acquired under Share Incentive Plans...
Compensation for flood victims
The following announcements were posted to the GOV.UK website last month. They provide details of some of the compensation being offered to businesses affected by last month’s flooding across the UK: Cash compensation Measures include: A £5,000 repair and renewal grant for all affected householders and businesses. The aim is to top up money received from insurers to build in flood resilience when...
Entrepreneurs’ Relief
Having spent many years building a business, entrepreneurs can still look forward to a maximum tax hit of just 10% when they sell their business, as long as they have organised their business affairs so that they qualify for the CGT Entrepreneurs’ Relief. Basically, you will need to demonstrate that you meet certain criteria for the year ending on the date...
VAT Flat Rate Scheme
This scheme can be beneficial for businesses that have a low proportion of costs that include a VAT input tax charge, and their business turnover, excluding VAT, does not exceed £150,000. One interesting feature of the scheme is that you do not have to leave the Flat Rate scheme until your annual income, including VAT, exceeds £230,000. The only way you can...
Tax Diary March/April 2014
1 March 2014 – Self Assessment tax for 2012/13 paid after this date will incur a 5% surcharge. 1 March 2014 - Due date for Corporation Tax due for the year ended 31 May 2013. 19 March 2014 - PAYE and NIC deductions due for month ended 5 March 2014. (If you pay your tax electronically the due date is 22 March...