In an effort to increase corporate transparency Companies House is to make all of its digital data available free of charge. This will make the UK the first country to establish a truly open register of business information. As a result, it will be easier for businesses and members of the public to research and scrutinise the activities and ownership of...
SITR, SEIS and EIS
From April 2014 a new investment relief has been created, the Social Investment Tax Relief (SITR). Investments must be in a social enterprise, which means a community interest company, a community benefit society, or a charity. The money raised must be used for the enterprise’s chosen trade or charitable purpose. In many ways SITR shares characteristics with the SEIS (Seed Enterprise...
VAT – pick and mix
There are a number of VAT schemes that benefit registered businesses. For example: Cash accounting If you are eligible and the scheme is suitable for your business, then using the cash accounting scheme enables you to pay VAT when your invoice is paid and not when you issue the invoice to your customers. You are also restricted when claiming back input VAT...
Tax Diary August/September 2014
1 August 2014 - Due date for Corporation Tax due for the year ended 31 October 2013. 19 August 2014 - PAYE and NIC deductions due for month ended 5 August 2014. (If you pay your tax electronically the due date is 22 August 2014.) 19 August 2014 - Filing deadline for the CIS300 monthly return for the month ended 5 August...
Inheritance Tax
Inheritance Tax (IHT) is due when a person’s estate (their property and possessions) is worth more than £325,000 when they die. This is called the ‘IHT threshold’. The current rate of IHT is 40% on anything above the threshold. The rate may be reduced to 36% if more than 10% of the estate is left to charity. Who pays Inheritance Tax Usually the...
Trade marks
Ever wondered how you can register a trade mark that makes your brand recognisable, for example a logo or a sound? Registering a trade mark lets you stop other people from using it without your permission. A trade mark registration lasts 10 years and is only valid in the country of registration. You can renew it every 10 years. Company names...
National Minimum Wage (NMW) rates and penalties
Last week we published details of who is, and who is not, entitled to payment at National Minimum Wage rates. This week we have listed the current rates of NMW that apply. There are currently three aged based national minimum wage rates and an apprentice rate, which are usually updated in October each year. The rates that apply from 1 October...
Exporters data to be released by Government
UK businesses should be aware that the Government are consulting on the possible release of data held by public departments, particularly, HMRC. We have reproduced extracts from a recent press release that sets out the scope of the present consultation. “The data held by the public sector is among the most useful and valuable anywhere. This is why the UK Government...
National Minimum Wage (NMW)
The National Minimum Wage is the minimum pay per hour almost all workers are entitled to by law. It doesn’t matter how small an employer is, they still have to pay the minimum wage. Who is entitled to the minimum wage? Workers must be school leaving age (last Friday in June of the school year they turn 16) or over to get...
A new look to benefits in kind regime?
HMRC are currently consulting with interested parties (the accounting profession and associated professional organisations) to re-vamp the UK’s system for taxing employee benefit in kind and expenses. Changes are planned to simplify this process in accordance with recommendations made by the Office of Tax Simplification. Consultations commenced 18 June 2014 and due to be completed 9 September 2014. The four areas of...