1 July 2015 - Due date for Corporation Tax due for the year ended 30 September 2014. 6 July 2015 - Complete and submit forms P11D return of benefits and expenses and P11D (b) return of Class 1A NICs. 8 July 2015 – The second Budget Day for this year. 19 July 2015 - Pay Class 1A NICs (by the 22 July 2015...
Topic: Uncategorized
Muras Matters: Enterprise Management Incentive Scheme
Enterprise Management Incentive Scheme Enterprise Management Incentive Scheme (EMI) and Form EMI40 EMI is a share scheme approved by HM Revenue and Customs (HMRC) with generous tax advantages which can be used to incentivise and retain key employees where certain conditions are met. As part of the scheme, a return must be filed with HM Revenue & Customs (HMRC) each year...
HMRC sets out its position on charging penalties
Its official, HMRC does not want to charge penalties! HMRC have made the following announcement on their approach to the £100 late filing penalty for people sending in tax returns late: “We want to focus more and more of our resources on investigating major tax avoidance and evasion rather than penalising ordinary people who are trying to do the right thing. But...
Muras Matters: “Record Payments” to HMRC Informants
“Record Payments” to HMRC Informants You may have seen figures quoted in the media over the weekend suggesting that in the 2014/15 tax year over £600,000 was paid by HM Revenue & Customs (“HMRC”) to informants and that this is a record high. The reports indicate that this only reflects informants who actually received a payment, most informants do not receive...
North of England set to become dormitory for wealthy Scots
The north of England may become a Scottish executives’ area of choice to live if the Scottish Parliament sets the Scottish income tax at higher rates than the rest of the UK. In effect the north of England could become a dormitory for wealthy families, presently living in Scotland, who for tax reasons, will seek to establish residential status in England. The...
How to renew tax credits
You usually need to renew your tax credits once a year. You should receive your renewal pack by 30 June. If you haven’t got your pack, call the Tax Credit Helpline. You can’t renew your tax credits until you get your renewal pack. If you claimed tax credits after 6 April, your renewal pack is usually sent the following year. Renewal deadline The...
Estate and lettings agents at risk of breaking competition law
The Competition and Markets Authority (CMA) recently fined an association of estate and lettings agents, 3 of its members and a newspaper publisher over £735,000 for agreeing to restrict the advertising of fees or discounts in a local newspaper. In light of this case, the CMA has sent warning letters to a number of estate and lettings agents that it has...
Muras Matters: Company Cars – Changes to Advisory Fuel Rates
Company Cars Changes to Advisory Fuel Rates This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) changed their advisory fuel rates for company cars with effect from 1 June 2015. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to...
Childcare support for working parents to double
David Cameron announces plans to double free childcare for working parents, with some families set to benefit as early as next year. Parents set to benefit from 30 hours of free childcare, with rollout to start from 2016 – a year earlier than planned. Childcare funding rates to increase, with review promised before summer. New government taskforce will introduce changes as soon as...
Over a million more people given the chance to own their own home
Communities Secretary Greg Clark is to announce landmark changes to spread home ownership to millions. Government confirmed in first Queen’s Speech measures including a ground-breaking Housing Bill Right to Buy to be extended to 1.3 million housing association tenants Sweeping new measures, including a Right to Build, to also boost house building Communities Secretary Greg Clark said: Our Housing Bill will offer over a million...