The most generous tax allowance presently available to businesses that encourages direct investment in new plant, equipment and commercial vehicles, is the Annual Investment Allowance (AIA). If you buy qualifying assets you can write off the expenditure against your taxable profits in the same accounting period. The present limit to this allowance is generous, £500,000. The AIA is due to reduce from...
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Queens Award for Enterprise 2015
All of this year’s (2015) winners are UK businesses leading the way in international trade, innovation and sustainable development in a broad range of sectors including car manufacturing, education, software design and fashion. The Department for Business, Innovation and Skills (BIS) unveiled the 141 winners of the Queen’s Awards for Enterprise and 6 individual recipients of the Queen’s Award for Enterprise...
Muras Matters: P11D Common Errors
P11D Common Errors As the 6 July deadline for submission of forms P11D and P11D(b) is impending, HM Revenue & Customs (“HMRC”) have released a list of common mistakes made when filing in the forms: 1. Duplicate forms Although the forms can be submitted online, HMRC still accept forms sent through the post. Some employers have sent the same forms by post and...
A few miscellaneous effects of holding ISAs
If you move abroad If you open an Individual Savings Account (ISA) in the UK and then move abroad, you can’t put money into it after you move (unless you’re a Crown employee working overseas or their spouse or civil partner). However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it. You...
Black taxis urged to go green
On 26 March 2015 the government announced a new initiative to support taxi owners to convert to lower emission vehicles. The initiative is £45 million to support the rollout of greener taxis. A £20 million fund will be made available to local authorities to support the rollout of ultra-low emission taxis across the UK. The money will be available to...
Emergency tax codes
You’re on an emergency tax code if your payslip says your tax code is one of the following: 1060L W1 1060L M1 1060L X Emergency tax codes are temporary. While you’re on an emergency tax code, you pay tax on all your income above the basic Personal Allowance (£10,600 for the 2015 to 2016 tax year). If your tax code is just 1060L it’s not...
Muras Matters: Official Rate of Interest
Official Rate of Interest HM Revenue & Customs have confirmed that their ‘official rate of interest’ has been revised down to 3% from 6 April 2015 for the 2015/16 tax year. It is subject to review however should there be significant interest rate changes. Previously the official rate was 3.25% for the 2014/15 tax year. Background The ‘official rate of interest’ is used...
The following tax changes came into effect Monday 6 April 2015
Following on from our previous blog posting: tax changes that were effective from 1 April 2015 (and that mainly affected Companies), we have included below tax changes that affect individuals from 6 April 2015, the start of the 2015-16 tax year. Individuals over the age of 55 have flexible access to their defined contribution pension savings The Income Tax Personal Allowance increases...
Shared Parental Leave law became effective on 5 April 2015
Parents in work can now share responsibility for looking after their newborn or newly adopted child as Shared Parental Leave law becomes effective 5 April 2015. Eligible couples whose child is due on or after Sunday 5 April 2015 can now share up to 50 weeks of leave and 37 weeks of pay in the first year of their child’s life....
Muras Matters: Taxation Award Finalists 2015!
Taxation Award Finalists 2015! We are very pleased to announce that Muras Baker Jones Limited have been selected as Finalists by the LexisNexis owned Taxation Magazine for the 2015 “Single Office Tax Practice of the Year” Award. This award recognises innovation and best practice in the field of taxation, with emphasis on an extra level of personal service and commitment for clients. The...