The Tax Credits deadline of 31 July 2014 is fast approaching! Don’t delay and renew your Tax Credits today!
It is important that you provide the Tax Credit Office with the information they need in order to renew your claim otherwise your payments could stop and you may have to repay some Tax Credits which you have already been paid.
It has been proposed that HM Revenue & Customs (HMRC) should be given the power to collect tax debts directly by having the ability to access a taxpayers’ bank accounts. The question is how far will these powers go? From HMRC’s point of view the intention is to collect debts in the most efficient way and ensure they receive the tax owed.
Take That Tax Scheme as a Tribunal decision favours HM Revenue & Customs (HMRC) and lands Gary Barlow and his Take That bandmates Mark Owen and Howard Donald with a huge tax bill reported around £20 million, after, according to reports that they paid into a tax avoidance scheme.
The free community paper ‘The Solway Buzz’ was a regular read in our household in Silloth when we were growing up, so we are proud to announce that SeavorChartered has made page 9 of the May 2014 edition!
The new rules that apply to claims for capital allowances on fixtures to buildings are now in place.
Whether you already have business premises or are in the process of purchasing new or second hand premises, let us help you to protect your entitlement to tax relief.
If you submit tax returns to HM Revenue & Customs (HMRC), a second payment on account in respect of your 2013/14 income tax liability may be due for payment on 31 July 2014. Just under four months away!
Payments on account are based on your tax liability from the previous year. You paid the equivalent of half last year’s tax liability on 31 January 2014 and the remaining half is due on 31 July 2014.
Grab your April 2014 edition of Carlisle Living magazine and head to the business pages, where you can see our article about the launch of our accountancy and tax advisory business – SeavorChartered. The article provides you with a background about Sarah Seavor and explains briefly about SeavorChartered’s personal one to one approach.
A £2,000 Employment Allowance is available from 6 April 2014 to employers who pay employer’s Class 1 National Insurance Contributions (NIC). Those employers who qualify will reduce their NIC bill by up to £2,000.
This is just one of the measures taken by the UK Government to help and support employers with the increased cost of employing staff.
Ensure that you make the claim and take advantage of this cut to your NIC bill.
The rules regarding VAT on discounts (Early Settlement Discount) is changing from 1 April 2015.
HM Revenue & Customs (HMRC) have estimated this could affect up to 250,000 businesses that currently offer early settlement discounts to their customers. These businesses will need to review their systems and look to revise their paperwork accordingly.
Did you know that you can get tax relief when selling your own home? Providing a property has been your residence at some time during your ownership of it, a gain on its disposal will qualify for Principal Private Residence (PPR) relief and be exempt for Capital Gains Tax (CGT) purposes. Even though you may not be living in the property at the time of disposal and may be living in another property as your main residence.
The Chartered Institute of Taxation
The Association of Taxation Technicians
