HMRC recently announced that they have brought in an additional £109m in tax revenue in the last six months by pursuing claims against taxpayers who have not declared all their income for tax purposes. The specialist task forces employed to collect this tax are becoming increasingly effective at identifying and tracking down individuals and businesses […]
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Directors responsibilities
We are often asked to explain the role a director is required to undertake for an incorporated business. It is wise to take this question seriously as these responsibilities are written into company law – break them at your peril. The government website lists these duties as follows. As a director of a limited company, […]
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HMRC multi-year funding for voluntary sector
HMRC are inviting bids from interested charities and will allocate a guaranteed £1.5m per year over the next 3 years to the voluntary and community sector (VCS) to support taxpayers who need extra help understanding and complying with their tax obligations and claiming their entitlements, including those who are currently digitally excluded. They are looking […]
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Early bird filing
Why would you want to file your tax return early? The end of this month, for example, is the deadline for filing a paper version of the 2014-15 self assessment tax returns, and if you file online, the deadline is 31 January 2016. A significant number of taxpayers still file after the deadlines and seem […]
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Creditors have their day in court
In a recent insolvency investigation Richard Price and Timothy Porter, both directors of Recruit Investments Limited, which headed up a group of businesses specialising in labour recruitment, have been banned from being company directors for 6 years and 5 years respectively for transferring company assets for no consideration, including Arabian horses and money to one […]
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Safeguarding your business ideas
You will have automatic copyright protection for writing and literary works, art, photography, films, TV, music, web content and sound recordings ‘Design right’ automatically protects your design for 10 years after it was first sold or 15 years after it was created – whichever is earliest. You can use it to stop someone copying your […]
1 October 2015 – Due date for Corporation Tax due for the year ended 31 December 2014. 19 October 2015 – PAYE and NIC deductions due for month ended 5 October 2015. (If you pay your tax electronically the due date is 22 October 2015.) 19 October 2015 – Filing deadline for the CIS300 monthly […]
If you are considering, or already are, selling your products and services in the EU, you may want to read the following recent announcement published on the UK government website. “Emerging Europe offers opportunities for all UK companies ranging from novice to experienced exporters, and across multiple sectors. Emerging Europe is made up of 11 […]
Changes to these rates from 1 September 2015 are: Petrol: engine size 1400cc or less – 11p per mile Petrol: engine size 1401cc to 2000cc – 14p per mile Petrol: engine size over 2000cc – 21p per mile LPG: engine size 1400cc or less – 7p per mile LPG: engine size 1401cc to 2000cc – […]
In the last two editions of this newsletter we have outlined the impact of the changes to the taxation of dividends that will commence 6 April 2016. This month we want to continue to look at this major change as it affects the shareholder directors of private limited companies. For 2015-16 any dividends drawn by […]