The Treasury seems to be committed to wringing the last available drop of tax revenue from the buy-to-let sector. In the Budget last week the rate of capital gains tax (CGT) was reduced from 6 April 2016. From 28% to 20% if the gains fell to be taxed as part of the higher rate tax […]
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Review of airside VAT free shopping
A review has been launched by George Osborne to make sure shoppers share in the reduction in VAT in future. At present, it seems that retailers, particularly the larger retailers, are pocking the cash benefits and not passing them on to customers. Here’s what a recent announcement on this topic confirmed: The Chancellor, George Osborne, […]
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Tax Diary January/February 2016
1 January 2016 – Due date for Corporation Tax due for the year ended 31 March 2015. 19 January 2016 – PAYE and NIC deductions due for month ended 5 January 2016. (If you pay your tax electronically the due date is 22 January 2016.) 19 January 2016 – Filing deadline for the CIS300 monthly […]
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Car fuel advisory rates changes
From 1 December 2015, the advisory fuel rates have changed to: 1400cc or less: petrol 11p per mile, LPG 7p per mile 1401-2000cc: petrol 13p per mile, LPG 9p per mile Over 2000cc: petrol 20p per mile, LPG 13p per mile Diesel rates: 1600cc or less: 9p per mile 1601-2000cc: 11p per mile Over 2000cc: […]
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Quarterly accounts filing
At present smaller businesses are required to file accounts once a year with HMRC when their Self Assessment or Corporation Tax returns are filed. HMRC are now moving towards the provision of a digital account for business owners, a portal that will allow taxpayers to manage their tax affairs online. In the draft notes for […]
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Stamp Duty increase for second home buyers
George Osborne and his team seem to have a grudge against landlords and second home owners. From 1 April 2016, Stamp Duty Land Tax (SDLT) payable on the acquisition of residential property – where the property is a second home or a buy-to-let investment – will see a significant increase in the amount of SDLT […]
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Other changes proposed
The government has also published its intention to change a number of other tax reporting issues. Some of the more impactful for smaller businesses and Self Assessment tax payers are reproduced below: Simple Assessment – legislation will be introduced in Finance Bill 2016 to provide a new power to allow HMRC to make an assessment […]
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Business flood victims support fund
Businesses caught up in the devastation of Storm Eva will be able to apply for £6 million of government money to get their doors back open to customers. Read Winter flooding 2015: community support for advice and current information. The Department for Business, Innovation and Skills announced the cash pot would be made available for […]
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Tax helpline for those affected by recent flooding
Readers affected by the recent floods, particularly in the north-west of England, should take note that HMRC has created a support line. If your business was affected you should call HMRC as they will be sympathetic to requests to extend tax payments while the clean-up operation continues. The helpline will enable anyone affected to get […]
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Draft finance bill clauses published
HMRC has issued the following information regarding the publication of draft clauses of the Finance Bill 2016: New draft tax legislation has been published (9 December 2016) to implement policies published at Summer Budget and Autumn Statement 2015. It has also published new tax consultations and responses to policy consultations which took place over the […]