News and Views

1 February 2013 – Due date for corporation tax payable for the year ended 30 April 2012. 19 February 2013 – PAYE and NIC deductions due for month ended 5 February 2013. (If you pay your tax electronically the due date is 22 February 2013) 19 February 2013 – Filing deadline for the CIS300 monthly […]

Businesses that have failed to submit their VAT returns by the due date will be targeted by HMRC this month. An estimated 50,000 businesses may be affected by this latest campaign by HMRC. Registered traders who have outstanding returns to file may find that their tax affairs will be closely scrutinised and without prior warning.According […]

There are a number of tax allowances that can be claimed if certain conditions apply, in some cases these can be transferred to your spouse or civil partner if you are unable to utilise the additional tax relief. 1. Increased personal allowance from age 65. You will be eligible to apply for an additional personal tax […]

It has been proposed that from 2017 a new flat-rate state pension will be paid – worth in today’s money £144 a week. Details will no doubt change over time but some of the information available so far is listed below: • As stated above the starting rate April 2017 will be £144 per week, £7,488 […]

Employers should make sure that they are ready for the switch to the Real Time Information (RTI) from April 2013. Most employers will be affected from April 2013 and all employers by October 2013. Essentially, RTI requires that you submit payroll data on or before the date that salaries and wages are paid to employees […]

1 January 2013 – Due date for Corporation Tax due for the year ended 31 March 2012. 19 January 2013 – PAYE and NIC deductions due for month ended 5 January 2013. (If you pay your tax electronically the due date is 22 January 2013.) 19 January 2013 – Filing deadline for the CIS300 monthly […]

Draft clauses recently published for the Finance Bill 2013 outline the way in which the Government proposes to limit the amount of tax relief an individual can claim. Capped reliefs will be limited to the greater of £50,000 or 25% of net taxable income – this is income less pension payments and charitable donations. The […]

A new Universal Credit (UC) benefits system will be introduced in the UK this year: – The Greater Manchester and Cheshire regions from April 2013,– All new claimants from October 2013,– All existing claimants will be transferred to the new system on a phased approach to be completed in 2017. Universal Credit will be paid […]

One of the surprise announcements in the Autumn Statement 2012 was the decision to increase the Annual Investment Allowance (AIA) from 1 January 2013 to £250,000. The increase will apply for two years. Obviously, this is an attempt to focus the minds of entrepreneurs on investment. For profitable, self-employed traders this could be a useful […]