This is an interesting article highlighting some of the complexities behind the current legislation _Click here
There have been several key changes affecting small business this April.
The shake up in the taxation of dividends and withdrawing the availability of the Employer Allowance for sole director payrolls are but a few.
See the BBC summary of key changes here.
As the festive season approaches spending time with family becomes a focus for everyone. With this in mind the practice will be closed from December 21st - January 6th.
HMRC have published their turn around times for agent authorisations in time for the January Self Assessment deadline. The official deadline for authorising an agent via the on-line system is January 15th and postal forms by December 23rd. If you need to register for self-assessment for the first time this will take an extra 6 weeks so you need to be doing this TODAY.
To avoid disappointment during this busy time please get in touch before December 21st.
From the 1 January 2014 HMRC are withdrawing the partial exemption concession on road fuel scale charges. See the full article HERE
A cap has been introduced on income tax relief. The measures limit the amount of income tax relief that an individual may deduct at step 2 of their income tax calculation for a tax year with effect from the 2013/14 tax year. The limit is the higher of £50,000 or 25% of the taxpayer’s adjusted total income for the tax year.
Among the reliefs affected are s63 and s72 so if you are an individual with trading losses you need to be aware of the changes.
The upgrade to HMRC on-line services is taking place from 16:00 on Wednesday 9 October 2013 to Tuesday 15 October 2013 – though most services will be affected for only part of that time.
For self assessment, as noted last week, the online service will be unavailable between 06:00 on Friday 11 October and 06:00 on Monday 14 October.
The extent to which an on-line service is unavailable or otherwise affected will depend on which service it is – full details for all on-line services are on HMRC Service availability page.
Individuals who have not opted out and earn more than £50,000 and who (or their partner) have claimed child benefit since 7 January 2013 should by now have notified HMRC that they are required to file a tax return on-line. The 5 October deadline has now been and gone and fines and penalties could be payable for not declaring the need to file. If you are unsure if you are affected then please get in touch.
The rates change from 1st October 2013 - make sure you are paying or receiving the right amount:
With the deadline for submitting your paper return a little over a month (31 October) away I hope you are all on top of things. If you are struggling to meet the deadline then you may be able to submit your return on-line, giving you until the 31st January 2014. To find out more or see how we can help please get in touch.
The best times to telephone are - term time Mon/Tue/Thu/Fri 9.30 - 2.30. We are also available on Wednesdays, evenings 6-8 and weekends by appointment. Alternatively send an email or inquiry form and we will respond as soon as we can. We look forward to hearing from you.