Monthly Archives: March 2014

Tax Diary April/May 2014

  1 April 2014 - Due date for Corporation Tax due for the year ended 30 June 2013.  19 April 2014 - PAYE and NIC deductions due for month ended 5 April 2014. (If you pay your tax electronically the due date is 22 April 2014.) 19 April 2014 - Filing deadline for the CIS300 monthly return for the month Continue Reading
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State Pension and tax

If you have recently started to receive your State Pension, you may, or may not, have noticed that it is paid without deduction of tax. This can have a number of unforeseen tax consequences: If your total income including your State Pension is less than your personal tax allowance then there is no tax to pay and you can spend Continue Reading
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HMRC is changing the way they charge interest on late paid PAYE

Employers should note that HMRC is changing the way they charge interest on unpaid PAYE from 6 April 2014. We have reproduced below HMRC’s recent Helpsheet:  For the tax year 2014-15 onwards:  HMRC will charge in-year, rather than annual, interest on all unpaid: PAYE tax and Class 1 National Insurance, including specified charges (estimates HMRC makes in the absence of Continue Reading
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What has not changed since the Budget?

   Entrepreneurs’ Relief  As long as the ownership of your business is structured correctly, and for a minimum time period, then lifetime disposals not exceeding £10m will only be taxed at 10% for Capital Gains Tax purposes.   Cap on tax reliefs  Don’t forget that certain tax reliefs are capped at £50,000 or 25% of your income. The reliefs affected Continue Reading
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