All active building contractors and building subcontractors are subject to HMRC regulation. The rules they have to abide by are set out in the Construction Industry Scheme (CIS). Essentially, contractors cannot pay their subcontractors without stopping tax. Only in specific circumstances can payments be made without deduction of tax. The scheme operates a little like the PAYE system with one Continue Reading
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Small business rate relief
You can get small business rate relief if you only use one property and its rateable value is less than £12,000. Until 31 March 2015 you’ll get 100% relief (doubled from the usual rate of 50%) for properties with a rateable value of £6,000 or less. This means you won’t pay business rates on properties with a rateable value of Continue Reading
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Tax fugitive tracked down
A member of the one of the UK’s biggest tobacco smuggling gangs, who fled to Spain to avoid prison, has been returned to the UK to begin his sentence. John Sabin, 58, from Doncaster, was part of an eight-strong gang that transported millions of smuggled cigarettes across the north of England to warehouses, storage yards and farms with the intention Continue Reading
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Tax Diary June/July 2014
1 June 2014 - Due date for Corporation Tax due for the year ended 31 August 2013. 19 June 2014 - PAYE and NIC deductions due for month ended 5 June 2014. (If you pay your tax electronically the due date is 22 June 2014.) 19 June 2014 - Filing deadline for the CIS300 monthly return for the month ended Continue Reading
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