Monthly Archives: November 2015

Autumn Statement 25 November 2015

Announcements for businesses

Support for smaller businesses

The Chancellor reported that the UK’s small and medium sized enterprises now employ 15.6 million people, up from 13.7 million in 2010. Over the last two years the number of small businesses employing someone other than the owner has grown by 100,000.

The government understands that small businesses need tailored support....

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Business tax changes confirmed

The Summer Budget changes formally completed their progress through the legislative process and received royal assent on 18 November 2015.

We have summarised in this posting the main changes to business tax that are now enacted:

  1. Corporation tax rates will be reduced to 19% from 1 April 2017 and 18% from 1 April 2020.
  2. A new clause, not...
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New tax free child care scheme

 A reminder that delays created by legal action to block this new scheme mean that it will not be rolled out until early 2017, a year later than planned.

A top ten summary of the benefits of the new scheme are reproduced below:

1. You’ll be able to open an online account

You’ll be able to open an...

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Dividend Tax changes April 2016

 It was bound to happen some time...

At present there are considerable savings in National Insurance contributions to be made if a minimal amount is paid as salary and any balance of a remuneration package is paid as dividends (particularly for shareholder directors of private limited companies).

From April 2016, the NIC status of dividends is not...

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Emails from the tax office

Generally speaking, HMRC will communicate with you by sending a letter or calling you. It will never ask for personal details by email. Accordingly, you can disregard any emails you receive from HMRC that do ask for personal information, particularly bank details, as they will likely be scams...

However, HMRC is starting to send out more...

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Appeal against HMRC penalties

 You can appeal to HMRC against a penalty for:

  • Late filing of a return
  • Paying tax after the due date
  • Failing to pay all the tax you owe
  • Unable to demonstrate that you have kept adequate records to underpin your tax returns
  • Filing an incorrect return

Your penalty will be cancelled or amended if you have a reasonable excuse.

The latest definitions...

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R & D boost for smaller businesses

In a major boost for pioneering small businesses, the Financial Secretary to the Treasury, David Gauke, recently launched a new plan outlining how government will make it easier for small businesses investing in research and development to claim tax relief.

The two-year plan, which is a response to an HMRC consultation, aims to increase take-up of...

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R & D boost for smaller businesses

In a major boost for pioneering small businesses, the Financial Secretary to the Treasury, David Gauke, recently launched a new plan outlining how government will make it easier for small businesses investing in research and development to claim tax relief.

The two-year plan, which is a response to an HMRC consultation, aims to increase take-up of...

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Tax Diary November/December 2015

 1 November 2015 - Due date for Corporation Tax due for the year ended 31 January 2015.

 19 November 2015 - PAYE and NIC deductions due for month ended 5 November 2015. (If you pay your tax electronically the due date is 22 November 2015.)

 19 November 2015 - Filing deadline for the CIS300 monthly return for...

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