Blog

Review of airside VAT free shopping

A review has been launched by George Osborne to make sure shoppers share in the reduction in VAT in future. At present, it seems that retailers, particularly the larger retailers, are pocking the cash benefits and not passing them on to customers.

Here’s what a recent announcement on this topic confirmed:

The Chancellor, George Osborne, has launched...

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Tax Diary January/February 2016

1 January 2016 - Due date for Corporation Tax due for the year ended 31 March 2015.

 19 January 2016 - PAYE and NIC deductions due for month ended 5 January 2016. (If you pay your tax electronically the due date is 22 January 2016.)

 19 January 2016 - Filing deadline for the CIS300 monthly return for...

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Car fuel advisory rates changes

 From 1 December 2015, the advisory fuel rates have changed to:

1400cc or less: petrol 11p per mile, LPG 7p per mile

1401-2000cc: petrol 13p per mile, LPG 9p per mile

Over 2000cc: petrol 20p per mile, LPG 13p per mile

Diesel rates:

1600cc or less: 9p per mile

1601-2000cc: 11p per mile

Over 2000cc: 13p per mile

 

These rates can be used...

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Other changes proposed

The government has also published its intention to change a number of other tax reporting issues. Some of the more impactful for smaller businesses and Self Assessment tax payers are reproduced below:

  1. Simple Assessment – legislation will be introduced in Finance Bill 2016 to provide a new power to allow HMRC to make an assessment of...
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Quarterly accounts filing

At present smaller businesses are required to file accounts once a year with HMRC when their Self Assessment or Corporation Tax returns are filed.

HMRC are now moving towards the provision of a digital account for business owners, a portal that will allow taxpayers to manage their tax affairs online. In the draft notes for the...

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Stamp Duty increase for second home buyers

George Osborne and his team seem to have a grudge against landlords and second home owners. From 1 April 2016, Stamp Duty Land Tax (SDLT) payable on the acquisition of residential property – where the property is a second home or a buy-to-let investment - will see a significant increase in the amount of SDLT...

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Tax helpline for those affected by recent flooding

Readers affected by the recent floods, particularly in the north-west of England, should take note that HMRC has created a support line. If your business was affected you should call HMRC as they will be sympathetic to requests to extend tax payments while the clean-up operation continues.

The helpline will enable anyone affected to get practical...

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Draft finance bill clauses published

HMRC has issued the following information regarding the publication of draft clauses of the Finance Bill 2016:

New draft tax legislation has been published (9 December 2016) to implement policies published at Summer Budget and Autumn Statement 2015.

It has also published new tax consultations and responses to policy consultations which took place over the past year.

Finance...

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Training for employees and franchisees

Employers who pay for their employees and sub-contractors to attend training courses may be interested in the following directive from HMRC, issued July 2015.

The cost of food and accommodation provided for employees attending training courses for the purpose of the trade is not disallowable under the legislation. However, if food and accommodation are provided as...

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