TAX RETURN DEADLINE
31st January is the final deadline for submitting a 2011/12 Self Assessment return. If a tax return is submitted late, then an initial penalty of £100 will automatically be charged. If the return remains outstanding after a further 3 months, then daily penalties of...Minor change to company car fuel rates
HMRC have announced slightly altered fuel rates for company cars. The figures apply to all journeys on or after 1 December 2012, until further notice. For one month from the date of change, employers may use either the previous or new rates, of which only the LPG...Merry Christmas…
The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. However, the cost is only deductible if it relates to employees and their guests, which would include directors in the case of a company, but not sole traders and...Autumn Statement – tax announcements
Basic income tax threshold to be raised by £235 more than previously announced next year, to £9,440 Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015, from £41,450 to £41,865 and then £42,285 Main rate of corporation tax to be cut by extra 1% to 21%...
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation