The PAYE system is changing from April 2013 and, if you operate a payroll, YOU WILL BE BE AFFECTED. HM Revenue & Customs are introducting a new process called Real Time Information, or RTI.  The official reason is so things like tax credits and benefits are more accurate.  A by product is that HMRC will.. read more →

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 £10 will commence. DO NOT DELAY – if you need to.. read more →

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 column has changed. Firms may, therefore, make or.. read more →

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 business partners in the case of unincorporated organisations… read more →

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% from April 2014.. read more →

HMRC has launched a new mini-site aimed at those with undeclared income. “We’re closing in” they say, using new technology and additional staff. They follow it up to say “if you have any income you haven’t told us about, you need to declare it before we catch you.” So the site aims to encourage relevant.. read more →

The new High Income Child Benefit Charge (HICBC) takes effect from 7 January 2013. It is a tax charge designed to claw back child benefit received by a couple if at least one member of the couple has an income in excess of £50,100. This income threshold is not by reference to the total of.. read more →