With Real Time Information PAYE reporting now in force for broadly all employers, we advise on the revised timetable to the introduction of penalties for failing to make returns or pay PAYE liabilities on time. Employers beware, do not get caught out.
A marriage proposal
From April 2015 married couples and registered civil partners (all referred to as spouses in this article) may be eligible for a new transferable tax allowance. The transferable tax allowance will enable certain spouses to transfer a fixed amount of their personal allowance to their spouse...
Delays to the RTI penalty train
New automatic in-year Pay As You Earn (PAYE) penalties for late filing and late payment and in-year interest (charged on tax and National Insurance Contributions (NICs) that are paid late during the year), were due to start from 6 April 2014...
A boost for pensioners?
One surprise announcement related to reducing the tax burden for some in relation to their savings income, meaning interest income. From 6 April 2015, the maximum amount of an eligible individual's savings income that can qualify for the starting rate of tax for savings will be increased to £5,000 from £2,880, and this starting rate will be reduced from 10% to nil. ..
Something else for the savers
The other surprise announcement was in respect of ISAs. Successive governments, concerned at the relatively low level of savings in the UK economy have over the years introduced various means by which individuals can save through a tax-free environment...
What is your Research & Development worth?
Research and development (R&D) by UK companies is actively encouraged by Government through a range of tax incentives which continually improves year on year. Qualifying capital expenditure attracts an upfront 100% deduction under capital allowances but the R&D relief schemes focus on qualifying revenue expenditure and are only available to companies. ..
Tax free increase for employment-related loans
Where an employer provides an employee/director with a cheap or interest free loan they have to report notional interest (3.25% for 2014/15) on the loan on the form P11D. Where the balance of the loan is not more than a minimum level throughout the tax year no benefit is reportable...
Supporting the working parent
Working parents have long argued for more financial support with regard to childcare costs, particularly those, like the self-employed who have been unable to directly benefit from employer supported childcare such as tax-free child care vouchers...
The capital allowances seesaw
In the Autumn Statement 2012, the Chancellor announced a temporary increase in the amount of AIA available from £25,000 to £250,000. Budget 2014 further increases the amount of the AIA to £500,000 but it is still described as a temporary increase...