Budget 2014 – Tax anti avoidance measures

There barely goes a day when tax avoidance is not in the headlines. The government has given further powers to HMRC to continue to tackle this activity. Following a consultation which ended in February it was announced that tax payers entering into these schemes will have to pay the tax under dispute in accordance with normal payment dates. The lack … Read More

Budget 2014 – Corporate and business aspects

Previous announcements on corporate taxes due to come into effect included; Reduced main rate of corporation tax to 21% from April 2014 and 20% from April 2015 Small company rate to remain at 20% to give a unified rate from April 2015 Replacement of the associated company rules with simpler rules based on a 51% group membership once the unified … Read More

Budget 2014 – Personal tax, pensions and savings

Below are the highlights from today’s Budget concerning personal tax, savings and pensions. Personal Tax –       Personal allowance will increase to £10,500 from April 2015. –       Tax Rates – the HR threshold will be increased to £42,285 and the basic rate limit will be set at £31,785. –       10% savings rate will be reduced to 0% and the band of … Read More

Budget 2014 – Economic overview

The economic recovery is well underway according to the figures with GDP growth particularly strong. The government’s long term economic aim was to build a stronger, more competitive economy and the indications were that this is being achieved, albeit not painlessly. Aided by the Office for Budget Responsibility, revised forecasts show the following: Forecast for GDP growth in 2014 up … Read More

Budget 2014 – What we know already #2

Abolition of Employers NI for Under 21s Employers’ (Class 1 secondary) National Insurance contributions will be abolished for employees under the age of 21. This will be effective from 6 April 2015 and applies to earnings paid up to the Upper Earning Limit. Employment Allowance The Employment Allowance can be claimed from 6 April 2014 in a move which will … Read More

Advisory fuel rates from 1 March 2014

Below are the HMRC advisory fuel rates for all journeys made on or after 1 March 2014. These advisory fuel rates tend to be used to calculate the VAT recoverable within a business mileage rate paid to employees. VAT is currently one sixth of the mileage rate paid and don’t forget to retain fuel receipts if you’re making VAT claims … Read More

Budget 2014 – What we know already

Like businesses up and down the country (and beyond), we’re eagerly anticipating Chancellor Osborne’s Budget on 19 March and hoping that it contains measures to support and encourage continued growth throughout the economy. Here’s a reminder of some measures already announced: Corporate The main rate of corporation tax will fall to 21% in April 2014 before reducing further to 20% from … Read More