News & Topics
Employers NICs reduced up to £2000
From 6 April 2014 some employers can claim the new 'Employment Allowance' to reduce their Class 1 National Insurance contributions (Employers NICs) by up to £2000 each tax year. You should consult the information provided by the government to determine whether or not you can claim this allowance. See www.gov.uk/employment-allowance-up-to-2000-off-your-class-1-nicsfor more information.
RTI late filling penalty
HMRC has announced that it will exempt small employers with 49 or fewer staff from RTI late filling penalties until March 2015. For other employers, HMRC will introduce penalties for failing to file PAYE submissions on time from 6 October 2014. Employers should make sure that all submissins due for all of their PAYE schemes are fully up to date by 5 October 2014.
Don't miss your next VAT filling deadline
If you are VAT registered, you should be mindful of the submission deadline. It may be helpful to receive an email reminder from HMRC as when their return is due. To sign up for the email, you need to log in to HMRC Online Services or via www.hmrc.gov.uk. 1) Select 'Your account' from the Main menu 2) Select 'Update personal details' from the 'Your contact details seciotn' 3) Add your email ...
[read more]Anti-money laundering
HSBC and Standard Chartered, both with a strong presence in Hong Kong, have been making it more difficult for British Virgin Island companies to open bank accounts in the Chinese territory , as a result of strengthening compliance with money laundering rules. Experts say BVI’s reputation also suffered after a mass leak of investor names, while France put BVI on a black list for providing information to regulators too slowly. Samoa ...
[read more]Calls to reform business rates
67,000 small firms in England face above-inflation rises in their bills next year. As the end of transitional relief for small buisnesses in April 2015 has conincided with a postponement in revalation of the property values used to calculate the tax. Over 100 companies including Tesco, Marks & Spencer and General Motors have signed an open letter calling for business rates to be overhauled describing them as "no longe...
[read more]EU tax rules target dirty money
EU state and the European parliament have struck an agreement intended to stop shell companies being used to finance criminal activity or evade taxes. Central registers will be set up listing the benefincal owners of companies, trusts and other legal entities, giving the name, month and year of birth, nationalilty and residency of the people who own and profit from them. In addition, banks, accountants, lawyers, real estate agents ...
[read more]Growth Vouchers Programme
The government has launched its new Growth Vouchers programme for small businesses to see how external advice can help you overcome barriers to your business's growth. Vouchers worth up to £2000.00 will be offered to a majority of eligible businesses that take part. Go to www.gove.uk/apply-growth-vouchersfor more information and to apply.
Claim capital allowance for your business expenses
Generally you can claim for anything you buy to run or to use in your business. You will also need to keep a record of how much you spent buying items for your business. If you use anything you have bought privately and for business, you can only claim for the business part. You will find more detailed information about capital allowances, business expenses and what you need to do at https://www.gov.uk/capital-allowances.
Get £2000 off your NIC bill
From 6 April 2014, yo ucan get the Employment Allowance which could reduce your employer's Class 1 National Insurance Contributions (NICs) by up to £2000 every year. Almost every employer who is a business or charity that pays employer Class 1 NICs on their employee's or director's earnings will be eligible. To apply, you need to use your 14-15 payroll software. To check your eligibility and get further inform...
[read more]Selling on the internet, by telephone, from a stall, a shop or in the home
If you sell goods and services to consumers, you are likely to be affected by changes in legislation coming into force in June 2014. Those selling online or off-premises will see the biggest change. The Consumer Contracts (information, Cancellation and Additional Charges) Regulations 2013 will apply from the 13 June this year and set out new rules on • Information...
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