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May 2014

  • Second Incomes

    Newsletter issue - May 2014 The Taxman is reaching out to employees with second incomes; which could be anything from selling home-made items, to working as a self-employed consultant. All of the income and expenses from that second source of income should be declared to HMRC, and the correct tax must be paid where a…More

  • Tax Nudge

    Newsletter issue - May 2014 A "nudge" in this context is a piece of advice or an arrangement designed to encourage you to pick the option the Government wants to you to choose, such as contributing to a pension, or eating healthier foods. In this case the nudge is information about the average profit ratios…More

  • Second Homes

    Newsletter issue - May 2014 If you have more than one home, - properties actually used as your home - you can elect for one of those properties to be your tax-exempt main home. Once this election is made, it can be changed at any time, and this allows you to manage the tax you…More

  • Flat Rate VAT

    Newsletter issue - May 2014 The flat rate VAT scheme for small businesses is designed to reduce administration hassle for the businesses that use it, not to reduce the amount of VAT the business pays over to HMRC, but that is often a side effect of using the scheme. You can use the flat rate…More

  • May Questions and Answers

    Newsletter issue - May 2014 Q. If a director takes a £25,000 loan from his company and agrees to pay interest at say 3.5%, does this need to be declared on the company's tax return or on a form P11D? A. This must be shown on the company's corporation return if it has not been…More

  • May Key Tax Dates

    Newsletter issue - May 2014 02 - Last day for car change notifications in the quarter to 5 April - Use P46 Car 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/5/2014 31 - Deadline for copies of P60 to be issued to employees for 2013/14More

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