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June 2014

  • Marginal Tax Rates

    Newsletter issue - June 2014 What rate of tax would you pay on an additional £1 of earnings? If your annual income is between £41,865 and £150,000 you may think the tax rate would be 40%, but the peculiarities of the UK tax system mean you could pay much more. To start with earned income…More

  • Real Time Information (RTI) Interest

    Newsletter issue - June 2014 In the past some employers would play the PAYE system, holding on to the PAYE deductions until the last payment date of the year, and then paying the balance due before interest was charged. That is no longer possible under real time information (RTI), as interest is now charged on…More

  • VAT and Discounts

    Newsletter issue - June 2014 Do you offer prompt payment discounts to your customers - known as PPDs? Under UK law VAT is payable on the net amount after deducting the discount, whether or not the customer takes advantage of the discount. Say you sell a carpet for £1,000 + VAT, and offer 3% discount…More

  • Auto-enrolment

    Newsletter issue - June 2014 Auto-enrolment is the term for the law that requires all employers to register their employees into a qualifying workplace pension scheme. This requirement is being rolled-out to the largest employers first and will eventually apply to the smallest employers from June 2015 onwards. For example if you have 62 to…More

  • June Questions and Answers

    Newsletter issue - June 2014 Q. My father resigned as a director of our family business in March, and started to draw his pension, but he retained 15% of the shares in the company. It seems likely that company will be sold later this year. Will my father get entrepreneurs' relief on any the gain…More

  • June Key Tax Dates

    Newsletter issue - June 2014 19/22 - PAYE/NIC and CIS deductions due for month to 5/6/2014More

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