Tax Alerts - 2011
21 Sep 2011
As Benjamin Franklin said, the only things in life that are certain are death and taxes. Yet, despite that certainty, most of us will go out of our way to avoid thinking of either!
As advisors, we recognise that inheritance tax (IHT) can be a difficult subject to broach with you, our clients. None of us particularly want to address the issue of our own mortality.
However, while the prospect of ...(more)21 Sep 2011
Many people overlook the importance of national insurance contributions (NIC) and the effect this can have on their ability to qualify for state pension and benefits. Many are also unaware that a number of changes are being made in respect of the administration and collection of NIC. If you would like further information regarding any aspect of NIC please contact us.
State Retirement Pension
The state retirement age is increasing and the age at ...(more)21 Jun 2011
A new penalty regime for late payment of payroll tax liabilities was introduced in April 2010 but due to the way these are calculated are only now beginning to take effect.
Penalties for the late payment of PAYE are determined by the number of defaults in a tax year. The first late payment does not attract a penalty but a second (or more) late payment will. The penalties apply to all ...(more)21 Jun 2011
National Insurance rates for both employer and employee contributions rose by 1% from 6 April 2011, to 13.8% and 12% respectively. This is in addition to the 50% rate of income tax introduced from 6 April 2010. In order to mitigate the spiralling tax costs, employers are increasingly taking advantage of salary sacrifice type arrangements to offer their employees more tax efficient remuneration packages.
So What Is Salary Sacrifice?
Salary sacrifice is ...(more)13 Apr 2011
A wealth of material was released following on from the Budget on 23 March 2011 but here are a few changes that you might not be aware of:
Spotlight on Plumbers
Plumbers, gas fitters and heating engineers who fail to declare their earnings are being targeted by the tax authorities.
Later this year, using information gained from various sources (including lists of members registered with certain plumbing federations, gas safe certifiers and ...(more)13 Apr 2011
Kate Middleton & Prince William tie the knot on 29th April. It’s probably fair to say that their marriage will face few financial crises. The tax implications of their nuptials is probably the last thing on their minds!
However, for the rest of us, tax is an unavoidable fact of life, and one we neglect at our peril. It’s something we should consider at all stages of life – starting work, ...(more)25 Mar 2011
“The nation should have a tax system that looks like someone designed it on purpose.”
William Simon - Treasury Secretary during the Nixon administration
(more)14 Jan 2011
It may now be even more beneficial for self employed individuals or smaller businesses with sales of less than £150,000 (exclusive of VAT) per year to adopt the flat rate VAT scheme.
What is this scheme? It was introduced back in 2002, the main driver behind it's introduction being to cut down on the administration headache suffered by small businesses of preparing quarterly VAT returns, particularly those who found it a ...(more)07 Jan 2011
In these troubled economic times the last thing most of us need is another bill, so make sure your New Year's Resolution is to get your tax returns and payments in on time and avoid any unnecessary tax penalties. To help you along the way, take a look at our tax calendar, which gives you some of the key dates that you'll need for your 2011 diary.
Penalties for late filed ...(more)