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Employment allowance – claim now!
On 6 April 2014 the Employment Allowance came into effect – a new relief which means nearly all employers can save up to £2,000 of employer’s National Insurance contributions (NICs) each year. The Chancellor of the Exchequer, George Osborne, wrote a letter to small businesses, to make sure they knew about the allowance and how…
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Undeclared offshore income? Time is running out…
HMRC is stepping up efforts to tackle offshore tax evasion in its updated strategy document ‘No safe havens 2014’. The paper proposes the introduction of a new criminal offence for failing to declare taxable offshore income, a conviction to be introduced in 2015 (subject to consultation). In recent years HMRC has been taking a…
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HMRC Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 March 2014. HMRC’s website states: ‘These rates apply to all journeys on or after 1 March 2014 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose.…
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Chance for Employees to “come clean” to HMRC
A recent campaign aimed at people who are employed but also have income from self-employment which they have not declared has been launched by HMRC. This new campaigns has been christened the “Second Incomes Campaign” and aims to encourage people to come declare secondary sources of income to HMRC. If they do not use this opportunity,…
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NHS PENSION – DO YOU NEED PROTECTION?
There is a deadline approaching. I am sure you are aware that HMRC will be reducing the lifetime allowance for pension savings to £1.25 million from 6 April 2014. If you work for the NHS, or have other substancial pension holdings, you need to ensure you have had your NHS pension/personal pension savings reviewed to…
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Budget 2014 – VAT and Tax Avoidance
VAT prompt payment discounts Legislation will be introduced in Finance Bill 2014 to amend the UK VAT legislation on prompt payment discounts so that it is aligned with EU legislation. Under the current rules, suppliers account for VAT on the discounted price offered for prompt payment, even when that discount is not taken up. This…
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Budget 2014 – Capital Taxes
Capital Gains Tax (CGT) rates The current rates of CGT are 18% to the extent that any income tax basic rate band is available and 28% thereafter. The rate for disposals qualifying for Entrepreneurs’ Relief is 10% with a lifetime limit of £10 million for each individual. CGT annual exemption The CGT annual exemption is…
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Budget 2014 – Business Tax
Corporation tax rates The main rate of corporation tax will be 21% from 1 April 2014. The current rate is 23%. From 1 April 2015 the main rate of corporation tax will be reduced to 20% and unified with the small profits rate. The small profits rate will therefore remain at 20% until then. Annual…
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Budget 2014 – Pension Changes
Pension changes The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes. Some changes to the current restrictive rules will come into effect from 27 March 2014 whilst further measures will follow in April 2015 after a period of consultation.…
Last week, our trainees took part in an internal audit training session designed to strengthen their technical knowledge and support their professional development. While gaining practical skills was the key objective, we also wanted to make the learning experience engaging and enjoyable, so we incorporated some games. At Burgis & …
October 14, 2026
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