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Budget 2014 – Savings & Investments
Individual Savings Accounts (ISAs) From 6 April 2014 the overall ISA savings limit will be increased from £11,520 to £11,880 of which £5,940 can be invested in cash. From 1 July 2014 ISAs will be reformed into a simpler product, the ‘New ISA’ (NISA) and all existing ISAs will become New ISA (NISA) From 1…
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Budget 2014 – Personal Tax
Personal Allowance for 2014/15 For those born after 5 April 1948 the personal allowance will be increased from £9,440 to £10,000. The reduction in the personal allowance for those with ‘adjusted net income’ over £100,000 will continue. The reduction is £1 for every £2 of income above £100,000. So for this year there is no allowance…
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Corporate Tax Award for Burgis & Bullock
Hot on the heels of our recent successes, Burgis & Bullock have been awarded the 2014 Midlands Based Corporate Tax Firm of the Year award by Acquisition International. This award recognises the increasingly important role that taxation plays in cross border transactions and highlights both the international and corporate tax expertise available at Burgis &…
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HMRC Delay Payroll Penalty Regime
HMRC have delayed the introduction of penalties for late or incorrect submission of RTI Returns and payments The Real Time Information (RTI) reporting system for PAYE was introduced in April 2013 and a new penalty regime for late filing and late payment under RTI were due to commence on 6 April 2014, however HMRC has now…
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HMRC resignations at four year high!
Staff are leaving HMRC in their highest numbers for four years, with nearly 1,700 employees leaving in the last 12 months, according to recent research. A total of 1,697 staff resigned from HMRC in 2012-13, the highest number since 2008-9. This is 2.65% of the total staff. In the last couple of years, HMRC has…
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HMRC attacks LLPs as “Tax Avoidance”
At least that’s the view in a report recently published by the Office for Tax Simplification (OTS). In the review of the tax treatment of 420,000 businesses the authors came to the conclusion that HMRC generally treats partnerships and LLPs in particular, as if they were exclusively “avoidance vehicles”! In the report, the authors said: ‘Echoes…
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HMRC win dividend waiver case
We highlighted in this blog as long ago as 2012 HMRC’s increasingly aggressive stance against what has long been held as legitimate tax planning by smaller companies. In a recent ruling (January 6, 2014) the Inland Revenue have won a case at appeal that gives further clarification around the issue of ‘settlement legislation’ and waiver…
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One man companies beware!
One man companies should be well aware of the IR35 rule. The taxman has just published its 47 page ‘Intermediaries legislation guidance note’. http://www.hmrc.gov.uk/ir35/guidance.pdf The note includes 12 business entity tests which will be one element in assessing the likely risk of there being potential ‘tax leakage’ and whether HMRC need to take further action.…
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VAT Exemption Extends to all Not for Profit Sports Clubs
Further to our blog of the 2 January 2014, we should also point out that the European Court ruling will apply to any fees received by a not for profit organisation for the playing of sport. H M Revenue & Customs has yet to publish their reaction to this decision but all sports Clubs should…
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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