taxsavingblog.blogspot.com
Tax Saving Blog: VAT AND DISCOUNTS
http://taxsavingblog.blogspot.com/2014/06/vat-and-discounts.html
Wednesday, 25 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. The PPD VAT-dodge has been widely exploited by suppliers of telecommunications and broadcasting services, so the use of PPDs to reduce VAT due has already been blocked in those sectors from 1 May 2014, where the customer can't recover the VAT charged. Those will be non-...
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Tax Saving Blog: REAL TIME INFORMATION (RTI) INTEREST
http://taxsavingblog.blogspot.com/2014/06/real-time-information-rti-interest.html
Sunday, 22 June 2014. REAL TIME INFORMATION (RTI) INTEREST. 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 late paid PAYE and CIS deductions on a monthly basis throughout the tax year. The way to get rid of a specified charge is to submit a nil Employer Payment Summary (EP...
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Tax Saving Blog: AUTO-ENROLMENT
http://taxsavingblog.blogspot.com/2014/06/auto-enrolment.html
Saturday, 28 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 89 employees you have to apply auto-enrolment from 1 July 2014. Those with larger payrolls should already have auto-enrolment in place. We can help you work out what auto-e...
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Tax Saving Blog: December 2013
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Monday, 30 December 2013. SHOULD I REGISTER FOR VAT? If your taxable turnover is below the VAT threshold then you may not have considered whether registering for VAT could be advantageous for you. The VAT registration threshold is £79,000 from 1 April 2013. If you incur VAT on supplies and the majority of your customers are registered for VAT, then it may be beneficial to register for VAT on a voluntary basis. Friday, 27 December 2013. That is starting to change. HMRC is now sending electronic messag...
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Tax Saving Blog: Frequently Asked Questions
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Q Please help, I'm so worried. I've received several threatening letters from the Taxman demanding money, but I'm sure I'm up to date with my tax payments. I'm terrified the bailiffs will turn up on my doorstep and demand payment. What should I do? These may be enough to prove to the bailiffs that you have paid the tax you owe. A The regular mileage rate is supposed to cover all the marginal costs of using your personal car for business, including insurance. So if the company reimburses you for the e...
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Tax Saving Blog: July 2014
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Friday, 4 July 2014. BANK AND BUILDING SOCIETY INTEREST. If you are a non-taxpayer, make sure you register for interest to be paid gross and if you have not done that, make sure that you claim back any tax paid on interest earned on bank and building society deposits. To receive interest gross you should complete the HMRC form R85. You can download the form via the following link:. Http:/ www .hmrc.gov .uk/forms/r85. pdf. To receive interest gross you should complete the HMRC form R85. Where payment is m...
taxsavingblog.blogspot.com
Tax Saving Blog: October 2013
http://taxsavingblog.blogspot.com/2013_10_01_archive.html
Wednesday, 30 October 2013. If you are a member of a final salary pension scheme it will promise to pay you a pension equivalent to a percentage of your final salary. That could be as much as 2/3rds of your final salary. Work backwards from your current salary to get a rough idea of how much your pension fund may be worth. Your pension scheme trustees will be able to give you more accurate figures. After 6 April 2014 there will be another way of protecting your pension fund, called 'individual protection...
taxsavingblog.blogspot.com
Tax Saving Blog: THE VAT CASH ACCOUNTING SCHEME
http://taxsavingblog.blogspot.com/2014/05/the-vat-cash-accounting-scheme.html
Wednesday, 21 May 2014. THE VAT CASH ACCOUNTING SCHEME. If your VAT-exclusive turnover is £1.3Sm or less, then you may account for and pay VAT on the basis of cash paid and received. You can join this scheme at any time. Once you are in the scheme you can continue to use it until your taxable turnover exceeds £1.6m per annum. Subscribe to: Post Comments (Atom). THE VAT CASH ACCOUNTING SCHEME. ROLL-OVER RELIEF FOR BUSINESS ASSETS. SALARIED MEMBERS OF LLPS. SALARY AND DIVIDEND STRATEGY 2014/15.
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Tax Saving Blog: MARGINAL TAX RATES
http://taxsavingblog.blogspot.com/2014/06/marginal-tax-rates.html
Friday, 20 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 above the 40% threshold carries a national insurance charge (NICs) of 2% so for every £1 you earn above £41,865 (for 2014/15) you will pay 42% in tax and NICs. Payments of pension contributions and Gift Aid donations can stretc...
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Tax Saving Blog: May 2014
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Wednesday, 21 May 2014. THE VAT CASH ACCOUNTING SCHEME. If your VAT-exclusive turnover is £1.3Sm or less, then you may account for and pay VAT on the basis of cash paid and received. You can join this scheme at any time. Once you are in the scheme you can continue to use it until your taxable turnover exceeds £1.6m per annum. Sunday, 18 May 2014. ROLL-OVER RELIEF FOR BUSINESS ASSETS. Roll-over relief for business assets. Thursday, 15 May 2014. HMRC is writing to letting agents in the UK, asking them to p...