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Corporation Tax Deadline and Planning

Corporation Tax - Deadlines and Planning

Cash flow management is a crucial part of any business and having an awareness of when and how much tax you need to pay is an important part of that cash flow management. If you don’t pay your corporation tax on time, HM Revenue & Customs will charge interest from the day that it’s due until you pay it. For small and medium companies (SMEs) your corporation tax payment is normally due by nine months and one day after the end of your accounting period. So if your company tax return covers your accounting period 1 April 2013 to...

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National Insurance Employment Allowance

National Insurance - £2,000 Employment Allowance

In the March 2013 Budget, the Government announced that, as an incentive to encourage business growth, it was introducing an employment allowance of £2,000 a year for all businesses, charities and community amateur sports clubs with employees whose earnings result in a secondary Class 1 National Insurance (commonly known as employer’s NIC) liability arising. The draft Bill has now been presented to parliament and the key points of the new allowance are summarized below (but please note that the legislation may be subject to change...

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Tax Free Employee Benefits

Tax Free Employee Benefits

We are often asked how employees can be rewarded without tax implications. Most benefits in kind are taxable on the employee, however, there are some that are not. Although, obviously limited in number, there are some that are worth consideration and what follows is a checklist of the main tax free benefits: • Pension contributions • Parking facilities • Job-related accommodation • Childcare vouchers • Crèche facilities (if available to all) • Free or subsidised canteen meals (if available to a...

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2013 Autumn Statement

Autumn Statement

On 5 December 2013, George Osborne’s Autumn Statement contained several new measures and confirmed a number of others regarding the taxation of businesses and individuals. A summary of some of the main measures follows:- Business tax Employer National Insurance Contributions From April 2015, employer national insurance contributions (NICs) will be abolished for those under 21 years of age on earnings up to £813 per week. Thereafter the normal rate of NICs will apply. It had already been announced that an annual £2,000...

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Year End Strategies

2013/2014 Year End Strategies

Despite ongoing attemps to simplify the UK tax system, the regime remains notoriously complex. The rules are often cumbersome and subject to frequent changes, with some applying immediately while others may be deferred for one, two or more years. Download the attachment to see how Rothmans can help you navigate this minefield!

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Venus Awards Sponsor

Rothmans sponsors Venus Awards 'New Business Award'

Rothmans are proud to support The Venus Awards celebrating women in business in the Southampton area or SO postcode area. Women from Southampton can enter the The Venus Awards. You can nominate yourself, your female friends, business associates or colleagues into a selection of award categories at www.venusawards.co.uk Rothmans is sponsoring the New Business Award and are looking forward to seeing the nominations come in from Southampton based businesses. Says founder Tara Howard, “We are delighted to give Women in Business in South...

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