Robin Lloyd

Growth vouchers programme extended

In our last newsletter, Power In Numbers 16, we included an article outlining the government’s Growth Voucher scheme – a £30 million research programme to assist small businesses in accessing professional advice. Since our last newsletter the programme has been extended and is now open to companies with fewer than 250 employees and those who have recently started up a business. The Government is also helping to improve cash flow as businesses will have to find less money up front towards the cost of the voucher.On what kin...

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Andy Miller

HMRC Tax Demands and Repayments - Check yours carefully

If you have received correspondence from HM Revenue & Customs that informs you of either a tax repayment, or requests payment of tax, be sure to check it carefully since it has recently come to light that HM Revenue & Customs has miscalculated the tax bills of up to 100,000 people for the 2013/14 tax year (i.e. year ended 5 April 2014). This follows news in June that over 5 million people paid the wrong amount of tax through the Pay As You Earn (PAYE) system for that tax year – despite the recent introduction of the Real Time In...

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National Insurance - £2,000 Employment Allowance - Reminder

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 £2,000 allowance commenced from 6 April 2014 (i.e. the tax year 2014/15) and is intended to be an annual allowance. It is used to offset the Class 1 secondary Nation...

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Power in numbers 17

Power in Numbers 17

Power In Numbers issue 17 is now out and available to download HERE Jonathan Poulter Winchester

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Tax Tips for Christmas

It’s the time of year when business owners are considering their plans for Christmas activities, and rewards for staff, customers and suppliers. Here follows a reminder of some of the tax implications: Flu Vaccinations Annual routine flu vaccinations offered to staff are not considered a taxable benefit by HMRC Christmas Bonus for Staff This will count as ordinary earnings and besubject to tax and NI as if it were additionalsalary. Vouchers given will also be taxable. Client Entertaining Hospitality of any kind is not an allow...

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Habib Brora

Up to £1,600 Penalty for late submission of personal tax returns where no tax is due to HMRC

HMRC records show that 1,566 people filed their personal tax return on Christmas day 2013, a 1% increase on the prior year. With the festive season nearly upon us and the 31 January deadline looming, it is important to ensure your affairs are in order. HM Revenue & Customs can levy substantial penalties for late submission of Self Assessment Returns, even if there is no tax to pay. Below is a summary of the penalties that will be enforced by HMRC for late submission of personal tax returns for the 2013/14 tax year - which are d...

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