Archives for Records

A simpler tax system for small businesses

The Chancellor is to proceed with proposals to make the tax system simpler for small unincorporated businesses from April 2013. Where a business has a turnover up to £77,000 it will be able to calculate its profits on a simplified cash basis. In addition it will not have to distinguish between revenue expenditure and capital expenditure. A business will be able to continue to use this basis until its turnover reaches £154,000. Flat rate expenses will be available for some types of expense including: Cars, vans and motorcycles For cars or vans the rate for the first 10,000 business miles
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Charities and Gift Aid

HMRC will introduce a new online service which will enable Charities and Community Amateur Sports Clubs (CASCs) to submit repayment claims electronically, Charities Online, in April 2013. It will replace the current R68(i) Gift Aid and tax repayments claims form and will be a way for charities and CASCs to claim Gift Aid, tax repayments on other income and Gift Aid Small Donations Scheme top-up payments by using an online form.
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Gift aid small donations scheme

It has been confirmed in the Queen’s Speech that charities will be able to claim top-up payments on up to £5,000 of small donations without needing to obtain Gift Aid declarations. The Scheme, called the Gift Aid Small Donations Scheme, should boost charities income and also reduce their administrative burden. From April 2013 charities will be able to claim the Gift Aid-style top-up payments from HMRC without needing to get a Gift Aid declaration from donors. The top-up payment will be 25p for every pound collected in the UK. The maximum amount of donations on which the top up can
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HMRC Bereavement Service

HMRC have created a new dedicated telephone helpline and address for individuals who have suffered a bereavement and who need to contact them about PAYE and self assessment matters relating to bereavement. Family members or personal representatives of the deceased who phone HMRC about tax and bereavement will also have access to a dedicated team of advisors. HMRC have also simplified their guidance and letters to taxpayers and redesigned the form R27 (Reclaiming tax or paying tax when someone dies). This form is used to finalise the deceased’s affairs to make it more straightforward. Stephen Banyard, Acting Director General of
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P11D Errors

The forms P11D, and where appropriate P9D, which report benefits and expenses for both employees and directors for the year ended 5 April 2012, are due for submission to HMRC by 6 July 2012. Employees pay tax on benefits provided as shown on the P11D, either via a PAYE coding notice adjustment or through the self assessment system. In addition, the employer has to pay Class 1A national insurance contributions at 13.8% on the provision of most benefits. The calculation of this liability is detailed on the P11D(b) form. The following is taken from an article on expenses and benefits
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Time to ‘Phone a Friend

Over the last four months you might – or you might not have – realised that Business Link, the support service for businesses, disappeared – the victim of the government’s public sector cuts. No longer can growing businesses go to Business Link for advice or one-to-one consultations. Now, all you can access is a Business Link website. Not much help if you’re looking for someone to talk to.  So, now that one less option is available to businesses looking for support, where do business owners go for that essential piece of personal advice? Participants of the UK Business Barometer (UKBB)
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