New tax on Dividends in the Summer Budget my prompt you to rethink your incorporation status? Text below from the Governments Red Book on the Summer Budget July 2015: The current system of tax credits on dividends was designed over 40 years ago when corporation tax was more than 50% and the total tax bill … Read more
There are reports that the conservatives are thinking of combining the current two payroll tax systems into one unified system as a policy for the next General Election. This would allow all taxpayers to see the true rate of tax taken by the government as the amount paid under NIC is generally misunderstood in the … Read more
HMRC were once again slated for their poor performance in answering calls to the public and the recent legislation which will allow HMRC to take any money that they THINK they are due directly from your bank account. The MP’s on the Public Accounts Committee, gave HMRC officials a hard time with comments such as: George Mudie, a … Read more
The Lanarkshire firms, Tunnock’s and Lees who make confectionery, biscuits and cakes have just won a near 20 year battle with HMRC over the legal definition of a Snowball. HMRC classed the Snowball as confectionery and therefore subject to VAT in the same way biscuits are vatable. Tunnock’s and Lees regarded the Snowball as a … Read more
YOU HAVE HAD PLENTY OF WARNING, DON’T GET CAUGHT OUT Below is an extract from the GOV.UK site on the staggered introduction of Real Time Information (RTI) penalties which should allow businesses to be fully compliant, but October is not that far away now and I wanted to mention this again just in case some people are … Read more
