Category: Tax

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How to check your National Insurance record

To check that you will qualify for a state pension when you retire, it is advisable to check with HMRC that your National Insurance Contributions are updated. To do this you can either request online for a statement of National Insurance account in order to check if there are gaps in your National Insurance record. You’ll need to say […]

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Pension auto enrolment – does a company with only directors have to bother with auto enrolment?

by merciagroup on 19 May, 2014 The question as to whether companies with only directors and no employees have to bother with auto enrolment will increasingly be asked as auto enrolment starts to affect smaller businesses. This is not actually an easy question to answer. So here’s my view. Companies with more than one director […]

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Autumn statement & charities/churches

Today, 5th December 2013, the Chancellor made his “Autumn statement”. Here are the Charity/Church relevant details in summary; – Set up a new working group to revise the model gift aid declaration – Develop new “marketing collateral” to try to increase take-up of the tax relief by donors. The Government said it wanted as many […]

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Capital Allowances for dummies

Lets try to explain “Capital Allowances” simply… Capital equipment are items that are NOT “day to day” expenses. Capital Equipment are “one-off” purchases for equipment that you hope to keep for a while; usually 2 to 8 years. There are 4 main types of capital allowances. 1. Annual Investment Allowance. In this category, you can […]

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Financial year date…why ?

Have you ever wondered why the government decided that the tax year for personal taxes should run from 6th April to 5th April ?. This dates back to the Middle Ages. Lady day was the 25th March (Feast of annunciation of Mary. Rents were paid, servants were hired) When the Gregorian calendar was adopted in […]

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Gift Aid recommended wording

A common question I get is “what is the correct wording for Gift Aid envelopes”. Well here it is (for past and future gifts; not for one-off gifts)… “I confirm I have paid or will pay an amount of Income Tax and/or Capital Gains Tax for the current tax year (6 April to 5 April) […]

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Leaving it to charity

If you haven’t made a Will, you should do so without delay. If you don’t have any relatives you want to leave your estate to, consider making a Will that leaves most of your assets to specified charities. This avoids the potential problem of intestacy (dying without a Will). THIS IS TAX EFFICIENT BECAUSE GIFTS […]

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Annual Payroll and RTI (real time information)

Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid, not just once after the end of the tax year as is currently the case. RTI will be compulsory for most employers from the first pay date following 6 […]

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Self Employed Travel Expenses

The miles you drive to reach each of your customers from your home base are used to calculate the amount of travel expenses you claim in your business accounts. This is all good, but HMRC has recently argued in a tax case that where the business is based at the person’s home, that home-office can’t […]

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“Charities online” – the new Gift Aid claiming system

HMRC is commencing a new service, “Charities Online“. It will make repayment claims faster and easier by filing online. The current R68(i) print and post repayment form will be replaced. From 22 April 2013, churches/charities can sign up to make repayment claims electronically using “Charities Online”. When you submit a claim using “Charities Online”, you […]

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