Tag: tax

Charities and trading...not as easy it looks!

Churches and trading

What activities do you church trustees consider a trade? What income types of trading are thereexemptions available? There are two key issues to be addressed; 1. whether the activity is an activity of the church or 2. some other organisation however informally established. A good rule of thumb is that if the activity is under […]

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New Scottish tax & marriage allowance.

By 67 votes to 50, Holyrood (Scottish Parliament) has a new income tax regime. It is more complicated than the rest of the UK in that it has four extra rates and three new thresholds. (SRIT = “Scottish Rate of Income Tax”) On closer examination, there is one of the minor unintended consequences. Marriage Allowance. […]

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It’s Christmas time…are parties deductible ?

It’s Christmas time…so what is deductible ?, and what isn’t ?. I am glad you asked !. HMRC are not keen on people claiming food and drink as a deduction. Here are some exceptions; – ‘Annual’ and recurring Christmas parties: you can spend up to £150 per year per employee (inclusive of VAT) – Meeting refreshments: Drinks, […]

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What is a tax return going to look like in 2020 ?

Answer ?…no one knows; not even HMRC I think. In the March 2015 Budget the Chancellor (known as the “Treasurer” in  most countries), raised the issue of the ‘end of the tax return’. The future focus will be on ‘digital tax accounts’, which appear to be a digital portal into HMRC containing all relevant tax details for […]

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Class 2 NIC changes

What are NIC’s ? “National Insurance Contributions” (NIC’s) contributes towards your state pension and certain other benefits; the amount of contributions you make during your working lifetime affects the level of pension you receive. If you are employed on a payroll, you pay Class 1 NIC which get taken automatically via PAYE. Class 2 and […]

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The end of yearly tax returns…but not tax !.

Annual tax returns will soon be a thing of the past! Taxes themselves are not going away; you still have to pay taxes. The method used to file them at the end of the year will be different. In fact, the new tax filing method will be so different and so much easier to access, […]

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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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Aged personal allowance

This year, the personal tax allowance is £10,500 for the 65-74 year olds and £10,660 for those aged 75 or more. There are two changes from 2013-14. First the allowance for those already over 65 will remain unchanged. Second, anyone who reached 65 on 6 April 2013 or later, (those born on 6 April 1948 […]

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Gift aid donation – have you paid enough tax ?

To work out if you’ve paid enough tax to cover your donations, divide the donation value by four. For example, if you give £100 in a particular tax year you will need to have paid £25 tax over that period. (£100/4 = £25). This calculation is based on the basic rate tax of 20 per […]

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Not in Scotland please !

Australia is looking at setting up a similar Government body to the Scottish OSCR (Office of Scottish Charity Regulator). But some alarm bells are ringing. The Aussie equivalent is thinking of taxing charity income “of unrelated commercial activities that are not directed back to their altruistic purpose”. What does that mean ?. How long will […]

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