Tax Tips and News Feed of Clere's

RTI Round Up

Wed, 01 May 2013 00:00:00 +0000

Real time information (RTI) has had a bumpy start. In brief these are the major problems and work-arounds discovered so far. ...

Sleeping Partners and NI

Wed, 01 May 2013 00:00:00 +0000

In the past sleeping partners and inactive partners didn't have to pay NI contributions on their partnership profits. ...

Beware Pension Liberation

Wed, 01 May 2013 00:00:00 +0000

Have you been approached by firms that promise you instant cash from your pension fund? This is known as pension liberation, and involves taking cash from your pension fund before you reach the retirement age set by your pension scheme. ...

Do Not Rely on HMRC VAT Advice

Wed, 01 May 2013 00:00:00 +0000

>If you are uncertain about whether you can make a claim for VAT you have incurred, or how to treat a certain transaction for VAT purposes, you could try searching the HMRC website for a solution to your query. ...

May Question and Answer Section

Wed, 01 May 2013 00:00:00 +0000

My company has been trading since 1 March 2013, but my first sales invoices haven't been paid yet, so there is no cash available to reimburse me for the expenses I've incurred personally. Do I have to complete a P11D for 2012/13? ...

May Key Tax Dates

Wed, 01 May 2013 00:00:00 +0000

2 - Last day for car change notifications in the quarter to 5 April - Use P46 Car

...

RTI Relaxation

Mon, 01 Apr 2013 00:00:00 +0000

The real time information (RTI) system for submitting PAYE information to HMRC must be used by small employers for all pay days on and after 6 April 2013. However, at the last minute the Government has agreed to a temporary relaxation of one of the ...

Loans to Participators Trap

Mon, 01 Apr 2013 00:00:00 +0000

The 2013 Budget announcements included a brief outline of how the law will be changed to tax loans taken out of owner-managed companies by the shareholders/directors (known as participators). We have now seen the draft legislation so we can give you ...

SEIS Investment Extension

Mon, 01 Apr 2013 00:00:00 +0000

The Budget also included an announcement of the extension of capital gains tax (CGT) relief, where the gain is reinvested in new shares issued under the Seed Enterprise Investment Scheme (SEIS). ...

Cash Basis for Small Businesses

Mon, 01 Apr 2013 00:00:00 +0000

The cash basis was also mentioned in the 2013 Budget announcements, but now we have some more details. In an attempt to simplify accounting and tax reporting for the smallest businesses, from 6 April 2013 small businesses can choose to calculate ...

April Question and Answer Section

Mon, 01 Apr 2013 00:00:00 +0000

I have put my hairdressing salon up for sale as I can't face the hassle and cost of RTI. I am self-employed and not VAT registered, but the proceeds from the business sale will take me over the VAT threshold. ...

April Key Tax Dates

Mon, 01 Apr 2013 00:00:00 +0000

5 - End of 2012/13 tax year. Last day to use up your annual exemptions for capital gains tax, inheritance tax and ISA's ...

The Budget 20th March 2013