Get ready for pension auto-enrolment

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Payroll departments within Small and Medium sized enterprises are faced with the prospect of phasing in of ‘Automatic enrolment’; the scheme requiring all employers to provide a pension scheme for their employees. Between 1 October 2012 and 1 February 2014 this has been a requirement for larger firms (those with 250 or more employees). The […]

Planning for success in 2014

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As we move into 2014, many businesses and their management teams are taking a step back, looking at the business, considering how the market will develop over the next 12 months and creating plans to grow the firm and take advantage of changes in the business environment. A typical approach to planning suggests multiplying last […]

Due dates in January 2014

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1 January Payment of corporation tax for companies that have accounting periods ended 31 March 2013. 7 January Filing and paying electronically November 2013 VAT returns 19 January Payment of PAYE/construction industry scheme (CIS) liabilities for December payroll. Payment of PAYE liability for quarter October, November, December 2013 if average monthly liability is less than […]

Amortisation of goodwill

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If you buy the goodwill of a business you will often be able to claim corporation tax relief on the amount of the purchase price which is amortised in the accounts. The question then is at what rate can goodwill be amortised? There are new developments on this.  It is now understood that ordinarily HMRC […]

National Insurance – £2000 deduction

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From 5 April 2014 every employer (business or charity or club but not domestic) will not have to pay the first £2k of employers NI (13.8%).  Effectively the relief is worth the lower of £2k and employers NIC for the year.  There will be only one £2,000 for each collection of associated.  We will be […]

EIS equivalent for social enterprise

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A new tax relief for investment in social enterprise will begin in April 2014.  Currently investors in “for profit” businesses (limited by shares) can potentially benefit from tax relief under the Enterprise Investment Scheme (EIS).  As many social enterprises are “not for distributable profit” (limited by guarantee) and don’t have shares, EIS cannot apply to […]

Pool cars

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There is a tax rule regarding “pool cars”.  In simplest terms Pool cars must meet the following conditions: used by more than one employee not ordinarily used by one employee to the exclusion of others not normally kept at or near employees’ homes used only for business journeys – private use is only permitted if […]

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