Gareth has written 34 posts for primus accountancy

Reduction in Annual Investment Allowance

Reduction in Annual Investment Allowance In April the annual investment allowance (AIA) for the cost of equipment will be significantly reduced from £100,000 to just £25,000. From 1st April for companies and 6th April for other businesses, the amount of AIA that can be claimed on the cost of buying equipment will fall from £100,000 […]

Employment Taxes updates – October 2011

Employment Taxes updates – October 2011 –      Two First Tier Tribunal cases on employment tax status –      A reversal for Total People Ltd in the Upper Tribunal (lnvolving NIC refunds on car allowances) –      New HMRC guidance on visits to the UK where employees are seconded on full time contract abroad lan Mitchell v HMRC […]

New Penalties for Late Self Assessment Tax Returns

New Penalties for Late Self Assessment Tax Returns  Tough new rules – For several years HM Revenue & Customs have been debating tightening the rules on late Self-Assessment returns, everyone knew that there were changes coming from this April, however, I think it is fair to say that the harshness of the new penalty system […]

PAYE – Tax Code Update

PAYE – Tax Code Update HM Revenue & Customs are looking to minimise further problems with tax codes, which is a welcomed acceptance that all is not well in the tax code processing office at HMRC, we have certainly experienced an increase in incorrect coding notices being issued to clients this year. The last two years have been […]

Time is running out on the tax amnesty for plumbers, gas fitters and heating engineers

The clock is ticking on a Tax Amnesty offered by HM Revenue & Customs (HMRC) to plumbers, gas fitters and heating engineers who have previously not reported all of their trading receipts. Plumbers and heating engineers were offered a special plan with set penalties to put right their tax affairs this March, which expired at […]

Olympics contracts for small & medium sized Companies

Small and medium-sized companies hoping to win Olympics contracts are invited to take advantage of an HMRC online advice seminar this month. The HM Revenue and Customs (HMRC) online webinar will run on 27 July at 6pm, and can be downloaded free from the internet thereafter. It is estimated that the Olympic and Paralympic Games […]

Over 3 Million Could Get Tax Rebates

As HM Revenue and Customs reconcile their books, millions of tax payers could be in line for refunds. HMRC will soon send out approximately 3.5 million letters telling people that they have paid too much tax, those taxpayers could get a rebate of about £340  this year.  Another 1.2 million people will be informed that […]

HMRC Unnecessary Demands and Threats to Collect PAYE Liabilities

HMRC Unnecessary Demands and Threats to Collect Payment Nobody likes to receive letters from HMRC demanding money – particularly when none is due!  However that is exactly what can happen if you do not notify HMRC that there is no PAYE liability for a period. HMRC PAYE Payments (Income Tax and National Insurance) It is […]

Profit extraction on winding your Company up – Changes ahead!

PROFIT EXTRACTION ON WINDING YOUR COMPANY UP – CHANGES AHEAD Like most accountancy practices it’s been a busy few months preparing and submitting clients PAYE end of year returns and it’s been a while since we last posted an article. We thought it would be practical and useful to pick up on future changes to […]

Budget 2011 – An Overview for Limited Company Contractors

Budget 2011 – A General Overview Earlier today Chancellor George Osborne delivered his second Budget since the election of the coalition government in 2010. Addressing MPs, Mr Osborne said he did not need to ask the public for more taxes or more spending cuts.”This is not a tax-raising Budget, nor can we afford a give-away,” […]