Author Archives: Mike Couzens

Less is more

In order to increase tax revenues  the Treasury is faced with a conundrum: To increase rates of tax charged and hope that this does not prove to be a disincentive to increase profits and investment, or To decrease rates of tax charged and hope that this proves to be a stimulant to business growth. The […]

The VW emissions fiasco

Many owners of VWs will be peeved that they may have been misled if the recent revelations regarding published CO2 levels are confirmed: they will be driving cars that are not as environmentally friendly as they were led to believe.  VW have admitted that as many as 1.2m of its vehicles sold in the UK […]

End of the tax cycle

There is barely three months left until the deadline for filing Self Assessment returns for 2014-15 passes. After 31 January 2016 automatic late filing penalties will apply. Unfortunately, on the same date, 31 January 2016, you will need to settle any outstanding tax owed for 2014-15 and make a payment on account for 2015-16. Readers […]

Tax Diary November/December 2015

 1 November 2015 – Due date for Corporation Tax due for the year ended 31 January 2015.  19 November 2015 – PAYE and NIC deductions due for month ended 5 November 2015. (If you pay your tax electronically the due date is 22 November 2015.)  19 November 2015 – Filing deadline for the CIS300 monthly […]

Business rates

There are still reliefs you may be able to claim that will reduce your business rates. The process depends on where you are based: Business rates relief in England You will need to apply for these reliefs at your local council: small business rate relief rural rate relief charitable rate relief enterprise zone relief retail […]

Pension changes

 HMRC have recently published an update to issues that affect pension scheme administrators and individuals who contribute to pension funds. Highlights of some of the issues raised are reproduced below: Annual allowance charges for tax year 2014-15 Administrators are reminded that it is really important that scheme members who have exceeded the pension schemes annual […]

Tax gap narrows

The tax gap for 2013-14 was 6.4% of tax due, continuing a long-term downward trend. The tax gap, which is the difference between the amount of tax due and the amount collected, has fallen from 8.4% in 2005-06. This reduction in the percentage tax gap since 2005-06 represents an additional £57 billion in cumulative tax […]

HMRC chases down tax fraudsters

HMRC recently announced that they have brought in an additional £109m in tax revenue in the last six months by pursuing claims against taxpayers who have not declared all their income for tax purposes. The specialist task forces employed to collect this tax are becoming increasingly effective at identifying and tracking down individuals and businesses […]

Directors responsibilities

We are often asked to explain the role a director is required to undertake for an incorporated business. It is wise to take this question seriously as these responsibilities are written into company law – break them at your peril. The government website lists these duties as follows. As a director of a limited company, […]

HMRC multi-year funding for voluntary sector

HMRC are inviting bids from interested charities and will allocate a guaranteed £1.5m per year over the next 3 years to the voluntary and community sector (VCS) to support taxpayers who need extra help understanding and complying with their tax obligations and claiming their entitlements, including those who are currently digitally excluded.  They are looking […]