Welcome to our winter newsletter
Payment Protection Insurance has been covered extensively in the media. However, the matter of tax due on any successful claim seems to have been omitted from the headlines. Our article 'Payment Protection Insurance (PPI)' sets out the tax position.
Another topic to hit the headlines is pensions and the new rules on auto enrolment. Whilst this isn't relevant for the majority of employers (those with less than 50 employees) until June 2015 it is important to be aware of the rules and to start to plan now so you have everything in place.
The tax Tribunal frequently reports on cases involving penalties for late returns and payments under the current regime so we thought it timely to include a reminder of the consequences in two mainstream areas which can affect individuals and employers. For employers, there is a reminder of the consequences of late PAYE and NIC payments and for individuals, the level of penalties which can result when the deadline for income tax returns is missed. Perhaps this will serve as a not so gentle reminder to submit your return on time and if you would like to use our tax return service do let us have the information in plenty of time to complete your return.
The newsletter does include positive topics for you to consider if you are running a small business. We look at the VAT flat rate scheme, introduced to reduce the red tape and remind you how it works and who is eligible. We have also summarised what expenses are allowed if you are using your home as an office to help you save you some tax.
Please contact us if you would like us to review your tax position or have any questions regarding any of the articles we have included in our newsletter. Your views are always important to us and we would welcome any feedback you could give us.
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