Category: HMRC

Corporation tax : Shorten tax year

If one wishes to shorten the Tax year before the end of the tax year as per HMRC records.
It can be only done by calling HMRC.

It takes 15 working days to be completed at HMRC end.

Please note in case you are closing the company, please specifically ask the HMRC person you are speaking on the telephone to make the company dormant after the shortened period end date, otherwise HMRC will expect tax return for period after this date.

Also remember to change the `accounting reference date` in Companies House records.

 

Starting rate of tax for savings income 2015-16

From 6 April 2015 the starting rate of tax for savings income (such as bank or building society interest) will be reduced from 10% to 0% per cent and the maximum amount of taxable savings income that can be eligible for this starting rate will be increased from £2,880 to £5,000

more details:

http://www.ion.icaew.com/TaxFaculty/post/Starting-rate-of-tax-for-savings-income

 

National Living Wage

Government has implemented a new `National Living Wage` , this is in addition to National Minimium Wage.

 

For people over 25 year of age – National Living Wage applies for individuals under 25 years National Minimium Wage applies.

 

Government has launched a calculator to check if staff is being paid the minimium wage,

link given below:

 

https://www.gov.uk/minimum-wage-calculator-employers

From UTR to Online Registration

As 31st Jan approcahes panic sets in especially for first time user of Self Assessement.

 

Please note quickest way to get UTR is over the telephone – 0300 200 3310.

 

But after getting the UTR one has to wait for 72 hours before one can register for online services.

 

Good Luck !