August Important Dates

19th                     - Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC

Summer Budget 2015 Highlights

Below are a few highlights from the Budget 2015 which was announced on the 8th July. If you'd like any more information, please feel free contact us on 01234 301000.

July Important Dates

5th                     - Last day for reaching a PAYE settlement agreement for 2014/15

                          - Deadline for 2014/15 returns of rent paid by agents to non-resident landlords and of tax

                            deducted by tenants from rents paid direct to non-resident landlords

June Important Dates

7th                         - VAT Returns and payments due for accounting quarter period ended 30th April

9th                         - Deadline to make a disclosure and pay the tax and penalties under the Solicitors’ Tax
                                 Campaign voluntary disclosure opportunity (provided the taxpayer notified HMRC by 9th
                                 March 2015 of their intention to take part)

19th                        - Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC

22nd                       - Deadline for electronic remittance of PAYE, NICs and CIS to HMRC

30th                        - Due date for returns by savings institutions under the European Savings Directive (Type 17
                                 and Type 18 returns) covering the period 6th April 2014 to 5th April 2015

                               - Deadline to take part in the Contractor Loans Settlement Opportunity

                               - CTSA returns for accounting periods ended 30th June 2014 should reach HMRC

                               - Private companies with 30th September year-ends and public companies with 31st December
                                 2014 year-ends should file their accounts at Companies House

                               - Deadline for submission of all reclaims to European VAT authorities

May Important Dates

7th                - VAT returns and payments due for Accounting Quarter period ending 31st March

Budget 2015

April Important Dates

5th              - Last day of 2014/15 tax year

                   - Deadline for 2014/15 ISA investments

                   - Last day to make disposals using 2014/15 CGT exemption

14th            - Due date for income tax for the CT61 period to 31st March 2015

17th/22nd   - Quarter 4 2014/15 PAYE remittance due

20th            - Interest will begin to accrue on unpaid PAYE/NI for 2013/14

30th            - Normal annual adjustment for VAT partial exemption calculations (monthly returns)

March Important Dates

5^th                          - Last day to pay any balance of 2013/14 tax and Class 4 NICs to avoid an                                                                     automatic 5% late payment penalty

18^th                       - Budget 2015

19^th                       - PAYE and NIC due for month ended 5th March '15

22^nd                      - Deadline for electronic remittance of PAYE, NICs and CIS to HMRC

31^st                        - End of Corporation Tax financial year

                               - End of CT61 quarterly period

                               - Filing date for Company Tax Return Form CT600 from the period ended 31st                                                               March 2014

February Important Dates

1^st                           - £100 penalty if 2014 Tax Return not yet filed online. Additional penalties may apply

for further delay. Interest starts to accrue on 2013/14 tax not yet paid.

2^nd                          -Submission date of P46 (Car) for quarter to 5^th January.

14^th                         - Last date (for practical purposes) to request NIC deferment for 2014/15.

19^th                         - Deadline to pay PAYE liabilities.

28^th                         - Submission deadline for accounts with 31st May year ends.

January Important Dates

1^st                            - Due date for payment of Corporation Tax for period ended 31 March 2014.

14^th                          - Due date for income tax for the CT61 quarter to 31^st December 2014.

19^th/20^th                   - Quarter 3 2014/15 PAYE remittance due.

31^st                          - First self-assessment payment on account for 2014/15.

                                - Capital gains tax payment for 2013/14.

                                - Balancing payment for 2013/14 income tax/Class 4 NICs.

                                - Last day to renew 2014/15 tax credits.

                                - First payment due date for 2014/15 Class 2 NICs.

                                - Deadline for amending 2012/13 Tax Return.

                                - LAST DAY TO FILE 2014 TAX RETURN ONLINE WITHOUT INCURRING PENALTIES.

The Most Admired Companies

In an article in the Daily Telegraph on Monday they set out details of an award list publish by Management Today in which senior industry figures rank their peers.

December Important Dates

3rd                     - Chancellor's Autumn Statement

30th                   - Last day for online submission of 2014 Tax return for HMRC to collect tax through clients’

                               2015/16 PAYE code, where they owe less than £3,000

November Important Dates

1^st                      - £100 penalty if 2014 paper Tax Return not yet filed. Additional penalties may apply
                                                for further delay. No penalties will apply if online return filed by 31st
                                                January 2015

2^nd                     - Submission date of P46 (Car) for quarter to 5th October

Important October Dates

1^st                      - Due date for payment of Corporation Tax for period ended 31 December 2013

5^th                     - Individuals/trustees must notify HMRC of new sources of income/chargeability in

                                                2013/14 if a Tax return has not been received

Green to Amber

Over the last year we have witnessed the most dramatic transformation in business confidence that I can ever remember in my working life. With all the financial signals showing at green, we are now seeing Britain expanding with an annualised growth rate of 3.2%; this is the fastest rate we have had since before the financial crisis began in 2008.

HMRC Targets Landlords!

Over the last four years HMRC have had purges on certain industries and professions. One of the latest and current campaigns is in respect of buy to let investors.

Fortune 500 - The Global 2014 League Table

Wal-Mart, the US retail giant which owns ASDA, now tops the Fortune 500 Global List with income of $473.3bn, topping Shell whose income amounted to $459.6bn. The survey reported that Wal-Mart serves more than 100 million customers in 26 countries every week!

Brand Names - The 2014 League Table

The Government’s efforts to promote the UK’s best brands so as to improve awareness of UK businesses around the world has been given a boost by the UK’s comparison company Brand Finance. Every year they prepare a league table based on financial data, customer attachment and loyalty, staff retention and visual identity.

According to their website, the top 25 brands of British origin are:

Remember Ernie? Part 2

Readers may recall the “Remember Ernie?” article on the 12^th March 2013. As time has moved on so have the features of Premium Bonds which investors ought to be aware of. These are:

2014 Budget

Budget Highlights

·         Radical reform of pensions, effectively introducing flexible drawdown for all defined contribution schemes.

·         Major relaxations to the rules for turning small pension pots into cash lump sums.

·         Reform of ISAs, with a new £15,000 annual contribution limit and full transferability in both directions between stocks and shares and cash.

·         The savings tax rate reduced from 10% to 0% and the savings rate band increased to £5,000, both from 2015/16.

·         The personal allowance is increased to £10,000 for 2014/15 and to £10,500 for 2015/16, with small reductions in the basic rate band for both years.

·         The transferable tax allowance for married couples is set at £1,050 for 2015/16.

·         The annual investment allowance (AIA) is doubled to £500,000 and there is a one-year extension of the higher AIA to 31 December 2015.

·         Seed enterprise investment scheme (SEIS) is made permanent and new rules are introduced for venture capital trusts (VCTs) and enterprise investment schemes (EISs).

·         Higher premium bond investment limits and, from January 2015, a new series of National Savings & Investments fixed rate bonds for people aged 65 and over.

This summary has been prepared very rapidly and is for general information only. The proposals are in any event subject to amendment before the Finance Act is passed. You are recommended to seek competent professional advice before taking any action on the basis of the contents of this publication.