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Posted by on in Payroll
Payroll Giving

The Payroll Giving scheme allows taxpayers to make a tax free donation to charity directly from their pay or pension. The use of the scheme has reduced over time and last year, a consultation was launched jointly by HM Treasury, the Cabinet Office and HMRC seeking views on plans to improve the scheme and increase overall donations to charity.

Following this consultation, the Government announced a number of new measures to help encourage greater use of the scheme. The most important announcement concerns the reduction in the number of days it takes for a donation to be processed from 60 to 35 days. This will allow charities faster access to monies that have been donated.

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Posted by on in Taxation

A new measure was announced as part of the Autumn Statement. Entrepreneurs' Relief (ER) will no longer be available to reduce Capital Gains Tax (CGT) on disposals of the reputation and customer relationships associated with a business (the 'goodwill') to a close company to which the seller is related. This will prevent an unfair advantage to owners of businesses who sell their business to a close company and benefit from a lower CGT rate. This scheme has been used by some individuals to extract funds from a business at the reduced 10% CGT rate rather than the normal rates of Income Tax and National Insurance Contributions.

The measure will apply to disposals of goodwill to a related close company on or after 3 December 2014. The change has been made alongside another measure to restrict Corporation Tax deductions when goodwill is acquired from a related party on incorporation. As stated in the explanatory note to the new draft legislation, 'together these measures remove two incentives which encourage incorporations of businesses for tax reasons rather than for the genuine commercial benefits which may follow from a business being carried on by a company rather than by an individual. HMRC has observed an increasing trend amongst professionals and specialist traders to incorporate their businesses in order to gain these tax advantages.'

©Informanagement
Tagged in: Entrepreneurs Relief Tax
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IAPA Annual International Conference, New York City - Forces Driving Change In The Accounting Profession

IAPA Annual International Conference, New York City, 26-29 October. Forces driving change in the Accounting Profession

October 31, 2014

Exceed CA was among the more than 95 accounting firms attending IAPA's International Conference held in New York, 26-29 October. Exceed is a member of IAPA, a top 10 international association of independent accounting and business advisory firms with 210 member firms in 70 locations.

Programme content included an overview of major international forces driving change for the accounting profession for the future, with a keynote presentation by Barry Melancon, AICPA President & CEO. Mr Melancon additionally spoke on key AICPA initiatives focusing on supporting members against a background of change in the business and regulatory environment.

Guest speakers included Mr Fayezul Choudhury, CEO of the International Federation of Accountants, who addressed delegates on the importance of IFAC's work for professional firms and their clients and in particular IFAC's current work in the SME/SMP sectors. Other speakers presented on managing risk in an accounting firm and related cyber / liability issues.

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©IAPA
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Ever heard the expression “time is money”? Well, it’s never more true than when it comes to making changes to your business.

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A business charter defines your promises and outlines what customers can expect from you. For companies like the Ritz Carlton it has been a map to success. Here are some tips.

Make a guarantee: You want to outline the minimum level of service that customers can expect. And you want to make it sound good and honest. For example: we promise to replace all broken or damaged items without hassle.

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Posted by on in HMRC

The vast majority of employers are now reporting their PAYE information in real time. Following the introduction of RTI in April 2013, it was decided to stagger the start of the in-year late filing and payment penalties to give employers more time to adapt to reporting in real time.

The new late filing penalty regime starts on 6 October 2014 for employers with more than 50 employees. There is an exemption for small employers until 5 March 2015. HMRC began charging interest on any in-year payments not made by the due date in April 2014.

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Tagged in: HMRC Payroll
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An interesting consultation document has been issued by HM Treasury which looks at the possible restriction of the UK personal allowance entitlement for non-residents. Currently, many non-residents with taxable income arising from the UK can benefit from the personal allowance.

The personal allowance has increased significantly over recent years and is currently £10,000. The increase in the personal allowance was one of the main policies of the new coalition government when it came into office in May 2010.The allowance is set to increase further to £10,500 from April 2015.

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©Infomanagement
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Posted by on in HMRC

HMRC has issued a final version of their guide for completing a company tax return form (CT600). A company tax return must be submitted using HMRC's company tax return form (CT600) or another approved method. The submission must include the company's Self Assessment return alongside details of any trade and other losses such as capital losses.

Online Corporation Tax filing became compulsory for company tax returns delivered after 31 March 2011 for accounting periods ending after 31 March 2010. The accounts must be submitted using the iXBRL data standard.

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Posted by on in Taxation

Our Fee Protection Insurance provider, Taxwise reported a clear trend in the activity of HMRC, not only over the last few years but also a seasonal trend within each tax year.

The continued increase of activity from HMRC has been unrelenting, one of the key focus points for HMRC has been the SME and the Sole Trader. Many enquiries are relatively brief and produce little return for HMRC however they are clearly continuing to cast their net as widely as possible regardless of the implications on the SME economy which is continually quoted as the back bone of Britain in the economic recovery.

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©Taxwise - specialist providers of TAX FEE Protection Insurance
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Exceed CA (www.exceedca.com) and Caban Investments UK (www.caban.co.za) are proud to announce the formation of a new accounting firm, Exceed TBL Accountants Limited, which offers SA companies infrastructural support in selling their products and services in the UK.

Caban will be emulating the SA model in the UK . Exceed TBL Accountants Ltd is equally held by TBL Capital Limited and Exceed (UK) Limited.

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