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VAT on Storage Change The law on whether VAT must be charged on storage facilities changed from 1 October 2012. Before that date if you let out space for storage to individuals or businesses, that service could be exempt from VAT, if you had not elected for the whole building to be subject to VAT (AKA: 'opted to tax'). Since…
My Tax Return Catch-up The Taxman has launched a campaign to persuade tardy taxpayers to submit their over-due tax returns for 2011/12 or earlier years. If you have a personal tax return form (or notice to complete a tax return) sitting in a drawer, and have been putting off the tedious task of completing it, now is the time to…
Annual Investment Allowance (AIA) The AIA is designed for businesses investing more than £25,000 a year in plant or machinery. The AIA limit was increased on 1 January 2013 from £25,000 to £250,000 on qualifying asset purchases, providing 100% tax relief within the limit to reduce taxable profits. Careful planning and timing is essential as the increased limit is currently…
Machine Games Duty If you run a pub or other establishment which contains gaming machines, you should have already registered to pay machine games duty (MGD), which replaced the amusement machine licence duty (AMLD) from 1 February 2013. MGD duty is charged at 5% or 20% on the machine's net takings, but VAT is not also due on those takings.…
July Key Tax Dates 5 - Deadline for PAYE settlement agreement for 2012/13 6 - Deadline for 2012/13 forms P11Db, P11D and P9D to be submitted and copies of P11D and P9D to be issued to relevant employees Deadline for employers to report share incentives for 2012/13 - form 42 14 - Return and Payment of CT61 tax due for…
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