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Monthly Archives: August 2015

HMRC to extend data gathering powers

HMRC has had considerable success in using third party data to better target compliance activity and to tackle the hidden economy. A current consultation by HMRC proposes that these data gathering powers be extended in order to combat tax evasion. … Continue reading

Posted in Business

HMRC roadside fuel testing

Treasury Minister Damian Hinds visited Belfast and Newry recently as HM Revenue and Customs (HMRC) unveiled new roadside fuel testing equipment to tackle the trade in illicit diesel. The hi-tech equipment has been introduced to allow officers to test vehicles … Continue reading

Posted in Business

Tax Diary August/September 2015

 1 August 2015 – Due date for Corporation Tax due for the year ended 31 October 2014.  19 August 2015 – PAYE and NIC deductions due for month ended 5 August 2015. (If you pay your tax electronically the due … Continue reading

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Tapered pensions annual allowance

 Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding … Continue reading

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Small business changes

 Some of the key changes that will impact small businesses in particular are set out below: Taxation of dividend income from April 2016. The present 10% dividend tax credit is being abolished from April 2016. In its place an annual … Continue reading

Posted in Business