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01/10/2015

October Tax Tips & News

Welcome to the Andrews & Brown Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Changes to NICs for the Self-employed
From 2015-16 onwards, the collection of Class 2 contributions will be through the self-assessment system Read More...
 
Spotlight on Contractor Loan SchemesTax Credit Changes Approved
According to recent guidance published by HMRC, contractors and freelancers have been bombarded by promoters who make claims that they can help individuals take home up to 90% of their income using a contractor loan scheme. ..
Read More...
The government has recently confirmed that the draft Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2015..
Read More...
IHT on Main Residence Nil-rate Band and Downsizing Proposals
HMRC have published a technical note covering the proposals, announced in the Summer Budget 2015, to phase in a new residence nil-rate band (RNRB) from 6 April 2017 when a residence is passed on death to a direct ..
Read More...
October Questions and AnswersOctober Key Tax Dates

Newsletter issue - October 2015.

1 - Due date for payment of Corporation Tax for the year ended 31 December 2014

5 - If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2014/15

14 - Return and payment of CT61 tax due for quarter to 30 September 2015

19 - Tax and Class 1B national insurance due on PAYE settlements for 2014/15

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/10/2015 or quarter 2 of 2015/16 for small employers

31 - Deadline for 2014/15 self assessment paper returns to be filed for HMRC to do the tax calculation. If a paper return is being filed also the deadline for tax underpaid to be collected by adjustment to your 2016/17 PAYE code (for underpayments of up to £3000 only)

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