Tax Return Information

The deadline for the submission and payment of your 2014 Tax Return is 31^st January 2015. Completing a Tax Return requires more information than simply the profit from your trade or employment income.  Below is a list of the additional information that has to be included in your Tax Return, (please note that it is not an exhaustive list):-

• Interest, excluding that earned on an ISA
• Dividend income
• Pension Income
• Employment Benefits, such as a company car, health insurance etc
• Government Benefits, such as incapacity allowance, carers allowance, jobseekers allowance etc
• Property Income
• The sale of any assets (property, shares etc) which may give rise to Capital Gains Tax

It is also important that you tell us of any Gift Aid donations and personal Pension Contributions that you make in the year, this is particularly important if you are a higher rate tax payer.   Although every effort is made to ensure that all information is included, we would ask that you inform us of any additional income sources which you may have.

Class 2 National Insurance Changes

Currently, if you are self-employed and/or in a partnership, you will pay class 2 National Insurance monthly or quarterly, however, as of 6 April 21015 this will change with most people paying class 2 National Insurance along with class 4 National Insurance and income tax in the January and July self-assessment payments.

Autumn Statement

The Chancellor presented his Autumn Statement earlier this month. Some key points to be aware of are:

• In April 2015, the personal allowance is increasing to £10,600, meaning that  you can earn £10,600 before you start paying income tax
• From April 2016 employers will not have to pay National Insurance Contributions (NICs) for all but the highest earning apprentices under the age of 25.  This follows from the Autumn Statement of 2013, where the Chancellor announced that employers would not have to pay NICs for apprentices under 21 from April 2015.
• From 3 December 2014, if an ISA holder dies, they will be able to pass on their ISA benefits to their spouse or civil partner via an additional ISA allowance which they will be able to use from 6 April 2015. The surviving      spouse or civil partner will be allowed to invest as much into their own ISA as their spouse used to have, in addition to their normal annual ISA limit.

Machine Games Duty – Higher Rate

Currently there are two rates of Machine Games Duty (MGD); a reduced rate of 5% which applies to machines with a maximum charge for playing of 20 pence and a maximum cash prize of £10, and the standard rate of 20% which applies to any other machine. From 1 March 2015 there will be an additional higher rate of Machine Games Duty applicable on any machine where the charge payable for paying can exceed £5; the new rate will be set at 25%.

Christmas Office Closure

Curle & Company will close for Christmas from Tuesday 23^rd December 2014 and re-open on Monday 5^th January 2015. We would like to take this opportunity to thank you all for your continued support and wish you a Merry Christmas and a Prosperous New Year.

Key Dates

• January 19
  • Postal payments for month ended 5 January should reach your HMRC Accounts Office by this date. If you pay late you may have to pay a late payment penalty.
  • Receipt of the Contractors Monthly Returns for month ended 5 January for those under the Construction Industry Scheme is due by this date whether submitted electronically or on paper.
• January 22
  • Electronic payments for month ended 5 January must clear into the HMRC bank account by this date. If you pay late you may have to pay a late payment penalty.
• January 31
  • Submission of 2014 Tax Return together with the payment of any tax due. First payment on account towards the 2015 tax liability is also due by this date.
• January 31
  • Companies House filing date for companies with a year end of 30 April 2014.

Keep in Touch

Curle & Company are now on Facebook, to add us as a friend simply search for ‘Curle & Company’. You can also follow us on Twitter at @CurleCo

Reminders

This newsletter is also available on our website at www.curleco.com

If you would like your business featured on our website as ‘Business of the Month’ or would like us to share any important information or memorable events etc about your business or employees please contact Gareth Curle on 01236 82272