The deadline for the submission and payment of your 2014 Tax Return is 31st 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):-
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.
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.
The Chancellor presented his Autumn Statement earlier this month. Some key points to be aware of are:
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%.
Curle & Company will close for Christmas from Tuesday 23rd December 2014 and re-open on Monday 5th 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.
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
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