Orange & Gold Blog

Midnight on January 31is the deadline for taxpayers to file their tax return electronically and pay anything owed for the 2010/11 tax year.

A new discussion paper, published last week by the Department of BIS, contains proposals which could ease the financial reporting burden for limited company contractors.

Chancellor to delivery Autumn statement on 29th November, repacling the pre-budget report.

Who needs to complete a UK tax return? The most common reasons are discussed in this article.

One in three businesses failed to submit their corporate tax returns in April using new technology

HMRC requires employers and individuals to answer questions relating to service companies when completing the annual tax return.

Despite HMRC announcing that they would report on the outcome of the Business Records Check consultation on 31 March, first letters have been issued by HMRC, trying to arrange meetings to carry out a Business Records Check (BRC).

Well now we know. The Tories are not planning to abolish IR35.

Mileage allowance for your own car used for business is to increase

Today the Office of Tax Simplification has published it’s second report - “Small Business Tax Review”. This includes reviews and recommendations about the future of IR35.

The Office of Tax Simplification has targeted 44 tax reliefs for elimination, plus 17 more that should be simplified.

HMRC published a Consultation Paper on 17th December announcing that they intend to start a programme of Business Records Checks (BRCs)

Independent taxation of husbands and wives has now been with us for 20 years. Introduced in the 1988 Budget by the then chancellor, Nigel Lawson, he was quoted in Hansard as saying that husbands and wives would be able to arrange their tax affairs between themselves in a way that is most beneficial to them.

Even though the end of this tax year may seem fairly distant, if you haven’t yet taken full advantage of your Individual Savings Account (ISA) allowance you could be missing out from sheltering your investments from tax.

Our colleague, Kate Cottrell, has been seconded to the Office of Tax Simplification. The Office is tasked to provide an initial report to the Chancellor by Budget 2011 that identifies areas of the tax system that cause the most day-to-day complexity and uncertainty for small businesses and recommends priority areas for simplification.

There has been a massive increase in accountants consulting experts about HM Revenue & Customs’ powers to access filed tax returns.

The Association of Chartered Certified Accountants (ACCA) has welcomed the establishment of the Office for Tax Simplification (OTS) but says the government needs to do more to ensure that UK tax policy caters to the needs of small businesses.

Tax payable by shareholders when dividends are paid by private companies.

Orange & Gold understands that HMRC inspectors are being tasked to bring in as much money as possible

From 4 January 2011 the standard rate of VAT will increase from 17.5% to 20%. The reduced rate of VAT stays at 5%.

Emergency Budget is on Tuesday. George Osborne has declared the date of his first Budget, Tuesday 22 June 2010. Find out how the budget will affect UK contractors and the likely VAT changes.

Requirements setting up a limited company

Budget announced for 22nd June 2010

As part of the drive to increase tax revenues HMRC will be reducing your personal tax allowance of £6,475 in 2010-11, if your taxable income exceeds £100,000. They will knock £1 from your allowance for every £2 your income exceeds £100,000. Your personal allowance will be eliminated when your earnings reach £112,950.

Courts rule in favour of HMRC and thousands of contractors in off-shore schemes face huge tax bills.

Based on past experience we anticipate early pain, followed by mid-term irritation leading eventually to long term benefit.

What are the minimum requirements of a contractor's limited company?

Highlights affecting contractors from the Pre-Budget Report 2009

There are three important changes to the VAT system kicking in from 1st January 2010.