HMRC and Scotland’s government have agreed a memorandum of understanding for a Scottish rate of income tax.
The document sets out the arrangements for the implementation of the rate, describing each administration’s respective responsibilities in relation to establishing and operating it.
The Scottish rate will begin from a date to be set by the UK government and is expected to be April 2016. It will be administered by the Revenue as part of the UK-wide income tax system and will apply to non-savings income.
Susan Bradley (TC2560)
HMRC pledge follows scheduled lack of service
Cash basis
As announced in the 2012 Budget, small businesses, those with receipts not exceeding the VAT registration threshold, will be able to use the cash basis, rather than accounts prepared on an accruals basis, when calculating their taxable profits.
The change will mean firms will not need to adjust for debtors, creditors and stock, and they will generally not have to distinguish between revenue and capital expenditure.
1 May
- Payment of corporation tax liabilities for small/medium-sized companies with accounting periods ended 31 July 2012.
- £10 daily penalties apply to late online self-assessment tax returns for the year ended 5 April 2012, up to a maximum of £900.
- New VAT fuel scale charges apply from today.
3 May
- Filing date for form P46(Car) for quarter ended 5 April 2013.
7 May
- Filing date for March 2013 VAT returns if electronic payment is to be made.
14 May
T James (TC2527)
Ex parte certain taxpayers (TC2424)
The Taxation team offers a first reaction to the chancellor's tax measures
The Taxation team offers a first reaction to the chancellor's tax measures
The government’s plans for a third employment status continue to change, with today’s Budget introducing a further tax break.
Workers who sign employee-shareholder contracts will pay no income tax or National Insurance (NI) on the first £2,000 of shares they receive from their employer company, the Treasury announced.
Will the Revenue’s behavioural insight techniques whip taxpayers into shape?
By Keith Gordon; £68.50; paperback; 240 pages; second edition; Claritax Books
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