A new annual flat rate expense allowance for laundering armed forces uniforms has been agreed between HMRC and the Ministry of Defence (MoD), with the figures set as:
- Navy – £80
- Army – £100
- Marines – £100
- RAF – £100
The allowance will be backdated to 6 April 2008, and claimants will receive the full amount due for each year of service, regardless of whether or not service started or ended part way through a year.
Step-by-step guide to setting up an enterprise management incentive plan
Leeds Design Innovation Centre Ltd, R Noble, R Watkiss and P Connolly (TC3150)
Share incentive plans (SIPs) and save-as-you-earn (SAYEs) schemes will see higher limits from 6 April.
The maximum value of free shares that can be awarded in a SIP will rise from £3,000 to £3,600 a tax year, while partnership shares will be capped at £1,800 (from £1,500), subject to the figure being no more than 10% of an employee’s annual salary.
The maximum monthly amount an employee will be able to contribute to SAYE savings arrangements will go up from £250 to £500.
The penalties regime of the real-time information (RTI) reporting of PAYE will not begin October, HMRC have announced, signalling a six-month postponement.
Automatic fines for late filing and overdue payments were due to begin on 6 April, but the Revenue has introduced a delay after finding it needed time to improve RTI systems and guidance.
The new timetable will be:
Under an unfunded unapproved retirement benefits scheme, an employee and their employer had agreed that a pension of £85,000 a year would be paid. Instead, a lump sum of £1.4m was paid to the employee
The economic outlook is improving, says the Institute for Fiscal Studies, but problems lay ahead
The previous accountant of a new client showed the income and expenditure relating to five let properties as being from self-employment. The presumption is it should be shown as income from property
October 2015 has been set by the government as the launch date for the scheme to allow people to top up their additional state pension via a new class 3A voluntary National Insurance contribution.
The arrangement – announced in last year’s autumn statement – will run for a limited period to help taxpayers who will reach state pension age before 6 April 2016. Those expected to benefit most are low-earning workers, carers and the self-employed, who have always been excluded from the state second pension and state earnings related pension scheme.
A taxpayer has registered with HMRC as a sole trader in futures derivatives. He has made a loss in the first six months of £30,000
Tax planning for loving couples
OTS issues second report on employee benefits and expenses
Download the exclusive Xero
free report here.
