30 November 2015
1 December 2015
2 December 2015
The Chancellor has just announced in today’s Autumn Statement and Spending Review plans to keep the company car tax diesel supplement until 2021, which could see many people paying more income tax than they had budgeted. The Government originally planned to scrap the 3% diesel supplement on company car tax from April 2016, so that it was brought in to line with petrol cars, but today that has been delayed to 2021. Matthew Hall, who is Head of Tax and Partner at top-20 accountancy firm, Wilkins Kennedy, commented: “There will be many people who chose to drive a diesel vehicle with the expectation that the surcharge would be removed next year.
Deadline for final claims for double tax relief for qualifying UK gambling duties
Last day that Annual Investment Allowance remains at £500,000 before reverting to £200,000
From 1st April 2015 VAT law in connection with prompt payment discounts is changing. The changes will not only affect those businesses that offer prompt payment discounts to customers but also those who receive invoices offering a prompt payment discount.
The current VAT legislation is relatively simple with the amount of VAT declared on the invoice as well as the amount of VAT the recipient of the supply can treat as input tax being calculated on the discounted price.
The amount of VAT does not change even if the prompt payment discount is not taken up by the customer. - See more