News

Decoding your tax deductions could save you in the long run

Question. I have received a new tax coding notice from HMRC.  It’s exactly the same as the tax code I was given last year.  Should my coding notice have changed and how do I know whether my employer is deducting the correct amount of tax from my wages? Answer. Most UK employees receive a notice of tax coding from the HM Revenue & Customs at least once ...

Devolving Power

Question. Will the recent announcements about the Corporation Tax Bill impact the level of corporation tax all Northern Ireland companies will pay in the future? Answer. The bill that would permit corporation tax powers to be devolved to Northern Ireland has recently been published by the government. This legislation, known as the Corporation Tax (Northern Ireland) Bill will allow Northern Ireland to set its own rate of corporation ...

Penalties quickly mount up for late tax returns

Question. I have not completed my 2013/14 self-assessment tax return yet. I understand that the deadline for submission of this is 31st January 2015. Will I be charged any penalties if I only submit it a few days late? Answer. The deadline for submitting your 2013/14 tax return online is 31 January 2015. Even if your return is submitted just one day late, HM Revenue and Customs will ...

Full and Final Debt Settlement in Ireland

Please click the link below which details a brief summary of our vast experience and expertise in dealing with personal and corporate debt resolution and also includes examples of our achievements in Ireland since the introduction of the Personal Insolvency Act 2012. Combining our significant experience and your assistance, we can help achieve full and final debt settlement and return a solvent, revitalised client to ...

How can I increase my personal tax allowance?

Question. I’m earning £120,000 a year.  When my earnings increased from £100,000 to £120,000, my income tax bill increased by £12,000 which is an effective income tax rate of 60%.  Is there any way I can reduce the 60% tax rate I’m paying on the £20,000 pay increase I received? Answer. Individuals who earn less than £100,000 are entitled to a personal allowance of £10,000 this tax year.  ...

Happy Christmas From PKF-FPM

Christmas Gifts

Question. I run a small company and would like to treat my employees over Christmas as a thank you for their hard work and commitment over the past year. How I can I do this tax efficiently? Answer. Christmas presents paid in cash to employees will always be taxable at source under Pay as You Earn and are subject to tax and national insurance. The same treatment also ...

JL Grant & Co. Joins PKF-FPM Accountants

With immediate effect, the former practice of JL Grant & Co. (22 staff), located in Mallusk will be subsumed into PKF-FPM Accountants Limited, one of the leading Island based Accounting and Business Advisory firms, with offices in Belfast, Newry, Dungannon, Mallusk and Dundalk. PKF-FPM is a member of PKF International, one of the top Global Networks of Accountancy Firms. Both firms have worked closely over these ...

UK Autumn Statement 2014

The Autumn Statement looked very like a mini-Budget, with a several major new provisions and a raft of other measures. The redesign of stamp duty land tax (SDLT) on homes was the most important change for most people, providing the vast majority of buyers with a cut in SDLT and a few at the top end with potentially substantial increases. For further information please download our ...

Changes to employee expenses

Question. I reimburse my employees travel and subsistence expenses towards the cost of business trips and have recently been advised that I should have a Dispensation from HM Revenue and Customs. What is the benefit of a Dispensation? Answer A dispensation is an agreement that allows employers to pay specified expenses to their employees without deducting Tax or NIC or reporting the payments to HMRC. Without a ...