Making Tax Digital Delay

The government has now delayed making tax digital by “at least” two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019

Those below the VAT threshold of £85,000 will now be exempt from requirements to quarterly report until the government can reassess the plans

Machine Games Duty (MGD)

MGD (Machine Games Duty ) begins on 1st February 2012 to replace amusement machine licence duty. Time is running out to register for Machine Games Duty (MGD).

Remember you must register before 11 January 2013!!

Tax Efficient Investments – Isa

ISA deadline 2011/2012 is approaching soon, So take advantage of tax saving by utilizing the use of your ISA allowance.

2011/2012 Allowance is as follows:

  • Cash ISA allowance £5340
  • Investment (Stock & Shares) allowance £10680

Remember you can hold both Cash ISA and stock & Share ISA if you wish but the total combined  allowance is £10680 (for 2011/2012)

Mileage Allowance Payments

The following rates represent the maximum tax free mileage allowances for employees using their own vehicles for business use. Any excess is taxable. If the employee receives less than the statutory rate, they can claim tax relief on the difference.

Tax – Rates per business mile

Type of vehicle                First 10,000 miles     Above 10,000

Cars and vans                      45p                                   25p

Motorcycles                         24p                                   24p

Cycles                                  20p                                   20p