Cruse+Burke

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No NIC due on rental income

No NIC due on rental income

Class 2 NICs are payable by the self-employed at the rate of £2.75 per week, although there is a small earnings exemption for those earning up to £5,885. It is understood that HMRC believe Class 2 NICs also apply to buy-to-let landlords.Continue Reading

NIC on salesman’s commission

NIC on salesman’s commission

Unlike income tax under PAYE, Class 1 National Insurance Contributions (NICs) are not normally calculated on an employee’s cumulative earnings but on the earnings for that week or month, in isolation.Continue Reading

Company car advisory fuel rates

Company car advisory fuel rates

The suggested reimbursement rates for employees’ private mileage in their company cars are reviewed each quarter on 1 March, 1 June, 1 September and 1 December. The following rates apply from 1 September 2014Continue Reading

High income child benefit charge

High income child benefit charge

Child benefit has been taxed from 9 January 2013, but only where the claimant, or their partner, receives income of over £50,000 a year. HMRC have been writing to individuals who said they had received child benefit and earned over £50,000 in 2012/13,Continue Reading

Payments that are made for sponsorship

Payments that are made for sponsorship

A recent case determined before the Court of Appeal found that, in its specific circumstances, a company was not allowed to claim tax relief on its sponsorship of a rugby club; the reason given was that the expense had “duality of purpose”.Continue Reading

Flexible pensions to go ahead in 2015

Flexible pensions to go ahead in 2015

In his March 2014 Budget, the Chancellor announced that he would enact ‘changes to allow individuals to have greater access to their pension funds from 2015’. After a period of consultation over the summer, the Treasury have published the results of the consultation,Continue Reading

Cruse & Burke,
73 Park Lane,
Croydon,
CR0 1JG

Tel: 020 8686 8876

Email: info@cruseburke.co.uk

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