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Motor Trade Tax Update Presented by Matthew Hodgson Michelle Malone

Motor Trade Tax Update Presented by Matthew Hodgson Michelle Malone. Summary. 2013 Budget and VAT Update Pensions Auto-Enrolment National Minimum Wage Increase HMRC Anti- Money Laundering Checks General Anti-Abuse Rule (GAAR). 2013 Budget Update. Income tax

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Motor Trade Tax Update Presented by Matthew Hodgson Michelle Malone

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  1. Motor Trade Tax UpdatePresented byMatthew Hodgson Michelle Malone

  2. Summary • 2013 Budget and VAT Update • Pensions Auto-Enrolment • National Minimum Wage Increase • HMRC Anti- Money Laundering Checks • General Anti-Abuse Rule (GAAR)

  3. 2013 Budget Update • Income tax • Personal allowance 2013/14 - £9,440 but £10,000 from 2014/15 • Additional rate (income over £150,000) reduced from 50% to 45% (dividend rate reduced from 42.5% to 37.5%) from 2013/14 • Corporation tax • Previously announced rate reduction for 2013 unchanged at 23% (2014 – 21%) • Marginal rates 2013 – 23.75% (2014 – 21.25%) • Headline measure reduction in main rate of corporation tax to 20% from April 2015

  4. 2013 Budget Update - Continued • Capital allowances • Annual investment allowance - £250k pa from January 2013 (2012 – various changes leading to apportionment but reduced from £100k to £25k in April 2012) • Low emission cars • Extension of 100% FYA to March 2018 but reduction in emissions threshold from April 2013 to March 2015 from 110 g/km to 95g/km then reduced to 75 g/km • Threshold main pool car reduced from 160 g/km to 130 g/km from April 2013 (also applies to lease rental restriction) – otherwise put in special rate pool

  5. Approved Mileage Rates – Business Use of Company Vehicle – from 1 March 2013

  6. VAT • New fuel scale charge rates applying from 1 May 2013 • New forms • VAT 411 Sale of New Means of Transport • Declaration for zero rating sales of adapted vehicles • Purchase of vehicles from abroad – requirement to register vehicles from 15 April 2013 using NOVA (Notification of Vehicle Arrivals) online system

  7. Automatic Pension Enrolment - Overview • Government concerned that people not saving for their retirement • New requirements - all employers to enrol their workers into a qualifying workplace scheme if they are not already in one • Qualifying scheme • Defined contribution scheme with a minimum contribution; or • Defined benefit or hybrid scheme which meets certain conditions

  8. Automatic Pension Enrolment - Timescales • Commenced October 2012 but phasing in of duties over 6 years • Staging date dictated by number of employees in PAYE scheme • Can be found by inputting PAYE reference at www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx • Other useful tools on The Pensions Regulator website

  9. Automatic Pension Enrolment – Implications • Minimum total and employer contributions • Increase over time • No maximum • Employer can contribute more than the stated minimum

  10. Automatic Pension Enrolment – Minimum Contributions

  11. National Minimum Wage

  12. High Value Dealer Legislation – Anti-Money Laundering Rules • If prepared to take cash payments of 15,000 Euros or more in return for goods must register as High Value Dealer • HMRC now telephoning such businesses • To ensure their records are up to date • To obtain additional information e.g. type of goods sold • To check whether business understands their obligations – follow up visits? • You will be notified in writing before call is made

  13. General Anti-Abuse Rule (GAAR) • The case for and against • Likelihood of success • The future of tax planning

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