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Morrison Associates

What you need to know…

Hello there,

Welcome to your June financial newsletter keeping you up-to-date on finance related news you need to know for your business.

This month we discuss HMRC’s cancellation of late submission penalties and the reduction in the Annual Investment Allowance.

We hope you enjoy!

Andrew Morrison
 
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HMRC Cancels Penalties for Late Submissions
Tax Return 2014

For most of those due to submit a tax return for the 2013-14 tax year, the deadline was 31 January 2015 and tax for the year had to be paid by that date. Nearly 1 million taxpayers missed this deadline.

However, those who missed the deadline are being let off their £100 fine from HMRC.
Find out why here
 
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Capital Allowances

...and the reduction in the Annual Investment Allowance (AIA)
Pie Chart Slice

You can claim capital allowances when you buy plant and machinery that you keep to use in your business. However, from January 2016 the amount you can claim is going to drop from the present £500,000 to £25,000.

Find out more about this huge drop here:
Learn about the falling AIA
 
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Morrison Associates
24 James Street West
Bath
BA1 2BT
01225 319050
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