The following announcement was posted to the GOV.UK website 1 February 2016:

“The Valuation Office Agency (VOA) is in the process of updating the rateable values of all business properties. This is known as a revaluation. If you register your email details with us now we will email you when the draft rateable values are available to view on gov.uk in October 2016.

• Register your email at www.gov.uk/voa/revaluation

This will be your chance to let us know if the information we hold about your property is incorrect. If you don’t review your details you may find yourself paying an incorrect amount in business rates.

Rateable values are used by local councils to calculate business rates, and business rates bills will be calculated using the new rateable values from 1 April 2017.”

As this process may have significant cost implications it may be worthwhile to take an in-depth look at your present business rate criteria to ensure that come 1 April next year, the VOA’s reassessment does not result in incorrect, and possibly increased, business rate bills.

Earnings over £100,000?

If your taxable earnings for 2015-16 are likely to exceed £100,000, perhaps for the first time, now would be a good time to consider your tax planning options before 6 April 2016.

For every £1 your income exceeds £100,000 your income tax personal allowance will be reduced by £2. In effect, when your income reaches £121,200 you will no longer qualify for this allowance.

This would have a dramatic effect on the income tax charged on this top slice of income: from £100,001 to £121,200. The effective rate of tax charged would be 60%.

Accordingly, any steps you can take to reduce your income below £100,000 will save you £600 for every £1,000 reduction.

Earnings over £50,000

When the adjusted income of either parent exceeds £50,000 the family entitlement to child benefit reduces by 1% of the benefit for every £100 the income of the highest earner exceeds £50,000.

In plain English, this means that when the income of either parent is £60,000 or more the financial benefit of claiming child benefit is lost entirely.

It is worth reviewing income levels now to see if adjusted income can be reduced below the £50,000 threshold before 6 April 2016.

Possible strategies to keep you below this level include:

• Increase pension contributions
• Transfer income producing assets to a spouse or civil partner
• Make additional gift aid payments to increase your basic rate band
• There may also be opportunities for some tax payers to shelter income in a limited company
• If parents are in business together, change profit share arrangements to equalise incomes

Take advice to see if you can reduce adjusted income of parents for 2015-16 below £50,000. This will ensure there is no claw-back of your child benefits received. For a family with two school age children, benefits at risk would amount to £34.40 per week, £1,788.80 per annum…

The government has published an update of the various grants and support available to individuals and businesses affected by flooding in recent months. The announcement is reproduced below:

Government support for homes, businesses, farmers and councils

In total the government’s investment in recovery from Storm Eva and Storm Desmond now amounts to nearly £200 million.

Households and businesses

The Floodline Service on 0345 988 1188 helps people affected by the recent floods. Before calling, please read our guidance for households and businesses or farmers.

We are:

• helping the people directly affected by the floods – providing local authorities with over £500 for each household affected; for example, to help with temporary accommodation costs whilst we work to get people back into their homes
• support people as they protect their homes against future floods by providing grants of up to £5000, so they can install new flood barriers, replace doors and windows with water resistant alternatives, or move electricity sockets up to a safer level
• ensuring flood affected businesses that have had their trading disrupted can get back on their feet, with funding equivalent to £2,500 provided to local authorities for each business affected
• ensuring that flood affected communities will not face Council Tax or business rates bills for their homes and businesses for as long as they are out of their properties

Farmers

Farmers affected by the recent flooding in Cumbria, Northumberland, Lancashire, Yorkshire and Durham can get grants worth up to £20,000 to help restore damaged agricultural land under the Farming Recovery Fund. Farmers experiencing difficulties getting online can call the Rural Payments helpline on 03000 200 301.

The Rural Payments Agency has published guidance about farm inspections, animal movements, TB testing, impacts on Basic Payment Scheme eligibility, and other Cross Compliance requirements.

The NFU has produced a newsletter for members affected by the flooding in the North East and North West. It contains information on where advice and funding is available to help with the recovery operation.

Roads, transport and flood defences

We have announced that we will provide £40 million of funding to help repair flood-damaged roads and bridges in Cumbria and Lancashire. We have also announced £3.3 million for Tadcaster bridges and £5.5 million to repair Elland Bridge in Calderdale.

We’re providing an additional £10 million so that the Environment Agency can repair flood defences that were damaged by Storm Desmond and we have announced a package of more than £40 million to rebuild and improve flood defences in the aftermath of Storm Eva. Of this, £10 million will be reserved to improve the Foss Barrier protecting York, which was overwhelmed at the height of Storm Eva. The other £30 million will be spent repairing defences on the Wharfe, Calder, Aire, Ouse and Derwent. It will include repairs to pumping and barriers and clearing blockages in rivers.

Tourism

The Prime Minister announced, on 28 January 2016, a support package to boost tourism across flood-hit north.

Charities

The government will support charities helping those caught up in each of the two recent storms by matching every pound of the first £2 million raised in each case. Applications for Storm Desmond or Storm Eva can be made by any registered charities currently running a fundraising appeal for flood relief to benefit each of the affected areas. The deadline for applications is 5 February 2016.

Sports facilities

Sport England has an emergency flood relief fund now amounting to £400,000 to help people repair sports pitches and facilities destroyed by this winter’s unprecedented rainfall. This will help clubs, local authorities and other community sports organisations in affected areas to help pay for emergency repairs to damaged facilities such as rugby and cricket pitches, water sports centres, pavilions, changing rooms and floodlights.

 1 February 2016 – Due date for Corporation Tax payable for the year ended 30 April 2015.

 19 February 2016 – PAYE and NIC deductions due for month ended 5 February 2016. (If you pay your tax electronically the due date is 22 February 2016)

 19 February 2016 – Filing deadline for the CIS300 monthly return for the month ended 5 February 2016.

 19 February 2016 – CIS tax deducted for the month ended 5 February 2016 is payable by today.

 1 March 2016 – Due date for Corporation Tax due for the year ended 31 May 2015.

 2 March 2016 – Self Assessment tax for 2014/15 paid after this date will incur a 5% surcharge.

 19 March 2016 – PAYE and NIC deductions due for month ended 5 March 2016. (If you pay your tax electronically the due date is 22 March 2016)

 19 March 2016 – Filing deadline for the CIS300 monthly return for the month ended 5 March 2016.

 19 March 2016 – CIS tax deducted for the month ended 5 March 2016 is payable by today.

As implied in the CGT planning article above, the 31 January 2016 was not only the deadline for filing your Self Assessment return online, it  was also the date when any underpayment of Income Tax, Class 4 NIC and CGT for 2014-15 fell due for payment, together with your first payment on account for 2015-16.

If you made your payment on time there is no need to read the rest of this article. If you didn’t, and your payments remain outstanding, read on…

• Interest will be charged at 3%, plus potential penalties as follows:
• If your tax is still unpaid by midnight 2 March 2016 you will be charged a penalty amounting to 5% of the tax unpaid
• If your tax is still unpaid by midnight 1 August 2016 you will be charged a further penalty amounting to 5% of the tax unpaid
• If your tax is still unpaid by midnight 1 February 2017 you will be charged an additional penalty amounting to 5% of the tax unpaid.

These penalties apply to the balance owing for 2014-15 and can be increased to 100% of your tax bill if you deliberately don’t pay it.

Of course, you might not get the later penalties – HMRC may have sent round the bailiffs!

So, taxpayers who are financially stretched, and will be paying their tax late, would be advised to call HMRC and agree an affordable payment plan. In that way, they should be able to avoid penalties if they keep up with agreed repayments.