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Tax Position of Unmarried Couples
Monday 11 May 2009
UK tax legislation relating to capital gains tax (CGT) and inheritance tax (IHT) is biased in favour of marriage or Civil Partnership. The recent Budget has done nothing to change this. Read more…
Business Payment Support Service
Monday 11 May 2009
This service continues to offer tax payers deferred terms for settlement of their tax liabilities. Nationally the feedback from businesses and individuals who have made applications has been promising - HMRC have been sympathetic and supportive in most cases. Read more…
Furnished Holiday Let (FHL) property
Monday 11 May 2009
As a direct result of EU rulings the UK have been compelled to extend the various tax advantages of FHL status to properties located within the European Economic Area (EEA) - as long as they meet the required qualifying criteria.
It would appear that this did not sit well with the UK Treasury as they have announced that the entire FHL tax legislation is to be repealed, withdrawn, from 6 April 2010. Read more…
Top 10 Year End Tax Planning Tips
Wednesday 11 March 2009
Sunday 5 April 2009 is the last day of the current tax year, and many small businesses choose either 5 April or 31 March as the end of their accounting year. Tax planning is key at this time of year, as action often needs to be taken before the end of the tax year or before the end of the accounting year. Read more…
Budget Day will be 22 April 2009
Wednesday 11 March 2009
Normally March is the month in which the Chancellor of Exchequer presents his Budget, during which he announces the tax rates and thresholds for the coming tax year. However, this year, for various political reasons, the Budget speech has been delayed until 22 April 2009. Read more…
New Penalties from April 2009
Wednesday 11 March 2009
The Taxman is getting tougher on taxpayers, businesses and employers, who make mistakes on tax returns, VAT returns and other forms such as P11Ds, and PAYE end of year returns which must be submitted to HMRC. From April 2009 there is a new system of penalties, which will be calculated as a percentage of the potential lost revenue that arises from the mistake. Read more…
Dispensations and Benefits in Kind
Wednesday 11 March 2009
If you provide any sort of beneficial payment or gift of goods to employees, generally speaking most will be taxable as a benefit in kind - as if they were payments of salary etc. Read more…
Long Service Awards
Wednesday 11 March 2009
Any salaried employee of a business can be paid a long service award. The way in which the award is given can radically influence the tax treatment! Read more…
Retrospective Claims for Overpaid or Underclaimed VAT
Wednesday 11 March 2009
If you have overpaid VAT output tax or underclaimed VAT input tax you may benefit from a claim to recover the amounts involved from H M Revenue & Customs. Read more…
Record Keeping
Wednesday 11 March 2009
H M Revenue & Customs now have extensive powers to require that you provide evidence to back up entries on your tax returns. For business owners this means your accounting records and supporting documentation need to be pristine. Read more…
Invoicing Software for Service Based Businesses
Thursday 12 February 2009
For businesses which charge clients based on time worked, we can recommend a new software system which will help you manage that process. TILS (Time and Income Logging system) allows you to record time against clients, produce professional invoices, and create reports to help you monitor what you are owed, and by whom. Read more…
Tax Diary February/March 2009
Thursday 12 February 2009
Upcoming Tax Dates for your diary. Read more…
HMRC Second Offshore Disclosure Facility
Thursday 12 February 2009
On 20 November 2008 HM Revenue & Customs confirmed that it is to launch a second campaign in 2009 to collect unpaid tax in offshore accounts. The Offshore Disclosure Facility (ODF) will target account holders with money in building societies and any of the 300 UK-based banks that have offshore operations. Read more…
Save Tax on Winding up a Company
Thursday 12 February 2009
It is often not quite as easy to close down a limited company, as it is to set one up. Where a company has surplus assets it is often beneficial for tax purposes for those assets to go back to the shareholders in the form of a capital gain rather than as dividend income to take advantage of CGT exemptions and reliefs. Read more…
New Companies House Late Filing Penalties
Thursday 12 February 2009
It's more important than ever to get your books and records into us on time because from 1st February 2009 private companies that fail to file their accounts on time will face increased fines. Read more…
Selling Property Abroad
Thursday 12 February 2009
Sterling has depreciated considerably against the Euro in the last year. Whilst this is of great interest to other Euro zone residents, who can buy property in the UK at much lower Euro cost, the opposite applies to UK residents who have purchased property elsewhere in the Euro zone. Read more…
Planning for the Tax Year end 5 April 2009
Thursday 12 February 2009
If you are self employed, either a sole trader or in partnership, you are approaching a key date - the end of yet another tax year.
Read more…
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