Best4business Accountants & Co. Ltd.
As briefly discussed in our April 2009 article on the use of vehicles for business purposes, making available a car for both business and personal use can in certain circumstances be quite beneficial in terms of the overall cost of ownership, as the cost to the business can be treated as being partly or fully tax-deductible. [click to continue…]
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For those of you who took the decision to make an investment into buy to let property in recent years, the upcoming ‘emergency’ Budget, to be announced in the coming days, may be a cause of some concern. [click to continue…]
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If registered as an employer, the Employer Annual Return (also known as the P35) is due by 19th May following the end of the tax year. Filing a return online is nowadays compulsory for almost everyone. Note that CIS contractors must also submit a P35 to report CIS tax that they have withheld and/or suffered. [click to continue…]
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This is an important subject area that many people, especially non-business people, struggle with in knowing the facts.
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There have in fact been a few changes made as part of an EU-wide package introduced in what is being called the ‘VAT Package’ that came into effect on 1st January, and comprising four elements: [click to continue…]
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As you are all no doubt already aware, the standard rate of VAT was increased back up to 17.5% on 1st January 2010.
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Following-on from the regular initiatives to encourage businesses to move away from paper returns of all kinds in recent years, HMRC have finally set some dates for the compulsory electronic submission of VAT returns, and payment of VAT liabilities.
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One of the aims of HMRC introducing the new PAYE service during July 2009, which saw the merging of 12 regional databases into a single national computer system, was to allow for the implementation of new rules outlined in Finance Act 2009 sch56 regarding late payments of PAYE. [click to continue…]
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For any small business, there is very little positive about making a loss over the course of an accounting period, except perhaps in allowing the possibility of claiming back some or all of the tax it has paid in the previous (profitable) period by way of making a ‘carry-back’ claim, under the Income Tax Act 2007 s64.
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Trusts are routinely used in helping individuals manage wealth and mitigate certain tax liabilities, including for capital gains. There are many pitfalls however in what is a relatively complicated and difficult-to-understand subject area, and so professional help and advice is essential. [click to continue…]
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