News and Updates
Renewals Allowance Scrapped
Wear and Tear or Renewals? Before 1 April 2013 for Companies and 6 April 2013 for other residential property owners, landlords of furnished residential properties had the following options: Renewals allowance - claim the cost of replacing items such as cookers,...
VAT record keeping
What records to keep? For any business it is vital to keep evidence to support all transactions for tax purposes. Records will needed by the bookkeeper, business owner to refer back to and also HMRC. However for VAT purposes HMRC are not always looking for a full VAT...
Tax Free Child Care Scheme
Employer Supported Childcare (ESC) The Childcare Vouchers scheme currently in place is due to be replaced by the tax free childcare scheme from Autumn 2015. The new scheme will eventually be worth up to £1,200 per child and so save a typical working family with two...
Budget 2013
Main Tax Proposals Personal allowance £10,000 from April 2014 Employment allowance £2,000 per year New scheme for tax free childcare Reduction in main rate of corporation ta to 20% from 1 April 2015 Employee-shareholder contracts will be exempt from income tax and NIC...
Tax planning
5 April 2013 Once again we are approaching the end of the tax year. At this time of year it is important to look at the annual tax reliefs available and make sure that where possible we have utilised these as many will be lost as soon as we reach 6 April 2013. ISA...
Universal Credit
Universal credit is the new support payment for those looking for work or on a low income. It replaces: Child tax credits; Working tax credits; Income support; Housing benefit; Income-based job seeker's allowance; Income-related employment and support allowance. It...
Finance
There are numerous sources of finance available but actually securing it and ensuring it is the right source of finance can be a major challenge. The following aims to provide an overview of some of the sources and some of the considerations when raising finance. The...
Child Benefit
Child benefit is being withdrawn through an income tax charge in households where someone has an income of over £50,000 per year. If this income is between £50,000 and £60,000 the income charge will apply gradually and only where the income exceeds £60,000 will child...
Additional rate tax planning
Additional rate tax payers Individuals with income above £150,000 are subject to additional rate tax at 50%. Although it may seem a fortunate position to be in, giving half your earnings to the tax man is not pleasant. However, after 5 April 2013 this tax rate is...
Taxable vs Accounting Profit
Tax computation Have you ever wandered what adjustments your accountant makes and why? The net profit in the accounts is only the starting point for the calculation of taxable profits, the accountant will make adjustments for the following: Expenses charged in...