Short term effects Those who were longing for the Making Tax Digital and Digital Tax Accounts consultation will need to wait as there are now urgent and more important matters in hand. In the case of any emergency budget, there could be an increase in income tax and national insurance. Long term effects The separation […]
Majority of the companies have just the ordinary shares. They carry one vote per share, are entitled to participate equally in dividends and, if the company is wound up, the ordinary shareholders will share the proceeds of the company’s assets after paying all the debts However, there are some instances where companies create different classes of ordinary shares, e.g. […]
There are situations where planning a tax and NI is an efficient way and becomes important to draw income from your pension. However, you need to think long term before doing this. If your business can justify the fact that paying a low salary to your spouse, is it worthwhile doing this, given the extra […]
In latest developments, tax heads of larger accountancy firms have defended themselves against claims they are behind avoidance schemes that damage the UK’s economy. The Public Accounts Committee accused them of making not exposing corporate income for tax in UK
Selling a house on someone else’s behalf in a shrinking market can lead you to a huge inheritance tax bill. But what are the options available for you to reduce the inheritance tax payable?
Real Time Information on PAYE will be available from April next year, but employers have the chance to use it earlier according to HMRC. RTI is a system that is intended to make life simpler for employers. In reality, its function is to clamp down on businesses that fail to make PAYE payments on time. […]
If your business has been hit by a penalty from the Companies House just because, you sent your accounts late, can you take it as a tax deductible expense?. The answer is that fines and penalties cannot be taken into the tax deductible category unless they are being paid on behalf of an employee.
During the budget it was announced that the government is going to introduce simplified tax rules for business accounts preparation. What are the tax advantages that you think that you will be entitled to from these new tax rules?
HMRC is extremely strict on matters relating to VAT. This applies especially if your company happens to be on the wrong side of VAT investigations. If so HMRC has a greater tendency to spot discrepancies than never before.
Income tax Personal allowance to be raised up to £9,205 from April 2013; this is a move according to the government that will make 24 million people £220 a year better off. But 300,000 more people will be drawn into the higher rate – 40% – tax band from 2013/14 as the threshold is brought […]