If you employ staff who are on the move on a regular basis, you could reimburse them the cost of their meals while they’re out and about. But you have another option, where you could pay them a tax and NI-free allowance in exchange for them taking a little less in pay. This will be […]
The new rules on the annual investment allowance apply differently to different businesses. The Chancellor’s announcement that the AIA, which allows a 100% tax deduction for expenditure on equipment for the accounting period of purchase, was to be raised to £250,000 from 01 January 2013. But the transition from the previous £25,000 limit always looked […]
Most of the UK’s larger businesses have made a significant contribution to the public purse despite adverse economic conditions and public outcry over multinationals using complex tax structures to avoid paying tax. Global companies including Amazon, Google and Starbucks have attracted public ire over their corporation tax bills, but a study by PwC has found […]
There had been many changes recently to the rules affecting income tax and VAT where you pay for fuel. This is mainly related to fuel used by your employees for private journeys. What are these changes and how might they affect your business? If it is a practice of your business to provide directors or […]
Over recent years, there have been a few Answers to certain disclosures within the financial statements such as when ‘exceptional items’ are encountered and there is uncertainty as to how to disclose these. The standard, which controls the way by which the financial performance is reported, is that of FRS 3 Reporting Financial Performance. The […]
Running a small business is never an easy task. Starting a small business is even worse. Apart from capital input, you also need to deal with a lot of regulations as well as endless administrative tasks. When you take all this into account, almost for the first three or four months you will be doing […]
HMRC has suspended the programme of business record checks. But the bad news is there will be more targeted checks on specific businesses. Early last year HMRC announced that a special task force would be visiting businesses at random to check the standard of their record keeping. Originally, HMRC intended to make 50,000 visits; this […]