Choosing when to Claim a Capital Loss

During hard economic times the shares you own of companies have little or no value. In this case you can claim a loss against any capital gains you’ve made. But the question is whether you have the option of allocating it to whichever year you prefer?

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A Tax efficient way to Reimburse Expenses incurred on Meals-

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 good for both of you.

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Rearrange your Borrowing to Qualify for Tax Relief

If you have build up the value of the company over the years, the shares you own in it are now worth a significant amount. Is there any possibility to use this capital to obtain some extra tax relief?

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New VAT Campaign Launched

HMRC is taking steps to crack down on those who are late with VAT returns or payments. If you’re struggling with a return or to pay your VAT, what steps should you take in order to avoid any unnecessary trouble from HMRC?

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Legitimate Income Shifting

Losing your job is a financial disaster for anyone. If it has happened to you or your spouse, how can you use the tax system to soften the blow? If your partner loses their job, they may also lose the benefit of their tax-free personal allowance, which currently stands at £8,105. But there are ways to compensate for this loss of tax relief.

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Essentials on the New Annual Investment Allowance

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 like causing trouble in all but the most straightforward of circumstances.

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Good Bookkeeping will Make Your Accounts Preparation Easier

Good bookkeeping makes your paperwork comprehensive and will make it easier for your accountants to do VAT and tax returns. Bookkeeping records gives you an idea as to exactly what is going on in the business. Whether you use a manual or computer based system for bookkeeping the same principles apply. A traditional paper-based system will rarely be suitable for many start-up businesses as the accounting function will soon start to consume valuable time. If you start with computerised accounts, there will be no need to go through the time-consuming process of transferring your paperwork onto a computer package. When thinking about the bookkeeping process of your business, you need to focus your attention on the following 03 areas.

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Delaying Capital Gains Tax

If you have already used the 2012/13 annual exemption for capital gains tax but thinking of selling some more assets of yours, what are the options available to you?

If you need to sell an asset to boost your cash flow, you may not like to share the proceeds with HMRC. Here’s a simple but effective way to delay paying Capital Gains Tax for up to 21 months. If you put back the sale of assets until after April 5 2013, it will fall in the tax year 2013/14. As a result, any tax due won’t be payable until January 31 2015.

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Boosting Your Pension Entitlement

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 paperwork and potential hassle from the HMRC? Before giving up on the idea consider the following benefits as well.

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A Simpler Way to Claim Tax Relief for Gifts

There’s a belief that a company can gain tax relief on charitable donations by establishing a payroll giving scheme.

Payroll giving is an alternative to Gift Aid or other charitable payments. It’s open to workers whose employers have signed up to a scheme with one of the agencies. It can be cost free to employers. However, some administration work is involved.

There are no direct financial advantages, tax or otherwise, for an employer, but there are a few side benefits

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