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 […]
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 […]
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 […]
According to the latest press release by HMRC, about 2,500 doctors and dentists have been targeted by HMRC for possible tax evasion. The warning letters have already been prepared by HMRC and will be sending them in the near future. The alleged tax dodgers will have to pay their dues within 21 days or face […]
Rise in the VAT from 17.5% to 20% has defenitely had a big impact on small businesses and households throughout the UK in terms of their quarterly VAT. At 17.5% the UK had the lowest standard rate of VAT and the only 0% rate on food of any major EU member state.