Tag Archive

Tax Experts Defend their Position over the Government Backlash

Published on February 1, 2013 By admin

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

Inheritance Tax Relief When Property Prices Go Down

Published on July 27, 2012 By admin

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

Published on July 20, 2012 By admin

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. […]

Can we Consider the Fines of Companies House as tax Deductible?

Published on May 25, 2012 By admin

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.

Reclaiming VAT on workers’ expenses

Published on April 13, 2012 By admin

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.

Budget 2012; Key Points at a Glance

Published on March 22, 2012 By admin

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 […]

Get Tax Deduction for Having a Website

Published on February 17, 2012 By admin

Having a website is almost a necessity for any business, but setting one up and maintaining it can be expensive. This article explains as to whether you can get can tax exemptions for developing and maintaining a website. Most businesses can claim a 100% tax deduction for some of the cost of setting up a […]

How can Small Businesses Break the Barriers and Move Forward?

Published on December 30, 2011 By admin

Every business owner has an objective in mind. Whether it is to increase the revenue, expand the market share or cut down on costs, a business owner needs to pay attention to the core revenue generating aspect of his business. Small business and start up business owners have many things to worry about from regulatory […]

Treatment for Depreciation of Fixed Assets When Preparing Year End Accounts

Published on December 16, 2011 By admin

The provision for depreciation is an accounting and tax term used to describe the calculation of the physical decline of fixed assets of businesses. Most fixed assets such as plants, equipment, furniture and vehicles decline in value over time as they are used and as they age. Hence, one needs to take into account the […]