Tag Archive

Legitimate Income Shifting

Published on March 20, 2013 By admin

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 […]

Boosting Your Pension Entitlement

Published on March 6, 2013 By admin

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 […]

Can a Stock Valuation Save you Tax?

Published on February 6, 2013 By admin

At the end of each financial year, one needs to value its stock for accounting purpose. But this is a tedious exercise and not many people like to do it. But there are ways where you can you turn this into an opportunity to save corporation tax? You may not realise, but your company has […]

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

Accountants as the Strategic Business Partner

Published on January 25, 2013 By admin

The overwhelming message coming from the business community is that accountants now and in the future need to be strategic business partners. If they are to add value to business and develop a successful career, they need to share insight and guide strategic decision-making, rather than simply analyse and report on data.

Changes to the Online VAT Facility of HMRC

Published on January 9, 2013 By admin

Until now, HMRC’s online VAT services have been basic, but he’s recently added some genuinely useful tools. What’s to know? HMRC has recently made some additions to the VAT online services. While they are not the functions that you need on a daily basis, they will however simplify and speed up some of his application […]

Autumn Statement; What’s in it For the Savers and Pensioners

Published on December 28, 2012 By admin

For savers, the annual ISA contribution limit will rise modestly from the current level of £11,280 to £11,520 from April 2013, a rise of 2.1%.. But previously it was said that this would be increased in line with inflation. What about pensions? The basic state pension will rise by 2.5% next year to £110.15 a […]

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. […]

Claiming Tax Reliefs

Published on July 13, 2012 By admin

Have you ever thought of claiming a tax deduction for your birthday gift? According to the laws of HMRC, you can freely do so provided that they are used for business purpose. If you spend money on your business, you can expect set off the cost against your tax bill. But as with all other […]

How to Manage Directors Bonuses Tax Efficiently

Published on July 6, 2012 By admin

If your company has made a profit, it is highly likely that every director will receive a share from it as bonus. In order to get an early tax deduction, these bonuses must be paid within a specified time, but on the otherhand there will be a large PAYE bill.