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Budget Update - VAT

Budget Update - VAT   VAT Rates and Thresholds There were few changes announced for VAT. The rates and thresholds are as follows from 1 April 2011: Lower rate - 0% Reduced ra... more

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Budget Update - Employers

Budget Update - Employers   NIC When business owners and accountants are asked what single action could simplify the tax system, most suggest merging income tax and NI. This messag... more

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Budget Update - Business Tax

Budget Update - Business Tax   IR35 Review The Office of Tax Simplification was tasked with reviewing the operation of IR35, or the provision of services through intermediaries as ... more


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Budget Update - Capital Taxes

Budget Update - Capital Taxes   Capital Gains Tax Rates and Thresholds The rates and thresholds for capital gains tax are as follows for 2011/12: Annual exemption - £10,6... more


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Budget Update - Savings and Investments

Budget Update - Savings and Investments   Enterprise Investment Scheme Income tax relief for investors is to be proposed to be enhanced as follows: Rate of income tax relief: 2... more


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Budget Update - Individuals

Budget Update - Individuals   Personal Allowances These allowances represent the amount of an individual's income in the tax year that is not subject to income tax. Some people... more


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Furnished Holiday Lettings Rules are Changing

Furnished Holiday Lettings Rules Change   Owners of furnished holiday lettings who are thinking of improving their properties have until 5 April 2011 to take advantage of some favourab... more


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Time for Tax Planning

Time for Tax Planning Have you used all your available tax allowances? The 40% threshold is going down, as the tax free personal allowance goes up. The threshold for the 40% rate will be ap... more


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Leaving it to Charity

Leaving it to Charity If you haven't made a Will, you should do so without delay. If you don't have any relatives you want to leave your estate to, consider making a Will that leaves mo... more


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Traps with the Flat Rate VAT Scheme

Traps with the Flat Rate VAT Scheme The VAT flat rate scheme for small businesses is generally straight-forward to operate, but here are a few traps to watch out for. Use the right rate&... more

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Taxman to Hassle Tax Cheats

Taxman to Hassle Tax Cheats In addition to the 50,000 letters being sent about keeping business records, the Taxman is writing to 12,000 self-employed people who claim Tax Credits, to check ... more


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Taxman Starts Business Records Check

Taxman Starts Business Records Check The Taxman is concerned that many small businesses are not keeping adequate records to support the entries on their tax returns. To encourage better reco... more