News
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Missing Trader Fraud
This is a type of VAT fraud that costs the UK millions of pounds every year. It works like this...
A VAT registered company based in the UK purchases small high-value ...
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Tax Efficient Profit Extraction
As a company owner you can choose how to extract the profits from your company, and by making the right choices you can minimise the tax and NI paid by you and t...
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Paying PAYE on Time
HMRC are encouraging businesses to pay all their taxes electronically. Only large employers with 250 or more employees, are currently required to pay PAYE and other payroll ...
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Capital Allowances for Holiday Lets
Do you own a property that qualifies as a furnished holiday let (FHL)? To qualify the property has to be commercially let for short periods for at least 70 d...
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Tax Efficient Cars
There are quite a few types of car which have CO2 emissions of no more than 110g/km; including certain models of the Mini Cooper, Toyota Prius, Smart, and Fiat 500. If your c...
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Higher Penalties for Late Returns
This month, we have a warning. Please spread the word as HMRC mean business!
Your personal self-assessment tax return for the tax year to 5 Apr...
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New Pensioners to Receive Tax Bills
If you first received your state pension after 5 April 2010 you may have to pay an unexpected tax bill. This is because of yet another programming error w...
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PAYE Notices are Coming
The Tax Office has started to issue electronic PAYE code notices (forms P9) to employers for 2011/12. If you have provided an email address for the Tax Office to cont...
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Changes to NIC Class 2 Payments
As a self-employed person you probably pay your class 2 NIC, (formerly known as 'NI stamp') by monthly direct debit, or when the quarterly bill arrive...
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Lower Penalties Offered by HMRC
The Taxman has launched a new tax disclosure opportunity called the Plumbers Tax Safe Plan (PTSP). It is aimed at plumbers and heating engineers who hav...
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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...
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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...
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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 ...
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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...
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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...
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