There are a number of assets that you can sell at a profit without paying capital gains tax (CGT) on the sale. They include: Any car that is owned personally, and not by a business. Personal possessions worth up to £6,000 each. For example jewellery, paintings or antiques. Stocks and shares you hold in tax-free […]
Charity based tax schemes quashed
HMRC have had recent successes in the courts that have neutralised tax schemes utilising charity tax reliefs. Here’s what they have to say on the GOV.uk website: HM Revenue and Customs (HMRC) successfully challenged the tax avoidance scheme used by Nicholas Green and designed by Afortis Limited as part of an ongoing crackdown on charitable […]
Tax anomalies
Institute for Fiscal Studies director, Paul Johnson, recently spoke at the annual Chartered Tax Advisor Address. He pointed out a number of the unnecessary complications and policies that have left the UK tax system more complex and less efficient. “For example: There is a basic rate of income tax of 20%, a higher rate of […]
Why it’s important to plan
Consider this case study: Bill Smith, a self-employed electrician, purchased a brand new van 15 March 2014 for £18,000. Due to a downturn in the local economy his trading profits for the year to 31 March 2014 were just £9,400. Fortunately, he had secured a number of regular contracts for the following year that should net […]
NIC employment allowance
HMRC have published further clarification regarding who can, or cannot, claim the new £2,000 a year NIC Employment Allowance. Extracts from the update are set out below: Public authorities Public authorities (such as local authorities, town councils and parish councils) are not eligible for the Employment Allowance unless they have charitable status. Pharmacies Independent pharmacies […]
Effective Delegation
We all understand the importance of delegation, yet very few know how to do it properly. Here are a few tips to help you delegate work effectively. Realistic Deadlines It is important to note that overloading your team will have a negative impact, so before you delegate work make sure that you understand how much […]
Being a Better Manager / Leader
Today’s challenging business environment requires more from managers and business leaders. Here are a few tips to help you focus on being more effective. Work to Your Strengths Many of us spend too much time worrying about our shortcomings. Try to focus on the things that you are good at and use these strengths for […]
Getting the Induction Process Right
In a world where the latest generation of “millennial” workers are prone to changing jobs, the importance of a good employee induction plan can no longer be ignored. In order to get your induction process right you need to consider: How long it takes new employees to become a productive member of the team How […]
Microsoft Office for iPad!
It has been a long time coming, but it seems that Microsoft have finally realised that most businesspeople want to use Microsoft Office on their iPad. The company have recently released individual versions of their Word, Excel and PowerPoint programs that will work on an iPad, making it possible for users to switch seamlessly between […]