One of the surprise announcements in the Autumn Statement 2012 was the decision to increase the Annual Investment Allowance (AIA) from 1 January 2013 to £250,000. The increase will apply for two years. Obviously, this is an attempt to focus the minds of entrepreneurs on investment. For profitable, self-employed traders this could be a useful […]
End of year tax planning
Although we are now at the beginning of a new calendar year we are in the last quarter of the current tax year. Whether you are a business person, property landlord or pay significant amounts of tax as an employed or retired person there is now a short window of opportunity to examine your likely […]
Becoming a more customer centric business
Knowing that your business needs to be customer centric (focusing on customer’s needs and wants) is one thing. Knowing how to go about introducing this customer-focused culture is something else entirely! Here are some tips to help you implement the changes necessary to become a more customer focused business: Create a Vision As a business […]
Tax Diary December 2012/January 2013
1 December 2012 – Due date for Corporation Tax due for the year ended 29 February 2012. 19 December 2012 – PAYE and NIC deductions due for month ended 5 December 2012. (If you pay your tax electronically the due date is 22 December 2012.) 19 December 2012 – Filing deadline for the CIS300 monthly […]
Swiss bank account holders beware.
UK residents with Swiss bank accounts should be aware that new taxation arrangements are scheduled to come into force on 1 January 2013. The new tax agreement between the UK and Switzerland means that account holders must either provide full details to HM Revenue & Customs (HMRC) or pay over a proportion of the money […]
Rag trade and alcohol industry targeted
The first taskforces to tackle tax cheats in the rag trade and alcohol industry were launched on 19 November by HMRC. The specialist taskforce teams will target those who do not pay the right amount of tax in: * the rag trade in the Midlands, North Wales and North West, including manufacturing, wholesale, retail and […]
Business Records Checks
When the program was first unveiled in January 2011 HMRC intended to visit 50,000 small businesses across the UK. A year later the whole process was reviewed and subsequently suspended following concerns raised by professional bodies and accountants. According to HMRC:“Up until 17 February 2012, 3,431 BRC had been carried out. These found that 36 […]
Merry Christmas…
The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. However, the cost is only deductible if it relates to employees and their guests, which would include directors in the case of a company, but not sole traders and business partners in the case of unincorporated organisations. […]
Summary of Autumn Statement 5 December 2012
Personal tax and benefits • The basic Personal Allowance, due to anyone born after 6 April 1948, will increase in April 2013 to £9,440 (2012-13 £8,105). The increase in the Personal Allowance is £235 more than expected and will save basic rate tax payers up to £267 in a full tax year.• For those born between 6 […]