Businesses that have failed to submit their VAT returns by the due date will be targeted by HMRC this month. An estimated 50,000 businesses may be affected by this latest campaign by HMRC. Registered traders who have outstanding returns to file may find that their tax affairs will be closely scrutinised and without prior warning.According […]
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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 […]
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 […]
A new Universal Credit (UC) benefits system will be introduced in the UK this year: – The Greater Manchester and Cheshire regions from April 2013,– All new claimants from October 2013,– All existing claimants will be transferred to the new system on a phased approach to be completed in 2017. Universal Credit will be paid […]
Draft clauses recently published for the Finance Bill 2013 outline the way in which the Government proposes to limit the amount of tax relief an individual can claim. Capped reliefs will be limited to the greater of £50,000 or 25% of net taxable income – this is income less pension payments and charitable donations. The […]
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. […]