tax

Avoid a tax hangover from your Christmas office party!

December 8, 2010

So you’re probably all set for this year’s Christmas work bash? Its worth reminding yourself about the tax rules and how they apply for Christmas office parties. As you might expect, HM Revenue & Customs aren’t quite as festive as most business owners might like to be in rewarding their team for the hard work [...]

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Why do most companies have a 31 December financial year end?

December 7, 2010

Most companies have 31 December financial year ends. Yet you have a choice as to when your company accounting period runs to in the UK – unlike in some other countries – so there is no obligation to follow the crowd. Actually, there are some quite compelling reasons why you should opt NOT to have [...]

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VAT growing pains for virtual UK business

November 16, 2010

Interesting comments from Ryan Carson of Carsonified in response to questions regarding hidden challenges lurking in global business via the excellent Duct Tape Marketing. He singled out dealing with VAT as one of the single biggest challenges in growing his UK training business to become a global player commenting: Image via CrunchBase The laws surrounding [...]

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Tinkering with tax simplification

November 10, 2010

Over 1,000 tax incentives have been identified and collated as part of the first stage of the Office of Tax Simplification work – tax advisers across the UK nod wearily! The next step is to review which tax incentives can be eliminated to ‘simplify’ UK tax. Target date for the first review is the next Budget scheduled for 23 [...]

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Automate your tax alerts

November 10, 2010

This is a basic yet nifty little tool for creating a calendar of your key tax deadlines for the forthcoming 12 months.  Okay so your accountant should – and probably is – letting you know in good time about up and coming tax deadlines but this is a useful addition. You can opt for email [...]

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Pension contribution rules change – again!

October 14, 2010

Image via Wikipedia Not long after Labour launched its assault on higher rate tax relief on pension contributions made by ‘super earners’ (prefaced by the introduction of the hideously complex interim ‘anti-forestalling measures’) the Coalition government has confirmed today that it will repeal these tax laws and replace them with a more simplified regime: £50,000 [...]

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12 tax advantages of using a company as a business vehicle

October 13, 2010

If the UK company taxable profits are £300,000 or less, a stand-alone company will normally pay corporation tax at just 21% (‘small companies’ rate’). This small companies’ rate reduces to 20% with effect from 1 April 2011. The standard rate of corporation tax is 28%. It will be reduced to 27% with effect from 1 [...]

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A holistic approach to tax planning

September 2, 2010

I couldn’t help but sit down this afternoon to reflect on the sheer complexity of our UK tax code and how it is virtually impossible to advise on specific commercial matters in isolation. This followed a meeting I’d had with an entrepreneur earlier in the day to discuss future strategic plans and tax planning opportunities, initially aimed solely at the family owned business [...]

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Getting maximum tax relief on new equipment purchased for your business

August 16, 2010
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When considering purchasing that shiny new MacBook, desk, printer etc (or pretty much any other capital item) for use in your business, you should think about how you can get the best tax result (as well as considering the best model and price). Purchased computer equipment, furniture and other plant & equipment is not simply [...]

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What does Entrepreneur’s Relief mean for you as a business shareholder?

August 10, 2010
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It was nice to be quoted in today’s North West BusinessDesk.com (registration required) on why now might be a good time for entrepreneurial business owners to consider selling or exiting their business. I thought it might be useful to expand on this short published article. You may have heard in the fairly recent Emergency Budget [...]

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