I got a phone call and email last week from a user of our Excel Bookkeeping Spreadsheet. He had a very small limited company and could not warrant spending any money on getting his accounts done by an accountant. Firstly this goes against all advice as preparing your own accounts can lead to all sorts[...] Read more »
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Archive for the ‘Business tax’ Category
Budget 2012
The date has been set for the 2012 Budget. Get your diaries ready…. Wednesday 21st March. As always we will of course produce a simple budget report as quickly as possible after the event.
Directors’ Benefits: All about mobile phone freebies and taxes
Are you worried about that freebies are tax free or not? Well, this is a question in minds of many people. The funniest part is that while using companies’ phone or enjoying the incentives people are thinking about only one thing and that is about paying taxes. Let’s start with the basic, it is very[...] Read more »
A Quick Guide to Corporation Tax
Corporation tax is normally paid by companies that are legally incorporated as limited companies. Unincorporated organisations such as clubs and societies will also be liable for payment of corporation tax if they have a taxable income. Corporation tax is essentially a tax on the profits that your company makes in each financial year. Registering a[...] Read more »
New taskforces combat tax evasion
HMRC has announced the latest of their taskforce crackdowns targeting specific trades, this time focussing their attention on the fast food industry. Other taskforces so far this year have been clamping down on restaurants, plumbers and handymen with the intention of uncovering the tax evasion that is commonplace in many of these industries. These taskforces[...] Read more »
New Tax Penalties To Watch Out For
It is important for any small business owner to remember that new late filing penalties have been brought into effect by HMRC in April 2011. Anyone who does not file their self-assessment tax forms on time will be subject to these penalties, which increase in scale depending on how long you delay filing or paying[...] Read more »
A Guide to Taxation Issues When Closing Your Business
One of the many issues faced when closing a business relates to VAT. When a business is closed, HM Revenue & Customs (HMRC) will need to assess what your final tax bill should be. Capital Gains Tax If your business has assets and theses are sold then you may be liable to pay Capital Gains[...] Read more »
A Guide to Tax Penalties
Not only have tax rules changed, but so have penalties since 1st April 2009. It is now possible for HMRC to impose penalties of up to 100% if it is proven that business owners have deliberately avoided paying the correct amount of tax. Reasonable care HMRC states, in its guide to the new regime; “We[...] Read more »
Is your business missing out on Capital allowances
Planning to expand your business through investments or purchases of equipment could be more cost effective than you think. Did you know? Businesses are entitled to claim Capital allowances, on particular purchases or investments. In reality this means you can save money. A proportion of these costs can be deducted from your taxable profits and[...] Read more »
Tax rules for selling online
Recently the trend to sell goods online has increased. Some people are opting for selling online as a means of earning an additional income. Naturally questions arise as to whether or not this income should be declared on tax returns. Simply selling your own unwanted goods on an Internet auction site would normally mean there[...] Read more »