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 […]
11
Dec
Dec
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 […]
11
Dec
Dec
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 […]
11
Dec
Dec
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. […]
06
Dec
Dec
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 […]
Business Taxes, Personal Taxes, Self Assessment, Tax Planning
The Autumn Statement – What it Means for Business
05
Dec
Dec
The Chancellor delivered his Autumn Statement today, and I think it was a relatively good one (considering the pressure the Government is under to raise money!) for businesses and their owners – it’s clearly aimed at using business to kick start the economy. Here are the main things you need to know: Annual Investment Allowance […]
29
Nov
Nov
Family businesses can be a fantastic work environment if they are run properly. However, a poorly run family business can tear a family apart. The root of a well-run family business is grounded in treating it like a business, not as an extension of the family. The following are some tips to help make running […]
10
Nov
Nov
The competitive environment that businesses operate in makes it imperative to have the right systems in place in order to gauge business performance. Reporting of performance against Key Performance Indicators (KPIs) among your team will allow informed decisions to be made. KPI selection and adoption should be a considered process, with periodic refinements based on […]
06
Nov
Nov
An article by nickhuber recently posted on Accounting Web, may be of interest to some of our clients The Chartered Institute of Taxation (CIOT) has welcomed a government decision not to penalise parents who opt of out receiving child benefit in order to avoid a tax charge when new rules come into force […]