What is entertainment? Business entertainment includes hospitality which is provided free of charge to the recipient. In general, no form of business entertainment is allowable for tax purposes regardless of whether you personally think there is a purpose specifically related to your business UNLESS you are entertaining employees for the purpose of reward and motivation. […]
Using the cash basis to prepare your tax return – coming soon!
Preparing your accounts for income tax purposes – the cash basis You may have heard that the Government has been considering whether to allow some small businesses to compute taxable profits for the purposes of income tax on a cash basis rather than the usual accruals basis. The Finance Act 2013 now allows this option. […]
High Income Benefit Charge
With effect from January 2013, those receiving child benefit and with net adjusted income of £50k or more will be taxed such that all the benefit is reduced to zero at £60k. […]
Pension – update on forthcoming changes
The biggest change in years is around auto enrolment. Under this, companies will be required to have a company pension scheme available to all employees and for employers to make contributions. […]
Selling on Ebay ? – Is it a hobby or a business?
HMRC do monitor ebay shops for traders who have failed to register their business with them. When you start a business, you need to register with HMRC within 3 months – see our reference page and useful numbers for the telephone number to do this. There is a big difference in selling unwanted personal items and selling as a […]