Entrepreneurs’ Relief (ER) has been with us for many years and provides a valuable relief – only a 10% rate of capital gains tax on lifetime gains of up to £10 million. However, as with everything in the world of tax, there are always niceties to be observed in order to ensure that you qualify […]
Bribery Act 2010
The Bribery Act 2010 (the Act) applies across the UK and all businesses need to be aware of its requirements which came into effect on 1 July 2011. The Act introduced a ‘corporate’ offence of ‘failure of commercial organisations to prevent bribery’. The defence against this offence is to ensure that your business has adequate […]
Winter 17 Newsletter
Please click below to view the Winter Newsletter for 2017 in PDF. Winter 17 Newsletter […]
Autumn Budget Tax Briefing
Please click below to view the Autumn Budget Tax Briefing newsletter for 2017 in PDF. Autumn Budget Tax Briefing 2017 […]
VAT – Cash Accounting
Cash accounting enables a business to account for and pay VAT on the basis of cash received and paid rather than on the basis of invoices issued and received. Advantages and Disadvantages of the Scheme The advantages of the scheme are as follows. Output tax is not due until the business receives payment of its […]
VAT Flat Rate Scheme
The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make. Who can join? […]
VAT – Bad Debt Relief
It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer. Bad debt relief allows businesses, that have made supplies on which they have accounted for and paid VAT but for which they have […]
VAT
VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules. We highlight below […]
Taxation of the Family
Individuals are subject to a system of independent taxation so husbands and wives are taxed separately. This can give rise to valuable tax planning opportunities. Furthermore, the tax position of any children is important. Marriage breakdowns can also have a considerable impact for tax purposes. We highlight below the main areas of importance where advance […]
VAT – Seven Key Points for the Smaller Business
This factsheet focuses on VAT matters of relevance to the smaller business. A primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties. Another key ingredient in achieving that aim is good record keeping, otherwise there is an increased risk that […]