We are so accustomed to rising motor taxes that it was a nice surprise to see the VAT fuel scale charges (in respect of petrol and diesel supplied for private motoring) decrease for return periods. This reduction is to commence on or after 1 May 2014 and follows the recent reductions in the price of […]
Fake HMRC emails and internet security You may have seen on the news over the last day or so that there are threats of a massive cyber-attack in the UK. These include HMRC emails being used to extract funds from businesses. As a reminder, HMRC will never email you asking for bank details. Of you […]
You may have seen on the news over the last day or so that there are threats of a massive cyber-attack in the UK. These include HMRC emails being used to extract funds from businesses. As a reminder, HMRC will never email you asking for bank details. Of you have any doubts about any emails received […]
As previously announced, it has been proposed that from 6 April 2015 CGT will be charged on non-residents who make disposals of UK residential properties. HMRC have issued a consultation document to consider how the charge can be implemented and the tax collected. Part of the proposal may also affect UK residents who own more […]
Many traders offer a discount for prompt payment. Under current UK VAT rules, output tax is accounted for on the discounted price, whether or not the customer takes advantage of the discount. Legislation in Finance Bill 2014 proposes to amend the UK VAT legislation on prompt payment discounts so that it is aligned with EU […]
International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Lyudmila Matuhina of JPA International Audit – Garant. Lyudmila has joined IR as our exclusive Tax (Accountants), Accounting Services & Business Advisory member in Kazakhstan. The “JPA International Audit-Garant” LLP (franchise contract with JPA International), operates in the audit services market within the space of 14 […]
The Employment Allowance will cut up to £2,000 from the employer National Insurance Contributions of the vast majority of employers. Announced in the 2013 Budget and effective from 6 April 2014, the Employment Allowance cuts £2,000 from the employer Class 1 National Insurance Contributions (NICs) of most employers. It’s thought that around 1.25 million businesses and charities […]
Welcome to the April edition of our Inspire newsletter. March has been all about the Budget for us here, as we work to keep our clients informed about all of the changes introduced. If you haven’t managed to catch-up with all of the Budget news yet, check out our article on the essential points you should know. As […]
There are significant changes being proposed which will make it easier to access your pension fund pot if you have a defined contribution (money purchase) pension scheme. As a general rule, 25% of the pension fund can be taken as a tax free lump sum at age 55, although this age will be increased in […]
As many as half of all small businesses fail within their first three years of trading, and the recession has wiped-out many well established businesses in the past few years. Nevertheless, in 2013, almost 530,000 new business were registered, so how can these new ventures secure success? There are numerous steps business owners can take […]
The Annual Investment Allowance (AIA) provides a 100% tax write off for the cost of most plant and machinery acquired by businesses, a notable exception being motor cars. This allowance was temporarily increased to £250,000 on 1 January 2013 and was due to reduce back down to just £25,000 on 1 January 2015. The Chancellor […]
Companies that are small and medium sized enterprises (SMEs) carrying out qualifying research and development can currently claim a Corporation Tax deduction of 225% of their qualifying spend. This means that £100,000 spend would result in a £225,000 reduction in taxable profits, potentially saving £45,000 Corporation Tax (at 20%). However, if the company is loss […]