Archives – January, 2012
Recent experience working with a selection of different clients has shown that Research and Development (R&D) tax credits are proving very valuable as a source of tax relief. Over the past few years, R&D tax credits seem to have earned a reputation for being difficult to qualify for, with a misconception that your line of business needs to include white coats and laboratories.
Taxtalk’s experience as Surrey tax accountants is to the contrary and a wide range of IT and technology companies are reaping the rewards. Applications for projects that are new and innovative, which cut operational time, help to achieve a competitive advantage, or even involve translating software into another language, are being approved successfully. (more…)
January 30, 2012
Last week, the deputy Prime Minister Nick Clegg made some interesting comments concerning employee share schemes. This is something RJP has always supported because of their many tax benefits. Nick Clegg suggested more firms should operate what he described as the ‘John Lewis model’, whereby employees have a stake in the business and a direct share in profits. (more…)
January 30, 2012
George Osborne has pretty much confirmed that the 50% tax rate will be here for the foreseeable future. With the deadline for self-assessment tax payments looming, now is the time most additional rate tax payers will feel the pain and start to wonder whether they might have been able to reduce their tax burden with some careful tax planning. Hindsight is a truly wonderful thing, but straight after the January 31st filing deadline is one of the best times to formally review your personal and business tax affairs. Virtually all of the changes for the 2012-2013 financial year have now been confirmed and the sooner you put measures in place to limit your tax liability, the better. (more…)
January 29, 2012
Tax planning is an important issue to bear in mind when SMEs are considering their business strategy to ensure that the business operates in the most tax efficient way. This is why getting to grips with upcoming changes following the release at the beginning of December of draft legislation for Finance Bill 2012, is of the utmost importance. Taxtalk explains what has changed and what business owners should be aware of when making claims for capital allowances. (more…)
January 23, 2012
There are just 7 days to go before the 31st January self-assessment tax returns deadline and Taxtalk’s Paul Webb outlines some very useful advice for those still needing to get organised. With trading conditions so tough at the moment for many small business owners, many people have had no option but to leave their Self-Assessment tax returns to the last minute and need to complete them in a rush.
Personal tax returns might be something of an administrative burden, but with HMRC out in force to collect as much revenue as possible, it is important to make sure yours is accurate and filed on time. Apart from resulting in an immediate £100 penalty (which will apply even if no tax is payable) and possible daily penalties of £10 per day, it’s never a good idea to fall under the tax officer’s spotlight. It could result in being targeted for an enquiry should HMRC’s officers start to wonder whether your business record keeping is being maintained diligently and whether there might be a tax shortfall to detect.
Taxtalk’s top tips for completing Self-Assessment tax returns (more…)
January 23, 2012