As Surrey tax accountants we see a lot of situations where businesses, most often through no fault of their own, are facing a tax enquiry into their financial affairs. Whilst enquiries are often undertaken by HMRC randomly, often they arise because HMRC have information which does not agree to information included on returns submitted by the business, or because returns submitted do not conform to HMRC’s expectations. (more…)
1 Comment May 16, 2012
According to Government figures, R&D tax credits provide nearly £1 billion of support to over 6000 UK companies. Over the past year, RJP has helped many clients to reduce their corporation tax bills – some to almost nothing – by taking advantage of the Government’s R&D tax credits scheme. This is a generous relief and allows over 200% of the money invested in qualifying R&D activities to be offset against corporation tax. (more…)
Leave a Comment April 27, 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…)
Leave a Comment January 23, 2012
Before we give the lowdown on the Chancellor’s autumn statement, it’s worth mentioning that pithy overviews of pre-Budget announcements such as this are easier to do when there are some upbeat headlines as well as the inevitable sharp intakes of breath and economic tightening of belts, says Paul Webb, tax partner at Surrey accountant RJP. Not so here. In his speech, Osborne said he would do ‘whatever it takes’ to protect Britain from the ‘debt storm’ in Europe. (more…)
Leave a Comment November 30, 2011
With tax return season looming, there have been some important changes to the penalty system created in the Finance Act 2009 which have just come into force and which those keen to minimise tax with tax planning should take note of.
Leave a Comment November 27, 2011
If you live in the South East of England, your home is quite likely to be your biggest single asset, especially considering how much house prices have risen in the last decade (in spite of the recent dip). For most taxpayers, this is an asset you’ve paid for slowly, with hard-earned cash, probably after working for many years. You’ve paid plenty of tax already on the money you’ve invested and you want to be able to keep your home indefinitely, passing it on to your family for the future. That’s not an unreasonable expectation. (more…)
Leave a Comment September 29, 2011
To kick of our special IHT surgeries taking place in September, this blog covers all the basics you should know about inheritance tax and how you can avoid it. One of the big myths surrounding this tax is that it is just something the very rich have to worry about!
Leave a Comment August 16, 2011
HMRC are constantly on the lookout for ways to close tax loopholes and increase their overall tax revenues. Over the past few weeks we have run numerous blogs about new disclosure opportunities and campaigns designed to increase Treasury income.
Last month HMRC issued another consultation document entitled ‘Capital Allowances for Fixtures’ which explained how they intend to review these rules in their favour. If you have bought, built, refurbished or renovated commercial premises and still own the building, you should understand the proposed changes and act as appropriate. It may be that your ability to claim tax relief for capital allowances expenditure is otherwise significantly diminished in the future. (more…)
July 27, 2011
Having worked all your life to build up assets for which you have already paid income tax, capital gains tax or VAT, it can seem unfair that, when you wish to secure financial peace of mind and pass wealth on to your family, you face a further tax on your accumulated wealth upon death. Nevertheless, this “double” taxation does exist and inheritance tax (IHT) at 40% applies to all estates over £325,000 in value. (more…)
Leave a Comment July 26, 2011
If you aren’t going abroad this year for financial reasons, TaxTalk might just be giving you an unexpected opportunity to get out into the sunshine. It could be possible to reclaim VAT paid out on overseas business activities and this extra windfall might mean the extra you need for that trip to the sunshine – genuine business related trips only mind!
Leave a Comment June 24, 2011
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