Now as the tax year draws to a close, it is a good time to ensure that you have considered all the options when it comes to reducing your tax bill with tax planning. In this article we look at what you could be thinking about now to legitimately reduce your liabilities. (more…)
Leave a Comment February 26, 2013
What’s Best?
Increase to Annual Investment Allowance (AIA)
Top of the announcements for SMEs was the 10-fold increase to AIA. As of January 2013, the amount business owners will be able to write off as tax deductible capital expenditure in the year of purchase will increase from £25,000 to £250,000. This is a massive boost and far more significant than the previous government’s attempt at encouraging investment amongst business owners. In April 2010, the relief was £100,000, which was also generous, but not large enough to enable a lot of companies to write off all their capital purchases in the first year. This new limit however will achieve that in a single hit and we expect a lot of businesses will take advantage and upgrade their infrastructure. (more…)
Leave a Comment January 18, 2013
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
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
April 2012 will be upon us in no time and brings with it a significant reduction to the reliefs available under the current capital allowances legislation. It’s currently possible to write off 100% of the cost of acquiring new business equipment (classified as plant and machinery) to the value of £100,000 as a tax deductable expense in the year of expenditure. (more…)
Leave a Comment July 21, 2011
Much continues to be written about green businesses and the importance of corporate social responsibility (CSR). Research has shown its importance for reputation management. A study published in the Journal of Reputation Management showed clearly that firms who had a reputation for “doing good” bounced back much more quickly after an industry crisis compared with their less altruistic counterparts. In effect, their CSR policies had an “inoculating effect”, creating a “reservoir of goodwill” among stakeholders. In addition to the public relations benefits, the right strategy can also deliver a significant financial advantage as this article will highlight with an overview of the different green tax breaks relevant for small to medium sized businesses.
Continue Leave a Comment July 13, 2009
TAX Talk RSS Feed50% tax rate Accountancy Bookkeeping Budget Stuff capital allowances capital gains tax (cgt) company news company secretarial company structure Corporate Taxation CVA eis enquiries entrepreneurs relief exit strategy financial advice governance government Green taxes HMRC IHT insolvency investment jobs LLPs patent box Payroll Tax pensions Personal Taxation Pre-Budget Report (PBR) property R&D tax credits Share Schemes small business small business record checks tax planning tax relief Taxation Uncategorized VAT
