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
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…)
Leave a Comment January 29, 2012
In our recent experience working with a selection of different clients, 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 it is essential for your line of business to include white coats and laboratories.
Our experience as Surrey accountants is to the contrary though 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. In some cases the savings are mounting into hundreds of thousands. (more…)
Leave a Comment December 20, 2011
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
New guidance issued by HMRC suggest it will soon become more expensive for workers to buy a bike through the cycle to work scheme and so less attractive. (more…)
Leave a Comment August 30, 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
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
Although the recent Budget didn’t include any obvious giveaways for small businesses, improvements to the R&D tax credit system could be a real boon for entrepreneurs and SMEs.
Continue Leave a Comment May 12, 2011
TAX Talk RSS Feed50% tax rate Accountancy Bookkeeping Budget Stuff capital allowances company news Corporate Taxation CVA eis enquiries entrepreneurs relief exit strategy financial advice government Green taxes HMRC IHT insolvency investment jobs 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
