Aggressive Tax Avoidance is Morally Wrong

With all the news today about the aggressive Liberty tax avoidance scheme that was being used not just by celebrities, pop stars and sports stars to avoid tax but also by businessmen, doctors, lawyers and many others, you could be forgiven for thinking that all these people had committed a criminal offence. But, of course, tax avoidance is not illegal; tax evasion on the other hand i… Continue Reading

Record Keeping For The Self-Employed

A webinar from HMRC that covers setting up a record-keeping system, what to record, how long to keep records and record keeping mobile applications. It is important to put in place a good record-keeping system that you update regularly. This video also has a handy reminder of basic accounting terms such as:

• Accounting Periods
• Turnover
• Taxable Profit
• Allowable Business Expenses

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Fairer treatment for modest earners under Labour’s proposed mansion tax

According to a recent BBC report, the Shadow Chancellor Ed Balls has stated that those who are “asset rich but cash poor” will be treated fairly under Labour’s proposed mansion tax. People who own homes valued at over £2m but who do not have large incomes could obtain tax relief. A mansion tax is opposed by the Tories but supported by the Lib Dems. The Labour plan is… Continue Reading

Budget Report 20 March 2014

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How To Select the Right Accountant

Whether you have an established business, have just started a business or are still at the planning stage, the choice of accountant is an important decision. For a new company, busy with all the excitement of getting up and running, selecting an accountant may not seem to be a top priority but bringing an accountant on board early can help with setting up a Limited Company and structu… Continue Reading

Tax On Residential Property Held By A Company

A new annual UK tax was introduced on 01 April 2013 called the Annual Tax on Enveloped Dwellings, or ATED. This new tax relates to any entity other than individuals; so companies, partnerships, LLPs (Limited Liability Partnerships) that hold a residential UK property worth over £2m. Where an ATED charge applies the first returns have to be submitted by 01 October 2013 and the tax pa… Continue Reading

Raising finance for small businesses

You’ve got a brilliant idea, you know the market’s eagerly waiting for your product or service to go live and you’re excited about the prospect of becoming the next Richard Branson. But there’s one thing that could scupper all of those ambitions – money. Late last year, the Federation of Small Businesses carried out a survey that showed around 42% of small businesses were strugglin… Continue Reading

Partnerships and LLPS

For several years partnerships and LLPs have provided a very flexible business structure and in some cases have provided tax advantages, mostly because of their flexibility both in terms of tax and legal framework. On 20th of May 2013 HM Revenue and Customs published  a consultation document  titled: “Patnerships: A review of two aspects of the tax rules” This is a 38 page docume… Continue Reading

Employing Family Members

There is a band of earnings which are subject to ‘nil rate National Insurance contributions’ – this apparent contradiction in terms means that no contributions are payable, by employee or employer, but the employee’s contribution record is still franked for pension and Social Security benefit purposes. For 2013/14, the ‘nil rate band’ runs from the ‘Lower Earnings Limit’ of £1… Continue Reading

Cash Accounting Schemes for Small Business

There have been substantial last-minute amendments to the cash accounting scheme for small businesses, originally announced in last year’s Budget. The scheme will give qualifying businesses the option of calculating their taxable profits as cash received less payments made in the year, so ignoring creditors, debtors, changes in stock levels, etc. It takes effect for 2013/1… Continue Reading