Business Tax

  • news-pension

    Director disqualified for seven years

      Directors have a responsibility to maintain, preserve and deliver records that are adequate to explain the financial position of their company. If they fail to do so, they run the risk of being disqualified from acting as a director.   In a recent Insolvency Service investigation, a director was banned for seven years. His […]

    in Business Tax on February 13, 2017 Comments 0
  • news-plant

    Considering investing in plant or equipment?

      Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:   Cash flow, can the business afford the cost or fund loan or other financing arrangements? Will the new equipment make a positive […]

    in Business Tax on February 10, 2017 Comments 0
  • news-digital-tax

    Making tax digital to be delayed

      The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster. It would significantly increase burdens on small businesses. In their report they comment that the overall […]

    in Business Tax, Personal Tax on February 10, 2017 Comments 0
  • news-storms

    Storm damage

      Costs that businesses incur to clean up after the recent storms, that affected the north and east coasts in particular, need to meet the usual qualifying criteria that they are incurred “wholly and exclusively” for business purposes in order to be a legitimate write-off for tax purposes.   If the costs are covered by […]

    in Business Tax on February 8, 2017 Comments 0
  • news-tax-returns

    Capital Gains Tax (CGT) planning 2016-17

      This is also an appropriate time of the year to consider your CGT position if you have already disposed of (or are considering a disposal) of an asset subject to CGT during 2016-17.   Most of our readers will be aware that they can make chargeable gains of up to £11,100 in the tax […]

    in Business Tax on February 6, 2017 Comments 0
  • news-self-assesment

    Three months to go

      All UK taxpayers may benefit from pausing, taking a deep breath, and considering their planning options as we approach the run-up to yet another tax year end.   Individuals   The prime areas for consideration are where income levels are threatening to break through into the higher rates of Income Tax. For 2016-17, these […]

    in Business Tax, Personal Tax on January 30, 2017 Comments 0
  • news-fuel

    Car fuel advisory rates from 1 December 2016

      From 1 December 2016, the advisory fuel rates have changed to:   1400cc or less: petrol 11p per mile, LPG 7p per mile 1401-2000cc: petrol 14p per mile, LPG 9p per mile Over 2000cc: petrol 21p per mile, LPG 13p per mile   Diesel rates:   1600cc or less: 9p per mile 1601-2000cc: 11p […]

    in Business Tax on January 23, 2017 Comments 0
  • news-car

    Is your employer still paying for your private fuel?

    It is worth repeating an article we first published March 2016 that highlighted the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2016-17.   Since the tax on private fuel provided with company cars is so high, many […]

    in Business Tax on January 16, 2017 Comments 0
  • news-tax

    Penalties for Careless errors in accounting records

      Where additional tax is payable as the result of an HMRC enquiry and it is shown that the additional tax is due to poor accounting records, the maximum penalty that can be imposed is 30% of the additional tax for failure to take reasonable care. Where the error is deliberate, the penalty will be […]

    in Business Tax on December 21, 2016 Comments 0
  • news-income-tax-cgt

    Income Tax Not CGT on Property Sale

      Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted may catch some buy-to-let landlords.   The new rules treat UK […]

    in Business Tax on December 16, 2016 Comments 0