Most of the tax planning that can be employed to reduce your business tax liabilities need to be considered and implemented prior to your year end date.   If you are in business, you should consider at least one planning exercise with your professional advisor before the end of the tax year. This should be a priority.   Here’s why:   When deciding on whether to make (or not

  The online filing deadline for 2013-14 Self Assessment tax returns is 31 January 2015. However, if you are still filing a paper version of the return, the 2013-14 deadline was 31 October 2014.   As the 31 October paper-filing deadline has passed, even if you have no tax to pay, or you eventually pay your tax on time, and if you file a paper return for 2013-14 between now

  If you are involved in planning the staff Christmas party for your firm don’t forget to consider the Income Tax and VAT consequences. Here’s a short reminder of the points you should add to your check list.   The cost of an annual staff party or similar function is allowed as a deduction for tax purposes. However, the cost is only deductible if it relates to employees and their

  There are a number of reliefs available to owners or tenants of smaller business premises. This article lists a number that can be claimed.   Small business rate relief:   You’ll get 100% relief (doubled from the usual rate of 50%) until 31 March 2015 for properties with a rateable value of £6,000 or less. This means you won’t pay business rates on properties with a rateable value of

  Readers will be interested, and gratified to hear that HMRC will always treat you as honest. The following is an extract from HMRC’s “Your Charter” which states:   Your rights – What you can expect from us:   Respect you Help and support you to get things right Treat you as honest Treat you even-handedly Be professional and act with integrity Tackle people who deliberately break the rules and

  It is estimated that seven out of ten small businesses are managed in the first instance from home. Home based entrepreneurs contribute £300 billion to the UK economy. It is not surprising, therefore, that the Government have woken up and realised that they should be supporting this sector.   Recently, the Business Minister, Matthew Hancock, announced a package of additional support for home based business owners. They include:  

Penalty for just one day Consider the following facts:   The filing deadline for a Stamp Duty Land Tax return was a Sunday. A member of the advisor’s staff forgot to file the return by the end of the Friday – two days before the deadline.   Realising their mistake, the staff member took the file home with the intention of filing over the weekend.   Due to problems with

Discontinuance of trade and the Annual Investment Allowance (AIA) In a recently decided tax case a self-employed air conditioning engineer, David Keyl, was denied a claim for AIA. He had purchased a van in July 2008 and on 31 March 2009 (the end of his trading year) he transferred his sole trader business to a limited company. Unfortunately, the legislation setting up the AIA includes a provision that relief will

Replacement of “white goods” and similar items in unfurnished, let property This reminder will affect landlords of unfurnished let property who are considering the replacement of standalone white goods (fridges etc) and similar items. Following the withdrawal of a tax concession from April 2013, there is effectively no tax relief for the replacement of defective, free-standing white goods in unfurnished properties. In some respects this absence of relief is difficult