When to Register a New Business for VAT

When should a business be registered for VAT? Eventhough this is a basic question, but the answer isn’t always straightforward. What factors do you need to consider?

If the business turnover for the previous twelve months exceeds the registration threshold, £79,000 from April 1, you must register for VAT. But there are other situations in which you’ll need to do this sooner

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The Position of HMRC on Spouse’s Income

If you need time to pay your personal tax bill to HMRC, a point that they will consider is something called the reasonable offers. You should contact its debt management department of HMRC Always be sure to get the offer in writing because, there had been cases where the HMRC has gone back on its promise. It’s also guilty of taking into account income or savings which are irrelevant to negotiations.

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Reclaiming Statutory Payments for 2013/14

The Department for Work and Pensions has announced the latest Statutory Maternity, Adoption and Paternity Pay rates to be paid by employers for 2013/14. If your NI payments were £45,000 or less in the previous tax year, you can recover 103% whereas if your NI bill exceeded £45,000, you can recover 92%

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Choosing the Right Inheritance Tax Instrument

In practice you need to allow more time for inheritance tax planning than for other taxes. But you need to be aware of some off the shelf schemes promise to achieve this sooner.

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What must you disclose to HMRC?

As accountants., have you ever though of how your advice to your clients may land you in trouble. In the event of Prudential Insurance Tax Avoidance case, the Supreme Court ruled that advice from accountants wasn’t subject to legal advice privilege

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Tax Deductible Personal Expenses

Payments you receive from your company are liable for income tax unless you are receiving them as reimbursement of business expenses you’ve paid personally. However, there’s an exception which applies to this rule.

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Protecting your Income from Tax

Protecting your income with insurance can is a very expensive thing. You could try the option of getting your company to pay, but this will generate a tax bill either on the cost of the premium or instead when the policy pays out. So s there any way for you to legitimately avoid both these situations?

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Higher Taxes on Social Lending

Social lending continues is starting to grow in popularity. This isn’t surprising considering the interest currently paid by banks. But there’s a tax trap that could make have an impact on your tax return

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Tax Breaks for Creative Industries

In a bold attempt to make UK the new “Technology Hub of Europe”, the government is going to offer corporation tax reliefs for the creative sector. In addition, a taxable, above the line research and development tax credit of 9.1% for large companies, will come into effect from 1 April 2013.

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Personal Tax; Unlimited Reliefs Capped

Government has introduced changes to the limits on a collection of income tax reliefs. These have been introduced through the draft Finance Bill 2013 published in December 2012.

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