Author Archives: Duncan Barr
Increased relief for R & D expenses
From 1 April 2012 the tax deduction for research and development (R & D) expenses available to SMEs was increased from 100% to 125%. So, for example, a company that spends £8,000 on R & D expenses will be entitled … Continue reading
How much should I now pay myself?
As a director and shareholder of your own company you can decide how much salary to pay yourself each month, in order to use your personal allowance in the most tax efficient way. As a director of your personal company … Continue reading
Smartphones
HMRC has recently reviewed its guidance in respect of the tax treatment relating to the provision to employees of smartphones (including BlackBerrys). As a brief overview HMRC now accepts that smartphones satisfy the conditions to qualify as a mobile phone … Continue reading
P11D Reporting Dispensations 2011/12 Tax Year
The reimbursement of business expenses to your employees should be reported on forms P11D unless covered by a P11D reporting dispensation. The final date that HMRC will accept applications for a 2011/12 P11D reporting dispensation is 5 April 2012. No … Continue reading
Minimising Family Tax
This is a good time to look forward to 2012/13 and assess who will be earning what in your family. The level of personal allowances (tax free income) have increased significantly over the last two years, and are increasing again … Continue reading
2012 Budget Summary
The Chancellor promised a Budget which “unashamedly backs business”. We summarise the main tax changes below: 1. The main rate of corporation tax will be cut from 26% to 24% from April 2012 and will be reduced to 22% by … Continue reading
Did you miss the Self Assessment filing deadline?
Around 850,000 people apparently missed the 31 January 2012 Self-Assessment filing deadline. If you are one of them you’ll have received a £100 penalty even if you don’t owe the taxman any money. You have 30 days to appeal if … Continue reading
Looking ahead – Capital Allowances
From April 2012 there will be a reduction in the amount of expenditure on plant and machinery which qualifies for 100% year one write-off (via AIA), from £100,000 to just £25,000. If you are about to invest in new capital … Continue reading
Is Your Payroll Information ‘Clean’?
The Taxman is asking all employers to spring-clean their payroll data to prepare for RTI. What does RTI stand for? It stands for Real Time Information, and within the next 18 months it will become as familiar to you as … Continue reading
Buying a franchise – limited company or sole trader?
When starting a business one of the most important decisions to get right is whether to trade as a limited company or as an unincorporated body (sole-trader or partnership). There are many factors consider, including differences in taxation. When you … Continue reading
