Top tax tips: Claiming a pension from the company

One of the biggest tax breaks available to a limited company is the ability to make pension contributions. To qualify for tax relief, company pension contributions must be made for genuine employees of the business. Directors are classed as employees … Continue reading

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Forgotten costs when starting your own business

The cost of setting up a company can vary hugely depending on the nature of the business. For example, do you need an office or can you work from home? Can you manage it by yourself or do you need … Continue reading

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Keep the receipts

Most business owners are aware that they need to keep receipts if they want to secure a deduction for expenditure for business tax purposes, assuming that the expenditure is allowable for tax. This is particularly important if you purchase an … Continue reading

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Lease vs. Buy

When you are considering acquiring a new asset for your business, it is a good idea to consider whether you should either lease or buy the asset. This asset could be a motor vehicle, plant and machinery or a piece … Continue reading

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Claim £100′s of tax relief if you wear a uniform!

Do you have to wear a uniform to work? Did you have to purchase it and wash it? This can apply to a worker if they simply wear a shirt with a logo or full head to toe attire, such … Continue reading

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New company car tax rates from 2014/15

The company car benefit-in-kind charges for 2014/15 had been announced prior to the 2014 Budget. The minimum benefit is 5% for emissions between 1-75 g/km, from 76 g/km up to 94 g/km the rate is 11%. From 95 g/km to … Continue reading

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HMRC launches new specialist taskforces

New HMRC specialist taskforces have recently been launched to target individuals and businesses in London, Yorkshire, the Midlands and East Anglia with offshore accounts as well as those living lifestyles beyond their obvious means through assets from undeclared income. Taskforces … Continue reading

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Class 2 National Insurance contributions

From April 2014, the HMRC can collect outstanding class 2 national insurance contributions by adjusting a taxpayers tax code or by passing the debt onto a specialist private debt collection company. Class 2 National insurance contributions (NICs) are paid by … Continue reading

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HMRC to close all its Enquiry Centres

HMRC has announced that it is going to close all its local Enquiry Centres and introduce a new service to support people who need extra help with their tax or tax credits. HMRC wants to close the Enquiry Centres to … Continue reading

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New VAT registration and de-registration thresholds – 2014/15

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will increase from £79,000 to £81,000 from 1 April 2014. The taxable turnover threshold that determines whether businesses can apply for de-registration will be increased from £77,000 … Continue reading

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