Special Budget blog 2014: Increase in the Annual Investment Allowance

The chancellor pleased many businesses in April with his announcement that the temporary increase in the annual investment allowance (AIA) is to be extended for a further year to 31 December 2015. From the 1st April 2014 the maximum amount … Continue reading

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Special Budget blog 2014: Options at retirement

One of the most significant changes in the 2014 Budget were the changes to pensions held in defined contribution schemes. The proposed changes, which are expected to come into effect from April 2015, will give savers the choice of whether … Continue reading

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When a marriage ends….

Where a marriage ends, special tax rules come into play which can be particularly tricky if you own a business together. Timing the exchange of assets is vital. What steps can you take to avoid triggering a Capital Gains Tax … Continue reading

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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

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Capital allowances for holiday lets

Do you own a property that qualifies as a furnished holiday let (FHL)? To qualify the property has to be commercially let for short periods for at least 70 days per year, although this minimum will increase to 105 days … Continue reading

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Tax efficient cars

There are quite a few types of car which have CO2 emissions of no more than 110g/km; including certain models of the Mini Cooper, Toyota Prius, Smart, and Fiat 500. If your company buys one of these low emissions cars … Continue reading

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Penalties increased from 6 April 2011 for late self assessment tax returns

In the past if you submitted your Self Assessment Tax Return to H M Revenue & Customs (HMRC) after the 31st January filing date you faced a penalty of £100, unless you had no tax liability or were due a … Continue reading

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The Plumbers Tax Safe Plan

HMRC has launched what it has named the Plumbers Tax Safe Plan (PTSP) This is the latest in HMRC’s series of campaigns and disclosure opportunities, aimed at particular groups of taxpayer and designed to encourage those with undeclared income to … Continue reading

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Pre year-end planning tips – Part 1

At DBA Chartered Accountants we believe carrying out a pre year-end review of your company’s financial affairs can help you both save tax and improve cashflow.  The period prior to your year-end is the most important time to take advantage … Continue reading

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Staff Christmas Parties and Gifts – How generous can you be?

It’s that time of year again when you’re planning your staff Christmas party or what gifts you might be giving to your hardworking employees!  The question is, how generous can you be? Staff Parties According to HMRC rules you can … Continue reading

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