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
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
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
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
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
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
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
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
Can you claim VAT back on employee’s mileage claims?
A commonly asked question is whether or not VAT can be claimed back on employee’s mileage claims. The answer is yes…but you can only claim a proportion of the VAT back. Mileage claims are most commonly paid based on HMRC’s authorised … Continue reading
Important Tax Dates 2010/11
We are now just over half way through the current tax year 2010/11, so here are some important tax dates for the remainder of the year, for both businesses and individuals: 31 October 2010 The last day for filing 2010 … Continue reading
