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
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
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
Compulsory Online VAT Filing
Are you still sending in manual VAT Returns and paying your VAT by cheque? If so, then you need to prepare to switch to online filing as this will be compulsory for all VAT registered businesses from 1 April 2012. … Continue reading
Will I pay less tax if I held my let properties through a company?
Not if you need the cash and your highest tax rate is 40%. If you hold the properties personally, and pay tax at 40%, for every £100 of rental profits you will receive £60 in your hands. If the properties … Continue reading
Should I take a salary?
When a company is starting out it needs all the money it can get and if you’re one of the owners you might be dipping into your own resources to fund the business. So the idea of taking a salary … Continue reading
Are H M Revenue & Customs becoming more aggressive in seeking to increase revenue?
Following on from the election and the subsequent budgets, the initial attention centered on the Governments proposed spending cuts and its implications on our every day lives. The focus now seems to be just as much on the other side … 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
