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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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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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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Government gets tough on employers failing to pay National minimum wage

Five employers who owed their workers thousands of pounds for failing to pay them the correct national minimum wage are the first to be named and shamed by the Government under the tougher naming and shaming scheme that came into … Continue reading

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Special Budget blog 2014: Seed Enterprise Investment Scheme

The Seed Enterprise Investment Scheme (SEIS) is designed to increase the level of investing in the early development of high growth potential businesses. The scheme is similar to the EIS but focuses on smaller, early stage companies carrying on a … Continue reading

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Collecting debts through PAYE

The coding threshold allows taxpayers to have a tax underpayment of less than £3,000 collected via their tax code provided that they are in employment or are in receipt of a pension. The coding applies to certain debts such as … Continue reading

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Special Budget blog 2014: Savings and investments

The chancellor announced changes to savings and investments which will benefit individuals who regularly save. The first of these changes is a major reform to the ISA system. A new ISA (NISA) is to be introduced from 1 July 2014 … Continue reading

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Special Budget blog 2014: Income tax rates and allowances

In the budget, the Chancellor announced that from April 2015, the basic personal allowance for taxpayers born after 5 April 1948 will rise to £10,500. At the same time the basic rate limit will be reduced to £31,785. Taxpayers’ personal … Continue reading

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