Personal Tax Extending entrepreneurs’ relief is anticipated to promote investment in unlisted trading companies. New shares allotted worth up to £10m purchased on or after 17 March will be able to benefit from relief on the basis they are held for at least three years from the 6 April 2016. Capital Gains Tax Rates Revised… Read more…
Vatable businesses are entitled to recover input, however the rules governing input Vat Recovery can become difficult in the absence a definition of what it means for a supply to be for the purpose of a business. To help you in determining if Input Vat is recoverable find below the general conditions that need to… Read more…
£71m in extra funding to improve the service HMRC provides to tax payers. Seven day a week service by 2017 that will boast extended hours and Sunday opening on online services and tax and tax credit phone lines. Improve existing telephone services & slash call waiting times by recruiting an… Read more…
A tribunal has ruled that security firm G4S cannot reduce its profits for tax purposes by deducting parking fines. The company, G4S Cash Solutions, tried to reduce their corporation tax bill by approximately £580,000 but the first-tier tribunal has ruled in HMRC’s favour in rejecting the claim for the deduction of the fines. The company… Read more…
Under changes introduced by the Government in January, companies can now legally opt out of auditing their accounts if they fall below the £10.2 million statutory threshold, but they may risk their credit ratings by doing so. Ratings agency Graydons recently told Accountancy Age that firms which opt out are lacking an important form of… Read more…
The rules on using Personal Service Companies (PSCs) in the public sector are set to undergo a radical overhaul in 2017. The responsibility for deciding whether the intermediaries legislation applies will move from the person working through their own company to the public sector organisation. The Treasury has increasingly viewed PSCs as a tax avoidance… Read more…
Significant changes to Employment Allowance that were first announced by the Chancellor in his 2015 Budget came into effect at the start of the new financial year on 6 April. While the maximum reduction to employers’ Class 1 National Insurance Contributions has increased from £2,000 a year to £3,000 a year, directors who are the… Read more…
The Chancellor announced new rules on Entrepreneurs’ Relief in this year’s Budget, lessening some of the challenging restrictions he introduced last year. However, this year’s changes look set to lead to problems of their own. Entrepreneurs’ Relief was firmly in the Chancellor’s sights last year as he faced political pressure to take action on tax… Read more…
A new report has found that UK freelancers, sole traders and micro-businesses could potentially be failing to claim millions of pounds worth of tax relief from unclaimed expenses they deem too small or time-consuming. Research conducted by FreeAgent, a cloud accounting software provider, has revealed that around a quarter of a billion pounds worth of expenses… Read more…
The latest figures from the Office for National Statistics (ONS) has shown that labour productivity – measured as output per hour – fell by 1.2 per cent in the final quarter of 2015. During the same quarter both worker and job output remained unchanged however, across all measures, productivity was half a per cent higher… Read more…
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