Weybridge-based chartered accountancy firm TWP is advising small businesses of forthcoming changes to employee share scheme rules which could help them retain key staff. The changes to the Enterprise Management Incentive (EMI) are outlined in the newly published draft Finance Bill. Under these changes, staff will qualify for Capital Gains Tax at a lower rate […]
date what’s due 1 February Corporation tax for year to 30/4/12 19 February PAYE & NIC deductions, and CIS return and tax, for month to 5/2/13 (due 22 February if you pay electronically) 28 February Surcharge of 5% if 2011/12 self assessment tax not paid 1 March Corporation tax for year to 31/5/12 19 March […]
Still on the subject of cars used for business, but this time where you buy for cash or via a loan or HP agreement, rather than lease, there are new timing issues to watch out for. These affect the availability of the 100% tax write-off which is claimable currently where the CO2 emissions do not […]
Leasing a business car rather than purchasing what is inevitably a fast-depreciating asset in today’s world, has its attractions. One of these is that if the CO2 emissions of the car do not exceed 160 g/km the whole of the leasing payments are tax deductible (less of course any private use % applying to a […]
If you recognise this as an issue, there may be help ahead. Normally if you want to go back to being a sole trader, probably on the grounds of convenience and costs, the fear has always been that a nasty tax charge could arise. From 1 April 2013 there will be a special disincorporation relief […]
We always try to get you the best deal on this, by claiming the maximum possible for the extra costs of using your home as the base of your business but at the same time ensuring no adverse effect on the immensely valuable capital gains tax exemption when you sell your private residence and hopefully […]
This novel idea is going ahead from April 2013, and is available to sole traders and general partnerships with annual turnover less than £77,000. It may sound an attractive option but there are plenty of issues to consider before deciding whether or not it is right for you. The price for a degree of simplicity […]
We mentioned last time the massive leap to £250,000 as the new and temporary annual amount you can spend in your business on machinery, furniture and the like, and get full tax write-off in the year. Most businesses do not spend anything like that amount in a year, but even so you have to be […]
HMRC have updated their guidance to employers on paying PAYE liabilities. From April 2013 employers who make a payment to HMRC by: Bacs Direct Credit Faster Payments by online/telephone banking CHAPS should make payments to a single bank account. From month 1 of 2013/14 payments should be made to the Accounts Office Cumbernauld account using […]
HMRC are reminding taxpayers that the countdown has begun to the 31 January 2013 self assessment deadline, with just days left for anyone with an outstanding 2011/12 tax return to send it online. The deadline of midnight on 31 January 2013 is relevant to individuals who need to complete a self assessment tax return and […]
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