UK Business Taxes

Using a Limited Company to Save Property Tax

Aug 14th, 2008 | By James Green | Category: Accounting for the Money, Property, Tax Saving Ideas, UK Business Taxes, UK Personal Taxes

Deciding on whether it would be beneficial for a property investor to use a Limited Company can be quite complicated.
A lot will depend on your personal circumstances but also on what type of property business you are engaged in. For example if you buy property to renovate and then sell on at a profit you, [...]



VAT Invoicing Requirements – Fines if You Don’t Comply

Aug 12th, 2008 | By James Green | Category: Accounting for the Money, UK Business Taxes

As from 1st of October 2007 there were changes made to what information you need to include on a VAT invoice. If you don’t comply then HM Revenue and Customs can hit you with pretty massive fines.
Although fines are unlikely to be levied for non compliance in the first year, business owners cannot be complacent. [...]



HMRC Advisory Fuel Rates

Aug 6th, 2008 | By James Green | Category: Accounting for the Money, UK Business Taxes, UK Personal Taxes

COMPANY CAR:
If you have a company car which you can also use for private use then as from 1st July 2008 the following rates apply for reimbursement of fuel costs for business mileage:
 

Engine Size

Petrol

Diesel

LPG

1400cc or less

12p (11p)

13p (11p)

7p (  7p)

1401cc to 2000cc

15p (13p)

13p (11p)

9p (  8p)

Over 2000cc

21p (19p)

17p (14p)

13p (11p)

 
PRIVATE CAR: 
If you use your [...]



10 Simple Ways to Save Tax

Aug 6th, 2008 | By James Green | Category: Tax Saving Ideas, UK Business Taxes, UK Personal Taxes

Here are some simple ways to save tax:

Keep accurate accounting records, remember to note down all business expenses;

File your tax return before the 31 January and avoid unnecessary fines;

Pay your tax on time so avoiding having to pay interest as well as a 5% surcharge;

If you are married consider organising your investments so that investment [...]



Starting In Business: Part 2 – Taxation of Income

Jul 22nd, 2008 | By James Green | Category: Starting a Business, UK Business Taxes

Every business will - unless it continually makes a loss - have to address the issue of taxation. Like it or not the government wants its pound of flesh, but there is nothing to stop you structuring your business to get the best tax advantage possible.
Here you will find some points to consider when deciding [...]



Jumping on the Tax Haven Band Wagon

Jul 3rd, 2008 | By James Green | Category: Doing Business Offshore, UK Business Taxes, UK Personal Taxes

Following this year’s Caribbean Investment Forum meeting in Port of Spain (Trinidad & Tobago) on the 11th and 12th June, several countries have announced that they too want to turn themselves into tax havens.
So why the sudden rush? Well the countries involved: Trinidad & Tobago, Jamaica and the Dominican Republic don’t exactly have what could [...]



What Is Inheritance Tax?

Jun 30th, 2008 | By James Green | Category: UK Business Taxes, UK Personal Taxes

Inheritance Tax (IHT) is probably not at the forefront of most people’s minds. However given the relentless rise in UK property prices over the past few years (and even allowing for the current, probably short term price drops) many individuals and couples are likely to find that they have been pushed over the current threshold. [...]