As of today’s date 24 MPs have signed an Early Day Motion which on the face of it is supportive of small businesses but in actual fact is totally pointless. In fact it could be evidence, if such is needed, that MPs really have no idea of the realities of business life. The motion reads: [...]
HMRC have published the long delayed survey which they commissioned on Save As You Earn (SAYE) and Share Incentive Plans (SIP), which considers whether the schemes have met their policy objectives. The survey on SIPs was due in 2005. While the report provides some useful statistics, it is disappointing that HMRC have failed to address [...]
For years now the European Union severely limited the ability of national governments to reduce VAT rates – which fact seemed to have escaped Tony Blair who promised cuts during the 1997 General Election though he “found out” later. Good excuse not to keep your manifesto promises eh? However following a meeting earlier this month [...]
New Powers Come Into Force Next April As part of a drive to track down tax evaders, up to one million landlords could be subject to investigation from HM Revenue & Customs (HMRC) who aim to identify those landlords who are not paying the correct amount of tax. HMRC say that in their experience many [...]
International businessman Robert Gaines-Cooper has failed to persuade the Court of Appeal that he has changed his UK domicile. We read a lot in the UK press about “non-doms” and how they don’t pay their fair share of tax. Recent legislation has made it more difficult for “non doms” to benefit but as usual the [...]
From next month, internet shoppers in the United Kingdom will no longer have to pay customs duty on purchases made from non-European Union websites with a value of under £105. Currently customs duties are payable on goods bought online from non-EU countries worth £18 or more. But from December 1, a new £105 (€150) limit [...]
An offshore bank account can be described as: “a bank account maintained by an individual or business in a bank in any country of which they are not normally a resident”. Basically what this long phrase means is that if you are a British resident and you open a bank account in somewhere like Spain [...]
What can you think when you realise that the chairman of the International Business Advisory Council – charged with safeguarding London’s pre-eminence as a business centre – is about to move his own HQ to Ireland? Such is the position of Sir Martin Sorrell, head of advertising conglomerate WPP, who announced last week that he [...]
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 [...]
An Individual Savings Account (ISA) allows any UK taxpayer aged 18 or over to save up to £7,200 each year (for 16-17 year olds this is £3,600 cash) and not pay tax on the income they receive from the investment. They are now a permanent feature of the UK savings landscape. Tax Advantages of ISAs All income [...]
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 [...]
“Going Offshore” is a phrase that one commonly hears usually accompanied by a wry smile or a sly wink of the eye. There is an assumption that somehow “Offshore” is “dodgy” and anyone who has an offshore bank account or business must automatically be up to no good. Phrases like “tax avoidance”, “tax evasion” and, [...]
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: These rates don’t often change but you should be aware that they may and they will if VAT rates change. [...]
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 [...]
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 [...]
The basic ways to structure your business are as a sole trader, in a partnership, or as a limited company. If you trade as a Limited Company you are said to be an “incorporated business” any other structure is called “unincorporated”. There are advantages and disadvantages whichever structure you chose so when deciding on the [...]
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 [...]
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. [...]
The so called IR35 Legislation came into force in the UK in April 2000. It seeks to tax freelance workers providing services via their own limited company. Its stated aim was to prevent employees setting up a limited company and performing their duties through that company with the resulting tax advantage. Generally it is more [...]
Accountants come in all shapes and sizes, both good and bad. To many people they are a necessary evil but a good accountant can add value to your business and help you sleep at night. But how do you find the right one for you? The first step is to accept that you need an [...]
