Bottomline
Summer 2012
It's 1:29pm on Sunday 20th May, 2012
Sharing income in the family company
It is no secret that the most tax efficient way of carrying on a business is through a limited company. For the majority of small or start up businesses, the savings in national insurance alone will more than cover the additional costs of running a company. For established businesses, the fact that retained profits are [...]
Posted by
David Bennett
in
Advice for Individuals, Tax, Wealth management
On December 6 2010
Firms warned to avoid ‘smart phone’ tax
With the ability to reply to e-mail over your cornflakes, hold conference calls from the car, and check the Nasdaq before bedtime, they have quickly become the phones of choice for many business people. But with so many uses, firms who provide iPhones and Blackberrys to their employees are being advised to avoid a financial [...]
Posted by
PR Office
in
Advice for Businesses, Moore and Smalley news, Tax
On November 5 2010
Taxman’s construction clampdown can be challenged
Contractors are being encouraged to challenge potentially “unfair” penalties imposed under stricter enforcement of tax rules for the construction industry. HM Revenue & Customs (HMRC) launched a consultation in 2009 on proposals to tackle what it saw as an abuse of the Construction Industry Scheme (CIS), a system that ensures construction firms and subcontractors pay [...]
Posted by
PR Office
in
Advice for Businesses, Advice for Construction businesses, Tax
On October 28 2010
What you need to know about staff entertainment and VAT
HMRC are closely scrutinising staff entertainment, and from the three cases we have seen recently, two employers were unaware of any restriction to taking their workforce out. The tax exemption for staff parties is currently £150 including VAT per attendee, assuming all HMRC requirements are met, and records should be retained of both the cost [...]
Posted by
Stephen Adams
in
Advice for Businesses, Tax
On October 11 2010
Capital gains tax – the outlook for property owners
Whenever there is a change of chancellor, it seems that wholesale changes to capital gains tax will surely follow. Certainly, the last three chancellors have taken the opportunity to shake up the Capital Gains Tax (CGT) rule book, with George Osborne taking the unprecedented step of increasing CGT rates part way through the tax year. [...]
Posted by
David Bennett
in
Advice for Individuals, Tax, Wealth management
On September 23 2010
Be on time to avoid tax penalties
Businesses are being urged to ensure they avoid a ‘ticking time bomb’ on penalties for late tax payments under new rules introduced by HM Revenue and Customs. David Bennett, a tax partner with Moore and Smalley Chartered Accountants and Business Advisors, says employers could be unaware they are accumulating the penalties under the new rules [...]
Posted by
PR Office
in
Advice for Businesses, Moore and Smalley news, Tax
On September 16 2010
Encouraging sales before VAT hike
VAT is set to rise to 20 per cent on 4 January 2011 and many people will want to make purchases before then to take advantage of the current lower rate. However, as is often the case in the world of taxation, matters are not quite as simple as they might be. HM Revenue and Customs have [...]
Posted by
Stephen Adams
in
Advice for Businesses, Tax
On September 2 2010
VAT partial exemption check and fee protection scheme
New VAT powers and penalty rules make the annual “partial exemption” calculation even more important this year because any “careless” errors will carry a minimum 15 per cent fine if not disclosed beforehand to HM Revenue and Customs (HMRC). For the VAT return year ended 31/3, 30/4, or 31/5 dispensing practices need to ensure they [...]
Posted by
Stephen Adams
in
Advice for Businesses, Advice for Healthcare businesses, Tax
On July 13 2010
