There are lots of thresholds which can be utilised or avoided in order to make the most use of the tax system. As accountants we need to consider each clients personal situation to make sure that we make the most of the opportunities while minimising their tax bill. read more
We have been complimented on the updates posted on Twitter live during the Budget and hope to continue this by summarising the main points of interest to small business owners and individuals in the street.
The Chancellor George Osborne started by painting the picture of the poor state of the economy and among various political comments stated that due a cautious approach fiscal goals would be met one year earlier than expected in 2014. The inflation target will remain at 2% which has already been exceeded, this will peak at 2.7% later in the year and then reduce. In terms of the approach to the deficit a lower spending rather than higher tax route is being taken, read more
There is a significant difference between the rights of an employed person as opposed to a self employed person, and this is most clearly reflected in their tax treatment. An employee has many more rights such as holidays and maternity leave but at the expense of higher taxes. It is therefore necessary to have an understanding of the differences.
One of the major tests is the degree of control exercised by the employer read more