Company Classic car – is it worth it?
Providing certain criteria are followed it can be well worth running a company classic car but make sure you know what tax rules might catch you out. Let us compare two 1960s classics, the iconic Citroen DS which had many features ahead of its time and the E Type Jag...
Jubilee weekend tax tips
As we look forward to the long weekend here are a few tips you may find useful: If you are completing the tax credit renewal form there are a couple of areas which may catch you out: Business owners - don't forget to gross up dividends for 10% tax, multiply the net...
Useful benefit on assets provided to employees
There is a relatively little used benefit in kind which may be of use to directors and employees which can be used when assets are provided to them which are not covered by other benefit categories. One of the most common uses is for a providing a computer for use at...
HMRC introduces risk based scoring for IR35
IR35 is concerned with companies as intermediaries providing personal services, rather than them being provided personally as an employee. HMRC is trying to lay down the law by publishing a risk based scoring system to decide whether a company is at a low, medium or...
Budget Summary 2012
Most of the key changes in the Budget had already been leaked before the Chancellor stood up, although not necessarily the exact details. There were a few headline grabbing changes but there were few unexpected ones. As usual the Chancellor started by running...
Company directors pay for 2012/13
If you are a company director and are paying yourself a low salary and topped up with dividends allow read on. Up to 5 April 2012 you are probably paying yourself £589 per month, this is greater than the NI Lower Earnings Limit at which you build up state...
Year end information for your accountant for Quickbooks users
The details provided below are in response to requests from clients of AW Accounting in Gravesend for a list of year end information for your accountant for Quickbooks users. but the principles are the same for all computer accounting packages Profit and loss for the...
Computer records – what does my accountant need?
It is no longer necessary to box up all of your records and give them to your accountant. If you keep your records electronically using a reputable system, it should be able to produce and supply all of the information your accountant needs. Providing you keep your...
Is it worth me getting a company car?
The first question is always why do you want a company car and what do you want to use it for, in many cases a van or low emission car may be more appropriate, depending on the use it may be free or a low cost benefit. However if you are looking for a regular family...
Tax thresholds and planning opportunities 2011/12
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...