Can I claim R&D Tax Credits?
I recently attended a tax update course and the lecturer was very enthusiastic about R&D tax credits and the regime to positively encourage investment through the taxation system. Costs specific to a qualifying project are eligible for 200% tax relief so if you...
HMRC Spam emails and hacked Twitter account
There have been two incidents which have reminded me of the danger of online transactions in the last few days: HMRC spam repayment claim email A client of mine received an email directing him to a website which as you can see looks pretty realistic at first sight. ...
Badges of trade – HMRC targeting Ebayers
HMRC target Ebayers You may have heard about HMRC targeting people carrying on a business on Ebay, or bootsales. HMRC are always keen to collect additional tax and there is quite alot of case law on the subject. These come under the heading of badges of trade, and...
Running a business, my best advice…
I get to see many businesses and discuss their experiences throughout the year and the most successful ones are those that concentrate their activity on their core business What is the core business? It is so easy to describe your business within its sector as...
Is sponsorship allowable for tax?
Lots of big companies sponsor sporting and cultural events, but you may be wondering whether your company can do so and what the rules are. Providing you can demonstrate that you have considered the following points there is no reason why all the expense cannot be...
Budget Summary 2011
With most of the major changes already released or leaked pre-budget there were not the usual number of new announcements to make. The Chancellor started by running through the main economic statistics: Growth is slower than expected but only by a small amount but...
Capital gains tax and principal private residence
As people become increasingly mobile and time spent in one place reduces the rules for whether you get tax relief for any capital gains on your home become more important. You get full relief for your principal private residence (PPR) however if you have more than...
Company directors – how much are you paying yourselves next year 2011/12?
If you are a company director and are paying yourself a low salary and the balance in dividends as funds allow read on. You are probably paying yourself £475 per month for 2010/11, this is greater than the NI Lower Earnings Limit (£97pw/£420pm) at which you build up...
Will I pay more or less tax next year?
While everyone will have heard about the increases in NI coming up, there have been other changes which may mean you pay less tax and NI next year. All taxpayers will benefit from an increased level of Personal Allowance (the amount you get tax free) which increases...
How do I pay my self assessment bill?
The recommendation by Alastair Wood of Gravesend accountants AW Accountingon how to pay self assessment bills is electronically as this avoids any doubt about the amount written on a cheque and potential for lost or delayed post. There are two options, using your own...