June Budget 2010 Highlights for individuals and SME Business Owners
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...
Green company car – is there such a thing?
I was speaking to a client yesterday regarding the options of having a company car and coming from a carbon reduction background he was keen to have a low emission car and wanted to know the tax effect. This is an area where the government are encouraging growth...
Scanning and emailing documents
After helping out a client email some bank statements to a bookkeeper and an interesting chat with a document scanning company at the Be An Amazing Business Builder Show on Tuesday I thought I would share my views on scanning documents. I come from a “less paper”...
Is my tax code right?
A tax code or what HMRC call a PAYE Coding Notice is the means by which your tax free allowance is allocated to the pay for your job if you are an employee. Every month a portion of your income will not be taxed, and the rest will be taxed at the basic rate of 20%...
Status – employee or self employed
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...
Understanding your limited company accounts
Clients are always telling me that they do not understand their accounts. Clearly they know their business, and how to price to make money so it is only a small step to actually understanding the end of year accounts: The very back page or two is the detailed profit...
Dates and deadlines for the new tax year
With the passing of the old tax year we are presented with returns to file and tax to pay. Some memorable dates are listed below, with a few more interesting ones too: 19 April – PAYE must be paid for the period up to 5 April (usually just the March payroll) – and...
What year end should I have?
Whether you have just started up a business or have been going a number of years there are a few factors which will influence what year end you choose: Date registered at Companies House: The default date chosen is the end of the month one year from incorporation, so...
March Budget 2010
The key budget announcements follow, we can of course expect another post election budget when more significant changes may be made such as the much vaunted increase in VAT: For business The Annual Investment Allowance (AIA) will be increased to £100k pa for...
Tax returns – do I need one and what information must I keep?
Under self assessment anyone who has a tax liability must inform the Revenue and pay the additional tax. For the majority of employed taxpayers this does not apply as tax is collected by their employer every month and any adjustments are made in their tax code. The...