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January 2007

  • Last Chance to Get Your Tax Return Filed

    Newsletter issue - January 07. We're into a new year and already the taxman is after us, reminding us the deadline for filing of 2006 tax returns is fast approaching on 31st January. So if you haven't already supplied the information for completion of your return, please contact us urgently. The initial penalty for being…More

  • HMRC Launch Pilot Childcare Indicator

    Newsletter issue - January 07. HMRC have launched a calculator on their website to help you decide whether you would be better off receiving tax credits or, instead, taking childcare vouchers from your employer to help you with your childcare costs. This is because the taking of childcare vouchers can affect your entitlement to tax…More

  • From Ltd Company Back to Sole Trader

    Newsletter issue - January 07. Many small businesses find themselves trading through a limited company, often resulting from the tax advantages of doing so. Many first incorporated when the first £10,000 of company profits was tax free, although this is no longer the case. Incorporating is easy with many reliefs available to ensure there are…More

  • Do You Know What an EFRBS is?

    Newsletter issue - January 07. EFRBS stands for "Employer Financed Retirement Benefit Schemes" and from "A Day" replaced the funded unapproved employer pensions. These are employer pension schemes and under the "A Day" rules when the company makes a contribution to one, it does not count as a tax deductible expense. However, on the other…More

  • Has Your Competitor Reported You on the HMRC Hotline?

    Newsletter issue - January 07. HMRC has reported that calls to the Tax Evasion Hotline have rocketed to 75,000 over a three-month period. Apparently, as well as ex-spouses there are now many business rivals reporting others who are trying to gain an unfair advantage. HMRC clearly believes the hotline is a success and is getting…More

  • January Question and Answer Corner

    Newsletter issue - January 07. Q. I'm starting a new business as a plumber and don't know if it would be a good idea to register for vat. Can you advise? A. It is only compulsory to register for VAT if your annual cumulative turnover to the end of any month exceeds £61,000 or if…More

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