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September 2010

  • Cycle to Work Scheme Update

    Newsletter issue - September 2010. The cycle to work scheme allows employers to lend bicycles to their employees tax-free, and in some cases the employees can purchase the bicycle at the end of the loan period. However, the Taxman is looking carefully at abuses of this scheme... Some employers treat the loan of the bicycle…More

  • Dividend Planning to Maximise Tax Credits

    Newsletter issue - September 2010. It is sometimes suggested that Child and Working Tax Credit awards can be maximised if the family's income is low in one year and high in the next year. The Tax Credit award for the first low year is substantial, and the award is not changed for the second year…More

  • Maximum NI Contributions

    Newsletter issue - September 2010. Before the General Election NI was referred to as a 'tax on jobs', and essentially it is a tax, as once you have sufficient NI contributions to qualify for state benefits any extra payments will not entitle you to further benefits. If you have paid in excess of the maximum…More

  • VAT Rates and Refunds

    Newsletter issue - September 2010. VAT can be very complicated at times! Most goods and services carry VAT at the standard rate, which is currently 17.5% and is due to increase to 20% on 4 January 2011. However, some transactions, such as financial services, are exempt from VAT, and some goods, such as children's clothes,…More

  • September Question and Answer Section

    Newsletter issue - September 2010. Q. The Taxman has told me I owe him £3,300, and I must pay at least £200 per month or a distraint order will be served. I can only manage to pay £150 per month, so what happens now? A. A distraint order means tax officers, or bailiffs acting on…More

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