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March 2011

  • Taxman Starts Business Records Check

    Newsletter issue - March 2011. The Taxman is concerned that many small businesses are not keeping adequate records to support the entries on their tax returns. To encourage better record keeping he is taking a carrot and stick approach. The carrot encouragement comes in the form of a number of new HMRC leaflets, and an…More

  • Taxman to Hassle Tax Cheats

    Newsletter issue - March 2011. In addition to the 50,000 letters being sent about keeping business records, the Taxman is writing to 12,000 self-employed people who claim Tax Credits, to check whether they have been understating their income. As a self-employed person you can claim Child and Working Tax Credits just like an employee, but…More

  • Traps with the Flat Rate VAT Scheme

    Newsletter issue - March 2011. The VAT flat rate scheme for small businesses is generally straight-forward to operate, but here are a few traps to watch out for. Use the right rate You will be aware that the standard rate of VAT increased to 20% on 4 January 2011. The flat rates used by traders…More

  • Leaving it to Charity

    Newsletter issue - March 2011. If you haven't made a Will, you should do so without delay. If you don't have any relatives you want to leave your estate to, consider making a Will that leaves most of your assets to specified charities. This avoids the potential problem of intestacy (dying without a Will), and…More

  • March Question and Answer Section

    Newsletter issue - March 2011. Q. I've been told I will have to pay all my business taxes online very soon. How can I do this if I don't have internet banking? A.It will be compulsory to pay corporation tax electronically from 1 April 2011, and to pay all VAT due electronically from 2012. However,…More

  • 2011 Budget News and Analysis

    George Osborne said this Budget would be all about stability and growth, but judging from the number of tax changes he is introducing, the growth will be in pages of tax legislation. Many of the changes in tax rates and thresholds for 2011/12 were announced last December, but he surprised us by cutting the corporation…More

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