The Budget 2014 – Business Tax
Corporation tax rates The main rate of corporation tax will be 21% from 1 April 2014. The current rate is 23%. From 1 April 2015 the main rate of corporation tax will be reduced to 20%. The small profits rate will remain at 20% so from 1 April 2015 both rates will be unified. Annual … Continue reading The Budget 2014 – Business Tax
Personal Allowance and Rates of Tax The Personal Allowance for taxpayers born after 5 April 1948 will be increased from £9,440 in 2013/14 to £10,000 in 2014/15, and to £10,500 in 2015/16. The personal allowance for those with ‘adjusted net income’ over £100,000 will continue at £1 for every £2 of income above £100,000. In … Continue reading The Budget 2014 – Personal Tax
Although the budget was, officially, held on 19th March, the Government had already issued the majority of the clauses in draft form. However, there were some updates, together with some new proposals, announced in the budget. The main proposals, which are still subject to amendment, were: The starting rate band for savings will be increased … Continue reading The 2014 Budget – Introduction
As we approach the end of the tax year on 5th April it is time to think about some of the simple “tax avoidance schemes” that are available to us all. Very often we can make a big difference to our tax bills by taking a few simple steps. Capital Gains Tax Capital gains of … Continue reading Year End Tax Planning
What if a customer doesn’t pay you for goods or services on which you have charged VAT, and you have paid that VAT to HM Revenue & Customs (HMRC), you can get the VAT back by claiming ‘Bad Debt Relief’. This is very straightforward providing you follow the right procedures and keep accurate records. Please … Continue reading VAT ISSUE – BAD DEBTS How do you reclaim the VAT on a bad debt?