Latest News

Non-deductible fridges

The first trickle of tax return information for the 2013-14 tax year has started to arrive in our offices. My advice to clients gathering information together is they should bring in all the things they think might be relevant. We can then pick out what is not deductible for tax purposes. This year, for my clients with rental income, I will be looking out for any expenditure on fridges.

Six ways an EPoS system can make retailers more profitable

I recently wrote about why businesses should be accepting card payments from customers, in which I suggested businesses should see past the cost of card processing and consider the benefits. This month I want retailers to consider the same idea when it comes to point of sale technology.

Bridging the taxes (The EU, taxes, and a dash of Nordic crime)

Sitting in reading subtitles on a Saturday night is now a perfectly acceptable activity. I know I’m not the only one amongst friends and family who enjoyed watching the Scandinavian drama ‘The Bridge’ earlier this year. All muted shades and moody lighting offset the acerbic nature of the lead Saga and a mildly overblown plot nicely. Until the third series I’ve transitioned to the heart of Europe, following the mildly rumpled Paul Gerardi as he drives an assortment of German cars around Belgium in Salamander, politicians falling like nine-pins all about.

HMRC visits: Trouble in store?

Many businesses dread a visit from HMRC; there is always the worry that something may arise, which results in paying more tax. There is also an understandable sense of dread at the potential disruption it could cause in the run up to, during and even following the visit. However, there are a number of things you can do to make the experience far less stressful.

Preparation    

Focus on the future with Blue

The last few months have seen an encouraging uptake of our offer of a free introductory Blue session, with many clients and prospective clients taking advantage of this.

A range of businesses have appreciated the opportunity to take time out of the operational day job and spend time with our skilled Blue facilitators to really focus on strategic direction and goals for the business as well as the aspirations of the individual business owners.

Is £10,000 now the most tax efficient salary for owner/directors?

Profit extraction planning pre April 2014

Can you afford to ignore the new Employment Allowance?

From 6 April 2014 employers can claim to reduce their employer Class 1 National Insurance contributions (NICs) by up to £2,000 under a scheme called the ‘Employment Allowance’.

You can claim the Employment Allowance if you are a business or charity (including CASC’s) that pays employer Class 1 NICs on your employees’ or directors’ earnings. You can only claim the £2,000 Employment Allowance against one PAYE scheme where multiple schemes are in operation for a business.

Some businesses are excluded from this allowance including those who;

A good Budget for coffee shop owners?

The first episode in the BBC’s Business Boomers series aired last week with the series of four episodes focusing on businesses that have boomed despite the tough economic climate. Episode one took a look at the UK coffee shop market, one in which well-known brands such as Starbucks, Costa and Café Nero dominate but where small independents also have their place to thrive.

Landlords – HMRC let property campaign

Landlords who have failed to declare their rental earnings are being warned to pay up or face harsher penalties. HMRC’s let property campaign is targeting widespread tax evasion on property lettings, and estimates that 1m buy-to-let and other private landlords are not declaring their rental income, depriving the public treasury funds of £550m a year. Such initiatives have been a cost-effective way for HMRC to recover tax in a range of sectors, with voluntary disclosures in past campaigns yielding more than £500m since 2007.

Is now a good time for you to consider a Members Voluntary Liquidation?