Compensation for flood victims

The following announcements were posted to the GOV.UK website last month. They provide details of some of the compensation being offered to businesses affected by last month’s flooding across the UK:  Cash compensation  Measures include: A £5,000 repair and renewal grant for all affected householders and businesses. The aim is to top up money received from insurers to build in flood resilience when...

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Entrepreneurs’ Relief

Having spent many years building a business, entrepreneurs can still look forward to a maximum tax hit of just 10% when they sell their business, as long as they have organised their business affairs so that they qualify for the CGT Entrepreneurs’ Relief. Basically, you will need to demonstrate that you meet certain criteria for the year ending on the date...

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VAT Flat Rate Scheme

This scheme can be beneficial for businesses that have a low proportion of costs that include a VAT input tax charge, and their business turnover, excluding VAT, does not exceed £150,000. One interesting feature of the scheme is that you do not have to leave the Flat Rate scheme until your annual income, including VAT, exceeds £230,000. The only way you can...

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Tax Diary March/April 2014

 1 March 2014 – Self Assessment tax for 2012/13 paid after this date will incur a 5% surcharge.  1 March 2014 - Due date for Corporation Tax due for the year ended 31 May 2013.  19 March 2014 - PAYE and NIC deductions due for month ended 5 March 2014. (If you pay your tax electronically the due date is 22 March...

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