Car clubs are set to receive a £500,000 boost to drive forward their work, Transport Minister Baroness Kramer has announced. As part of a wider visit to Norfolk, 28 July 2014, the minister announced that the Department for Transport will provide the funding to support two pilot programmes which will promote much wider access to car clubs. Baroness Kramer said: “Car clubs...
When should you contact HMRC?
A cynic might say that you are required to contact HMRC when you are likely to owe them more money. Realistically, the opposite is also true: you should advise HMRC of any changes that could reduce your tax position. The following notes are extracted from HMRC’s website and set out their requirements. You'll need to tell HMRC if you: get married or...
UK economy recovers
Its official, in the second quarter April – June 2014 the UK gross domestic product grew by 0.8% and is now bigger than it was before the financial crisis that began six years ago. The state of the economy always attracts politically biased commentary, but reading between the lines it would appear that we are making steady progress. Interestingly, most of the...
Why management accounts are helpful
Management accounts, produced on a regular basis, will give you and your professional advisor the information you need to manage your business and keep your planned profit growth on-track. They also provide the basic data that you will need to minimise your tax payments and keep your business on track to produce sustainable profits. Additionally, management accounts can be used...
Companies House to increase free access to data
In an effort to increase corporate transparency Companies House is to make all of its digital data available free of charge. This will make the UK the first country to establish a truly open register of business information. As a result, it will be easier for businesses and members of the public to research and scrutinise the activities and ownership of...
SITR, SEIS and EIS
From April 2014 a new investment relief has been created, the Social Investment Tax Relief (SITR). Investments must be in a social enterprise, which means a community interest company, a community benefit society, or a charity. The money raised must be used for the enterprise’s chosen trade or charitable purpose. In many ways SITR shares characteristics with the SEIS (Seed Enterprise...
VAT – pick and mix
There are a number of VAT schemes that benefit registered businesses. For example: Cash accounting If you are eligible and the scheme is suitable for your business, then using the cash accounting scheme enables you to pay VAT when your invoice is paid and not when you issue the invoice to your customers. You are also restricted when claiming back input VAT...
Tax Diary August/September 2014
1 August 2014 - Due date for Corporation Tax due for the year ended 31 October 2013. 19 August 2014 - PAYE and NIC deductions due for month ended 5 August 2014. (If you pay your tax electronically the due date is 22 August 2014.) 19 August 2014 - Filing deadline for the CIS300 monthly return for the month ended 5 August...
Inheritance Tax
Inheritance Tax (IHT) is due when a person’s estate (their property and possessions) is worth more than £325,000 when they die. This is called the ‘IHT threshold’. The current rate of IHT is 40% on anything above the threshold. The rate may be reduced to 36% if more than 10% of the estate is left to charity. Who pays Inheritance Tax Usually the...
Trade marks
Ever wondered how you can register a trade mark that makes your brand recognisable, for example a logo or a sound? Registering a trade mark lets you stop other people from using it without your permission. A trade mark registration lasts 10 years and is only valid in the country of registration. You can renew it every 10 years. Company names...