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business / 15 posts found

Questions and Answers Bumper Edition

by M Tombs
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Each month we prepare a 'Q&A' covering questions raised by clients. Although I will normally post them here monthly, this is a catch-up of the past few months, so happy reading! As always if you want to discuss any of the items as they apply to your particular circumstances please get in touch and we can arrange a suitable time to meet. June 2010 Questions and Answers Cycle To Work and Tax Free Bicycles Q: Due to the increase in fuel prices over recent months, I've now started cycling to work. My employer has suggested that they could offer me [...]

Emergency Budget Round-up

by M Tombs
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Chancellor George Osborne revealed a mixed bag of measures that will affect small businesses around the UK in the new coalition government's first Budget.   He announced that the Lib-Con coalition will not be making any cuts to capital expenditure during this parliament. This could come as good news to a number of businesses in the construction sector and should serve to protect a number of jobs.   One of the highlights of the speech with regard to small business organisations was the introduction of a new national insurance scheme. Under the initiative, certain businesses will be exempt from up [...]

May 2010 – Questions & Answers

by M Tombs
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Company Cars and Benefit in Kind Forms Q: I run a small business and we have a number of employees who use company vehicles for private travel and others who receive various expense payments. Can you advise me on the type of records we should keep for P11D benefit in kind purposes and what HM Revenue & Customs might target in an investigation? A: Small businesses are often targeted for in-depth reviews of their compliance systems and procedures by HM Revenue & Customs. When completing the employer year end forms P11D and P11D(b), you should pay careful attention to all expenses reimbursed to employees or directors, especially [...]

Emergency Budget – what can we expect?

by M Tombs
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We now have a coalition government between the Conservative and Liberal Democrat parties, which is expected to adopt tax policies from both constituent parties. The coalition agreement statement contains a brief note on tax issues. So what changes can we expect to see? Income Tax There will be a 'substantial increase' in the personal allowance from April 2011, with the Lib Dem target of £10,000 being a 'longer term policy objective'. It is possible that the income threshold above which personal allowances are phased out (currently £100,000) will be reduced. The 50% tax rate looks likely to remain in place [...]

April 2010 – Q & A’s

by M Tombs
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Becoming Self Employed Q: I have always worked as an employee, but now want to take steps to set up my own business and work for myself. Can you explain how this differs from being employed? A: When you are employed, your employer deducts tax and National Insurance (NI) from your gross pay and the balance is paid to you. The amounts deducted are paid to HM Revenue and Customs (HMRC) through your employer's Pay As You Earn Scheme. Assuming you have no other sources of income and are not a higher rate taxpayer, you are unlikely to have any further [...]