Tax / 38 posts found
Tax Tips – July 2011
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. July 2011 Companies making donations Q: I am a director of a small limited company [...]
Property Investment : Some Tax Aspects
A number of clients have raised questions concerning property investment. This post covers some of the general issues, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Property Investment: Some Tax Aspects Investment in property has been and continues to be a popular form of investment by many people. [...]
Tax Tips – June 2011
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Can I use my loss? Q: I paint in my spare time and sometimes, my [...]
May 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Withdrawals from a company Q: My daughter has just found a house she'd like to [...]
April 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Too big to cash account Q: I am about to complete my VAT return for [...]
VAT Flat Rate Scheme
When advising clients, one of the areas we examine in some detail is value added tax, not just whether or not they should register (if they have a choice!) but also which of the various schemes available is most suitable. The Flat Rate Scheme is intended to simplify VAT accounting, but in the right circumstances it can also result in improved profits. We have put together this guide to how the scheme operates; if you think it may be beneficial to your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. VAT Flat [...]
March 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! Bad debt adjustments Q: I have recently found out that one of my customers has been declared bankrupt. Unfortunately, I invoiced them four months ago for £1,000 plus VAT of £175 and as this is still outstanding, there is a good chance I won't receive this and will need to write it off. How do I account for this in my December 2010 year-end accounts and what income [...]
February 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! Tax Point of a Transaction for VAT Q: I have recently registered for VAT and I am getting slightly confused regarding when my supplies and purchases take place in regards to VAT quarters. Could you please explain to me when a transaction takes place for VAT purposes? A: The date when a transaction takes place for VAT is called its tax point. It is not always the date [...]
January 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! Margin Scheme Q: I am a second-hand car dealer who is now approaching the threshold for VAT registration. A friend of mine who also deals in second-hand goods, albeit art and antiques, has informed me that there may be a VAT scheme which I can use to minimise my liability and administration costs. Could you please advise me if such a scheme exists and explain the mechanics [...]
December 2010 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! Meals provided for employees Q: I own a gift shop and we are now opening longer hours in the run up to Christmas. On certain days this means opening late at night and we are now opening on Sundays too. I need my staff to do additional hours during this busy period and want to pay for their meals when they are working longer hours than usual. If I [...]