Business News

A good start for VAT

Posted on 15 Feb, 2013

When you are starting or growing a business, getting your VAT registration right is very important. You don’t usually have to register until you have made sales of £77,000. If you register before you have

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Splitting gains

Posted on 15 Feb, 2013

Most people have an annual exemption for capital gains tax (CGT) of £10,600. You can only use this exemption if you dispose of something and realise a gain in the tax year. You can’t transfer

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Company cars

Posted on 15 Feb, 2013

If you drive a company car you are taxed on a percentage of the vehicle’s original list price, set by reference to its CO2 emissions rating. This taxable benefit has increased over recent years and

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Divide and rule

Posted on 15 Feb, 2013

Income is ‘cut up’ into tax years to decide whether you are subject to higher rates of tax or not in a particular year. Someone who goes over the income limit one year and has

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To err is human

Posted on 15 Feb, 2013

If you make a mistake on your tax return, you need to correct it as soon as possible, ideally within 12 months of the deadline for submitting the return. HMRC call such a correction an

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A matter of interest

Posted on 15 Feb, 2013

Tax relief on interest paid is available on business loans, or loans to buy property for renting out. Although the terms and interest rates for such ‘business-related’ loans may be different from a domestic mortgage,

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Season of good Will

Posted on 15 Feb, 2013

You can’t take it with you, as the saying goes. When your time is up your relatives need to sort out your affairs. This is a very stressful time, but you can make it easier

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This year, next year

Posted on 15 Feb, 2013

If you run a business – as a sole trade, partnership or limited company – the end of your accounting period is an important date for tax planning. Tax can be saved or delayed if

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Currency roller-coaster

Posted on 15 Feb, 2013

With currency values uncertain, anyone investing abroad needs a cool head and a strong constitution. It’s worth being aware of the UK’s chauvinistic tax rule, as well – all capital gains have to be worked

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Last chance saloon

Posted on 15 Feb, 2013

The taxman will close down a business that can’t or won’t pay its tax bills. However, where the business is experiencing temporary cash-flow problems he may be prepared to accept payment by instalments under a

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