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Personal tax changes for 2016/17

The start of a new tax year generally brings with it a number of changes and 2016/17 is no exception. So what has changed for this year? The start of a new tax year generally brings with it a number of changes and 2016/17 is no exception. So what has changed for this year? The […]

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100% capital allowance for low-emission cars

Cars do not qualify for the annual investment allowance, but by choosing a low or zero emission car it is possible to secure a 100% deduction in the year of purchase in the form of a 100% first year allowance. Cars do not qualify for the annual investment allowance, but by choosing a low or […]

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EC Sales Lists (Vat 101)

If your business is VAT registered and you sell goods or services into other European countries you must generally also submit an additional form to the Government called an EC Sales List (ESL also known as form VAT101) If your business is VAT registered and you sell goods or services into other European countries you […]

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Annual Payroll and RTI

Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid. Under real time information (RTI) PAYE reporting, a Full Payment Submission (FPS) report is required to be made to HMRC every time an employee is paid, not just once […]

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The 21 Types of Tax We Pay

An idle lunch time surf took me to an HMRC document which itemised no fewer than 21 Taxes that made up the £437 BILLION collected by the UK Government in the 2011-12 fiscal year. An idle lunch time surf took me to an HMRC document which itemised no fewer than 21 Taxes that made up […]

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How to Keep Your Child Benefit Payments if you are Self-Employed

The much-publicised changes to the child benefit system The much-publicised changes to the child benefit system come into force today. Whatever your political and moral viewpoints on the changes, the manner, timing and method of implementation are similar to recent government tax fiascos including the 10p tax rate, millions of taxpayers on the wrong tax […]

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Using VAT Groups

Do you control several companies, or own one company, which in turn controls several other companies? You could save time, hassle, and VAT in some limited circumstances, by asking the Tax Office to treat all your companies as one VAT group. Do you control several companies, or own one company, which in turn controls several […]

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Tax Tip 9 : How to save Inheritance Tax by giving money away

Under current HMRC rules you may have to pay tax after your death, in the form of inheritance tax (IHT). The rules are complex. Not everyone pays Inheritance Tax. “In this world nothing can be said to be certain, except death and taxes.” So said Benjamin Franklin. Ben was clearly an accountant at heart as […]

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Tax Tip 11 : How to reclaim VAT when you don’t have an itemised VAT receipt

If you’re VAT registered, you can normally only reclaim VAT on purchases made for your business when you have a valid VAT invoice for the purchase. If you’re VAT registered, you can normally only reclaim VAT on purchases made for your business when you have a valid VAT invoice for the purchase. Many business owners […]

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Tax Tip 2: How to Claim Clothing as a Business Expense

Perhaps the biggest urban myth adopted by people starting their own business is that you can claim the cost of business clothes against tax. In most cases, you can’t. Perhaps the biggest urban myth adopted by people starting their own business is that you can claim the cost of business clothes against tax. In most […]