Category: Tax

If you run a business involving the creation of animation programmes, high-end TV programmes, or video games, you can look forward to extra tax relief on the production costs. This results in corporation tax relief on no less than 200% of the actual costs on UK expenditure up to a maximum of 80% of the … Continued

If you have an overdrawn loan account with your company, there is a tax charge on the company unless the loan is cleared within 9 months of the end of the period to which accounts are prepared. Nasty anti-avoidance measures have been introduced to stop companies avoiding the tax charge. In particular when the loan … Continued

HMRC are looking to increase this activity, which involves the collection of tax debts by way of reducing your Code Number used when calculating PAYE deductions on earnings. There would be no change to the current £3,000 maximum that can be coded out for individuals earning less than £30,000, and the current coding out limit … Continued

If you buy a new car for your business that has CO2 emissions of no more than 95g/km, you can claim a full deduction against your business profits. There are approximately 30 cars that fall into this category, but the list is growing. If you run your business as a limited company, the private use … Continued

This new option for some small businesses needs careful consideration, particularly if you are self-employed and have annual turnover of less than £79,000. You can choose to: use the cash basis with or without also using fixed rate deductions use accruals accounting with or without also using fixed rate deductions The fixed rate deductions cover … Continued

Individuals and families in the UK paid £3.14 billion in inheritance tax (IHT) in 2012/13, official figures from the Office for National Statistics have shown. It comes as a result of the freeze in the IHT threshold – held at £325,000 since April 2009 – and a recovery in property prices, which has pushed more … Continued

A recent article in The Times highlighted at least one of the main political parties has come out and said it will look to make major changes to taxation if it wins the election. Under the heading “Lib Dem’s plot raids on the rich” it states “The Liberal Democrats are planning a raid on the wealthy … Continued

If you run a business involving the creation of animation programmes, high-end TV programmes, or video games, you can look forward to extra tax relief on the production costs. This results in corporation tax relief on no less than 200% of the actual costs on UK expenditure up to a maximum of 80% of the … Continued

To stand any chance of the gain on sale of a residential property being wholly or partly exempt from tax, one of the requirements is that you can show it was used as your only or main residence.   There are a growing number of tax tribunal cases on this issue, where whether or not … Continued