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Current News - Find Out Whats Happening |
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11 June 2008
Be reasonable or face the Revenue’s wrath
A financial expert is urging people to take extra care with their tax returns in future – or face a tough new system of penalties.
A spokesperson at local accountants Fisher Kau, says carelessness in preparing forms could soon prove very costly. This is because people will be automatically ...
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09 January 2008
Extracting profits from small companies – the issues
Increasing Corporation Tax Rates
The rate of corporation tax for small companies is to increase from 19% in 2006-2007 to 22% in 2009-2010. The impact of these increases will be to gradually narrow the difference between the extraction of profits as dividends or as a salary/bonus.
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09 January 2008
VAT – Flat Rate Scheme
Who can join the scheme?
It is only available to small businesses with VAT exclusive annual taxable turnover of up to £150,000 and VAT exclusive annual total turnover (i.e. including exempt and non-taxable income) up to £187,500.
How does the scheme work?
Instead of payin...
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07 September 2007
Residence and Domicile – what does this mean?
Residence
An individual is UK tax resident if he or she:
- is present in the UK for 183 days or more in the tax year; or
- makes visits to the UK that average 91 days or more a year for four consecutive tax years.
When looking at the second test, days which are spent in th...
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14 August 2007
Artic Systems – House of Lords decide!
On 25 July 2007 the House of Lords ruled unanimously in favour of the taxpayer in the long-running saga of Jones v Garnett, better known as the Arctic Systems Ltd case. However, almost before the bubbles were flat on the champagne of this great victory for commonsense the Government announced it wou...
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