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The government has already published certain draft clauses for the Finance Bill 2014. We have listed below some of the more topical changes disclosed.  Changes for the tax year 2014-15:  Personal Tax: Individuals born after 5 April 1948 will be entitled to a personal tax allowance of £10,000. Employees will be able to increase the maximum value of shares acquired Continue Reading

The following announcements were posted to the GOV.UK website last month. They provide details of some of the compensation being offered to businesses affected by last month’s flooding across the UK:  Cash compensation  Measures include: A £5,000 repair and renewal grant for all affected householders and businesses. The aim is to top up money received from insurers to build in Continue Reading

Having spent many years building a business, entrepreneurs can still look forward to a maximum tax hit of just 10% when they sell their business, as long as they have organised their business affairs so that they qualify for the CGT Entrepreneurs’ Relief. Basically, you will need to demonstrate that you meet certain criteria for the year ending on the Continue Reading

This scheme can be beneficial for businesses that have a low proportion of costs that include a VAT input tax charge, and their business turnover, excluding VAT, does not exceed £150,000. One interesting feature of the scheme is that you do not have to leave the Flat Rate scheme until your annual income, including VAT, exceeds £230,000. The only way Continue Reading