Monthly Archives: March 2014

What has changed since the Budget?

For those born after 5 April 1948 the personal tax allowance is £10,000. It was also announced that from 6 April 2015 this would increase to £10,500. The much publicised change to the taxation of salaried members of Limited Liability Partnerships is confirmed. Ongoing vigilance is required to ensure that salaried members’ tax status does not change from self-employed to Continue Reading
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Daily Telegraph puts Anti Avoidance Hysteria into Context

I attach a link to this Daily Telegraph article, I can only hope that this is the start of more balanced reporting on this subject. https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/digital-media/10727407/HMRCs-zeal-over-tax-avoidance-is-harming-investment-in-British-film.html
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Investing in plant and equipment?

If expenditure on plant and equipment qualifies for the Annual Investment Allowance (AIA) 100% of the cost can be written off against taxable profits. The amount that can be written off as AIA expenditure has changed a number of times in the past few years. Immediately before 31 December 2012 the (AIA) was set at a maximum spend of £25,000. Continue Reading
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Risk-led tax enquiries

HMRC has the right to investigate any tax return submitted by any taxpayer. The department has considerable powers to inspect documents and to question the taxpayer. HMRC does not need a reason for an investigation. It selects some returns at random so an investigation does not necessarily mean that you are suspected of doing anything wrong. The procedures for tax Continue Reading
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