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You are currently browsing the blog archives for September, 2012.

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Archive for September, 2012

Planning for the 45% tax rate

The present tax rate on earnings in excess of £150,000 is 50%. Some would say that you are in a fortunate position to be earning over £150,000 but regardless of how much you earn, handing half of it to HMRC doesn’t sound good. From 6 April 2013, the top rate of tax is to be[…] Read more »

Removal of zero-rated VAT for approved alterations to Listed Buildings

In his March 2012 Budget, the Chancellor announced that the benefit of zero rating for VAT on approved alterations to listed buildings would be removed with effect from 1 October 2012. The VAT treatment of alterations to listed buildings is to be brought in line with that of repairs and maintenance, namely all construction materials[…] Read more »

Record keeping for busineses and what is a proper VAT invoice

On 3 February 2012, HM Revenue & Customs (HMRC) suspended its Business Records Checks (BRC) trial following a review. However, in summer 2012, the full-scale revamped programme commenced. Businesses considered to be at higher-risk of keeping inadequate records will initially be contacted by HMRC, by phone or letter, and asked about their business records. From[…] Read more »

Should I buy a car or van through my limited company.

If you buy your vehicle through your limited company, the car belongs to the company and can only be used for company purposes. If there is ANY private use, the vehicle is treated as a benefit in kind and you will pay tax and your company will pay national insurance on the value of it.[…] Read more »

Should I buy or lease a car – for a sole trader (NOT A COMPANY)

Buying a car with cash or a loan  The car is yours at the end of the agreement and it will usually cost less to buy a car than lease it. The car can be included as an asset in the business and capital allowances can be claimed which will reduce the tax you pay.[…] Read more »

New IR35 Risk Assessment

In May 2012, HMRC introduced new tests to help gauge your risk of IR35 compliance visit/enquiry. These caused quite a stir amongst contractors and tax advisors alike. It is important to point out that these Business Entity Tests are to determine your risk of an HMRC compliance visit NOT to determine whether your business falls[…] Read more »

Food and Drink / Subsistence & Entertainment

I’m sure you know how it goes: You’re out and about on business, you grab a quick morning coffee and why not a pastry at the same time to keep you going until lunch time. You then meet a client to discuss some business over a lunch in a bar. As they have just given[…] Read more »