- Posted 15th March 2015
Capital Gains Tax for Business
Capital Gains Tax is a tax applied on the profit you make when you sell, transfer or dispose of all or some part of your asset. The tax does not apply for the total amount you receive.
Taxes may be applicable on business assets like land and buildings, fixtures, plant and machinery, shares, and registered trademarks in case if you have gained profit when selling. So, calculating your gain is the first thing you need to do. However, the taxes should not be paid on the gifts to your partners or c...
- Posted 13th March 2015
What Should Dentists Look for in an Accountant?
Treating patients is the main concern of all medical professionals. With the constant pressure to maximise their time on treating patients, many medical professionals hardly manages time to check their finance.
Medical professional like dentists can take help from an expert accountant to ensure the systematic operation of their finance resulting in more money in their bank account.
If you are a dentist, consider choosing a pro-active firm of dental accountants who can deal with your finances a...
- Posted 12th March 2015
Tax Avoidance Vs Tax Evasion
Are tax avoidance and tax evasion same? If you think they are same, behold as they are two different terms with different meaning.
Here is a brief definition of the both terms ‘tax avoidance’ and ‘tax evasion’.
What is tax avoidance?
Tax avoidance is the legal practice of minimising taxes by using different methods approved by the law without deliberate deception. It needs planning to make strategies for minimising taxable income, tax deductions and tax credits, and controlling the ti...
- Posted 12th March 2015
How to Deal with HMRC VAT Inspection
If you have bagged a VAT inspection from HM Revenue and Customs (HMRC), do not panic and just be prepared. VAT inspections by HMRC are usually a routine matter. These inspections are normally conducted by officers individually. They can visit your business to inspect your VAT records. However, they will inform you for a visit by giving a notice period of 7 days.
In the meanwhile, HMRC will inform you about the information they want to look, how long it’s likely to take and if they want to ins...
- Posted 11th March 2015
HMRC’s Action on High Risk Tax Avoidance Promoters
The tax avoidance promoters who do not comply with the tax rules will face financial penalties. HMRC has announced this with the intention to reduce the tax.
HMRC also made it clear to the high risk tax avoidance promoters that they must reveal to the clients about being monitored by the authority. Failing to do so can end up to a fine of £1 million.
In October 2014, HMRC achieved power to rule out for issuing conduct notices to high risk tax avoidance promoters for changing their ways.
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- Posted 11th March 2015
How to Manage the Finance of Your Business?
Finance is the most important part of your business that helps it to survive. Although it is not an easy task to manage your finance, it has to be done. While you are on to it, make sure to avoid small mistakes as they can cause problems in financial management.
Here are some ways that can help your finances stay organized.
Create and stick to your budget
Before starting anything else, you need to create a budget which you can simply follow to depending on your business. You can create a monthl...
- Posted 11th March 2015
HMRC’s Announcement on PAYE Filing Penalties
HM Revenue & Customs (HMRC) has announced that employers will not incur PAYE filing penalties for delays of up to three days from March 2015. However, HMRC has also said that late filing penalties will continue to be reviewed on a risk-assessed basis than being issued automatically with no change in the filing deadlines. This means the filing should be made before each payment date.
For stopping unnecessary issued penalties, HMRC will also shut around 15,000 PAYE schemes that didn’t mad...
- Posted 11th March 2015
An Overview of VAT Returns
This blog gives the insight of VAT Returns and everything related to it. If you have landed here, do not stop and continue reading to know the important things about VAT Returns.
VAT Returns is usually submitted to HM Revenue and Customs (HMRC) in every 3 months which is known as your accounting period. The VAT Return records things including your total sales and purchases, the amount of VAT claims, amount of VAT refund from HMRC and the amount of VAT you owe for the accounting period. Even y...
- Posted 11th March 2015
HMRC Reporting on Tax Evasion & HSBC Suisse Data Leak
HM Revenue and Customs (HMRC)’s approach to tax evasion is based on collecting the tax and interest due, changing taxpayer manners for discouraging them from further evasion in future. With imposing effective penalties, HMRC plans to control the tax evasion in UK. That is the reason HMRC have issued a statement regarding this matter and HSBC Suisse data leak as well.
HMRC has also set up a project ‘Operation SOLACE’ having 300 tax specialists examining the leaked HSBC Suisse data in a sys...
- Posted 11th March 2015
How to reduce the chances of HMRC investigation
Anybody who runs a business today should be concerned with the HMRC investigations. It is because when your company grows, the possibility of an investigation also increases. And, with regards to how HMRC undertake their investigations, the chances of your business being inspected have risen considerably in recent years.
If the HMRC suspect that your business is doing things incorrectly, it will select your business for a compliance visit. Thus, you need to take some important things in consi...