Category Archives: Business

Posts about business news and advice

Directors’ loan accounts, a note of caution

It is established practise in small and medium size companies for owner directors to withdraw sums from the business ‘in lieu of salary’ and then, at the year end, to declare a dividend to clear to nil any balance on … Continue reading

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How good are your records?

HMRC believes 40% of the five million small and medium businesses in the UK maintain inadequate records.    Due to commence in the second half of 2011, the HMRC are introducing a new Business Records Check consisting of a visit to the business … Continue reading

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Time to check that PAYE code!

The vast majority of the taxpaying public are employees who pay tax through the ‘Pay as you earn’ system administered by the employer. Because of this most employees have very little involvement with HM Revenue & Customs – trusting both … Continue reading

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Is a company car still a perk worth having?

Changes made to the taxation of company cars to fall in inline with the Government’s green agenda mean that the once great perk of motoring at the cost of the employer is no longer the benefit it once was. To … Continue reading

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When did you last check your state pension entitlement?

Most people are happy to assume that each year the deduction of tax and national insurance from earnings is helping to build up their entitlement to a state pension. However, it has been revealed that of the 50 million payroll … Continue reading

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Employers – the new penalty regime for late payment of PAYE

From May 2010 you may have to pay a penalty if you do not pay the PAYE due each month, on time and in full. The new penalties will apply to all employers. The penalties will be a percentage of … Continue reading

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Lost pension relief for higher rate tax payers

A recent survey has suggested that up to 250,000 higher rate tax payers are not claiming tax relief on their pension contributions. If you are earning in excess of £45,000 and make contributions to a personal pension you may be … Continue reading

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The VAT trap for sole traders – multiple trades

The majority of sole traders are aware of their obligations to register for VAT when their business turnover has gone over a specific limit – called the ‘VAT threshold’ (currently £70,000), but few realise that it is not their ‘business’ … Continue reading

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