Small businesses urged to consider ‘cash basis’ VAT scheme

When using the Cash Accounting Scheme you only pay VAT on your sales when your customers pay you and reclaim VAT on your purchases only once you have paid your suppliers. The Cash Accounting Scheme is available to VAT registered traders if your estimated VAT taxable turnover during the next tax year is not more than £1.35

Seafarers’ Earnings Deduction guidance

HMRC have requested that with effect from 14 February 2014 any publication containing guidance on the Seafarers' Earnings Deduction stating that voyages between UK ports were subject to the same concession as if the journey were allied to passage to an overseas port must not be used in the preparation of a claim to Seafarer's

Staff tax-free loans of up to £10,000

From April 2014 employers will be able to reward staff with tax-free loans of up to £10,000 for items such as travel season tickets. For more information on tax efficient employee benefits please do not hesitate to contact Hooper & Co for a no obligation discussion on your particular

Phishing emails from companies house

We are all aware of phishing emails purporting to be from your bank or advising you of a refund from HM Revenue & Customs, but the latest comes in the form of a 'complaint' raised against your company. The text of the email is as follows: _________________________ This message has been generated in response to the company

Main tax changes arising from the Autumn Statement 2013

Source: Personal Taxes and Tax Credits Personal Allowance, Rates of Tax, National Insurance Contributions for 2014 to 15 As announced at Budget 2013, people born after 5 April 1948 will be entitled to a basic personal allowance of £10,000 for 2014 to 15. The ‘higher rate threshold’ (the sum of the basic personal allowance and the

Cloud based tax and accountancy services

Recent studies have shown that younger business owners, particular those with small to medium size businesses, would increasing prefer the see their tax and accountancy services provided online via cloud based systems. Hooper & Co are pleased to confirm that we already operate a cloud based system for a number of overseas clients and would be delighted to engage with new

Budget 2013 – the tax implications

As with all budgets the devil is in the details. The following information from HMRC summarises tax changes to be legislated in Finance Bill 2013 or other legislation having effect in 2013-14 and includes confirmation of previously announced policy changes and explains where changes, if any, have been made following consultation on the draft legislation. It also