Mileage Expenses and Rocketing Fuel Prices

Fuel prices are rocketing, so employees are increasingly reluctant to use their own cars for business journeys.

Planning to Sell Your Company?

The process of selling an established business can take some time. Even when you find a buyer the negotiations over exactly what will be sold can be drawn out.

£50,000 Annual Investment Allowance

All businesses can now claim a 100% allowance for items of equipment, including vans and trucks, but not cars, purchased from 1 April 2008, or from 6 April 2008 for unincorporated businesses.

Protect Your Pension Fund

The taxation of pensions changed on A Day: 6 April 2006. From that date a cap (the so-called lifetime allowance) was set on the value of a pension fund that can be used to pay out tax favoured pensions, including a tax free lump sum of up to 25% of the fund.

Question and Answer Corner July 2008

Questions and Answers

Key Tax Dates for July 2008

Key dates for your diary

Impact of Revised 2008/09 Tax Allowance

Although the changes in income tax rates (abolishing the 10% rate and reducing the basic rate from 22% to 20%) were announced in March 2007, most people took very little notice at that time. When the new rates took effect in April 2008 there was an almighty fuss....

Taxation of Non-Doms

There has been much discussion in the quality newspapers about the taxation of wealthy non-doms, but what does that mean?

Changes to Correcting VAT Errors

When you make an error in your VAT return, you can include the under or overpayment of VAT in your next VAT return, as long as the net error is not more than £2,000.

VAT on Pre-Incorporation Expenditure

As you prepare to set up your company you may buy assets ready for that company to use, or pay for services such as legal or accountancy, that relate to the new business.

Question and Answer Corner

A few questions answered this month.

Key Tax Dates for June 2008

A few dates for your diary this month.