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Business Turnover Below £77,000?

Submitted by shapcotts on Thu, 17/05/2012 - 00:20

If this is you, there is the likely option for you to declare income and expenditure on the cash basis from April 2013, and at the same time claim some expenses on a flat rate basis (even using estimates for small items).

Cap on Unlimited Income Tax Reliefs due from 6 April 2013

Submitted by shapcotts on Thu, 17/05/2012 - 00:17

We mentioned this last time as well, and again more details of the plans have been made known.

Currently you can, in theory, offset your entire income against income tax reliefs, and as a result pay no income tax at all. As unlikely a scenario as that is for most of us, we will have to plan by reference to limits to the amount of income tax relief individuals can claim.

HMRC Penalties - PAYE & CIS

Submitted by shapcotts on Thu, 17/05/2012 - 00:09

The new penalty regime for late payments and late filing of returns has been in force for some time now and we are gradually seeing an increasing number of clients receiving penalty notices (and interest charges) for non-compliance. These charges can be avoided by prompt submission of returns and prompt payment. As a reminder of the potential consequences, we have set out the penalties below...

Company Cars Changes

Submitted by shapcotts on Thu, 17/05/2012 - 00:06

A number of changes to the income tax charge have been announced, some of which we touched on in the April Tax E-News. We now have more details and here are a few tasters:

HMRC Help for their Customers

Submitted by shapcotts on Wed, 16/05/2012 - 23:41

The amount of information supplied nowadays by HMRC for taxpayers (or customers as they like to call us) is increasing all the time.

Looking After Your Customers

Submitted by shapcotts on Thu, 26/04/2012 - 10:56

Looking after your customers is vital to a successful business. Here are some tips to help you to retain customers and build loyalty:

Health Screening or Medical Check Up

Submitted by shapcotts on Thu, 26/04/2012 - 09:41

Are you making use of a tax free health screening each year?

At present, an employer may provide any selected employees with a health screening or medical check up each year with no tax consequences for the employee or the company. This is classified as an exempt benefit.

The Health Screening or Medical Check up can be for specific employees and does not have to be provided to all employees.

If you would like to discuss Health Screening or Medical Check up and the tax implications for your business please contact Kimberley or Melvin.

Holiday Time

Submitted by shapcotts on Thu, 26/04/2012 - 09:46

Each year, many business owners and managers strive to ensure that their employees use their allocated holiday time. It is commonly the case, however, that these owners and managers fail to use their own holiday allowances.

One reason that some owners and managers struggle to take time off is that they feel “wedded” to the business - they simply cannot switch off. However, just like your staff, as a business manager or owner, you should take holidays for the following reasons:

Cash Collection

Submitted by shapcotts on Thu, 26/04/2012 - 10:49

With the recession continuing longer than expected it is vital that you don’t allow late or slow payers to disrupt your cash flow and harm the success or continuity of your business.

Effective debt collection policy requires a system that should not be overridden other than by exceptional circumstances – discipline is the key.

Hairdressers' Chair Rental

Submitted by shapcotts on Mon, 16/04/2012 - 09:31

It has been a long-standing practice for hairdressers and similar trades to rent the use of a chair to stylists etc. who operate on a self-employed basis.

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Contact

M. J. Shapcott & Co Limited,
Charter House,
Wyvern Court,
Stanier Way,
Wyvern Business Park,
Derby
DE21 6BF

Tel: 01332 680540
Fax: 01332 662758
Email: admin@shapcotts-accountants.co.uk

Latest News

Business Turnover Below £77,000?
Thursday, 17 May, 2012 - 00:20
If this is you, there is the likely option for you to declare income and expenditure on the cash basis from April 2013, and at the same time claim some expenses on a flat rate basis (even using estimates for small items).
Read more
Cap on Unlimited Income Tax Reliefs due from 6 April 2013
Thursday, 17 May, 2012 - 00:17
We mentioned this last time as well, and again more details of the plans have been made known.
Read more
View all news items
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M. J. Shapcott & Co Limited, Charter House, Wyvern Court, Stanier Way, Wyvern Business Park, Derby DE21 6BF

Tel: 01332 680540 | Fax: 01332 662758 | Email: admin@shapcotts-accountants.co.uk