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Tax Planning 
Specialist Areas Families who pay a nanny in cash are to be targeted by HMRC. Under the crackdown, families now need to contact HMRC every time they pay their nanny, instead of just each quarter as previously applied under the ‘simplified’ PAYE scheme. It is estimated that there are more than 30,000 nannies working in England alone [...]
It may seem early for dentists to consider this, in view of the reduction not taking effect until the 2013/14 tax year, but that depends on your circumstances and that of your practice. The scope for deferring income and / or accelerating business expenditure can require a good deal of planning. In addition, if profits [...]
In 2010, HMRC invited health professionals to disclose undeclared income /tax irregularities in return for a fixed penalty, under the “Tax Health Plan” (THP) scheme. Using information from third parties, HMRC are commencing civil investigations (and criminal investigations , where there is evidence of fraud) into the tax affairs of health professionals who did not [...]
George Osborne presented his third Budget on Wednesday 21 March 2012. This budget will affect all UK taxpayers and all UK registered companies. For more information on the 2012 budget, please click on the link below. 2012 budget Should you wish to discuss how these measures will affect you personally then please contact us contact [...]
In the June 2010 ‘Emergency Budget’, the Coalition Government announced that the maximum expenditure on machinery and vehicles qualifying for the 100% Annual Investment Allowance will be reduced from £100,000 to £25,000 a year, with effect from 6 April 2012 (1 April 2012 for companies). Special transitional rules apply where the trader’s accounting date is [...]
Barter transactions between businesses can be beneficial to both parties, but they can cause tax problems. The starting point is that each party is treated as making a sale to the other. The first problem is the value to be ascribed to that transaction. HMRC’s published guidance for traders is that: ‘Even if you do [...]
