We’re looking for the perfect Practice Manager for our office in Ulverston. Could it be you?
When you think of the term ‘business owner’ what’s the first thing that springs to mind? It probably isn’t an image of a farmer with his herd of sheep or cows, but for two of our more rural practices, this is the type of business owner they support on a daily basis.
A team of golfers representing RfM Preston took to the fairways of Leyland Golf Club in September to raise money for the Baby Beat Appeal at Royal Preston Hospital.
Keeping things in the family to reduce tax liabilities
It has long been common practice for owner-managed companies to seek to minimise the tax position of shareholder-directors by involving other members of the family. By using the personal reliefs and lower rate tax bands of each family member, income is therefore diverted from the higher rate taxpayer. However, anti-avoidance rules need to be considered to determine whether a diversion is effective, particularly in spouse scenarios (typically husband and wife).
In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are to be taxed which will apply to all dividends received from 6 April 2016. Some individuals who extract profits from their company as dividends may need to consider increasing dividend payments ahead of this date.
By its very name, the new ‘flat-rate’ State Pension scheme suggests a straightforward, fair system where everyone will get the same amount; so will they?
Self Assessment tax returns still need to be in on time
Earlier this summer, a news story appeared in the media that implied it could be easy for tax payers who had missed the 31 January deadline for filing their Self Assessment tax return to get out of paying the automatic £100 minimum penalty.
The UK tax regime provides an important relief from the Capital Gains Tax charge (CGT) on the gains made by owner-occupiers on the sale of their private homes. This is known as Principal Private Residence relief (PPR).
In 2014, an ‘Early Conciliation’ process was introduced to help settle an employee’s dispute with an employer without going to an Employment Tribunal.
Should you fast track your capital expenditure plans?
For many businesses the prospect of obtaining a 100% tax deduction for the cost of plant and machinery purchased by the business is attractive. The Annual Investment Allowance (AIA) provides such a deduction to many businesses for the cost of most plant and machinery (not cars) purchased by a business up to an annual limit. Where businesses spend more than the annual limit, any additional qualifying expenditure generally attracts an annual writing down allowance of only 18% or 8% depending on the type of asset.
Most individuals who are self-employed are required to pay Class 2 NIC – a contributory benefit which protects their entitlement to the State Pension. Those who are not liable can pay voluntarily to protect their benefit entitlement.
If you are an employee or a director you will typically have received a notice of coding for the 2015/16 tax year about a few months ago. If you haven’t done so already, it is worth comparing it with the one you received for 2014/15 because, if you have a company car that you haven’t changed recently, you will likely see a larger than normal increase in the estimated company car benefit.
If you offer a discount to your customers for paying promptly, the rules for how you charge and record the discount in your VAT accounts have become more complex.
In recent years, a number of cases before the Employment Appeal Tribunal (EAT) and the Court of Justice of the European Union (ECJ) have shown that it can be difficult to calculate the amount of holiday pay due to an employee.
In July 2012, Lord Hodgson issued a report on the Charities Act 2006 which included a number of recommendations for charities in England and Wales.