Do you have an office at home?
February 25, 2013
A recent case of a medical doctor who had an office at home for administration purposes whilst undertaking medical procedures at private hospitals has had his claim for travelling costs between his home and the hospitals denied to him on the basis that they are not incurred wholly and exclusively for the purposes of his business. The taxpayer submitted that on the facts, his home was the business base and therefore there was no non-business purpose in his travel between the home and the hospitals. The tax tribunal accepted that the taxpayer had a place of business at home, but there must have been a “mixed object” in the travelling between home and the hospitals, because part of the object of the journeys must “inescapably” be to maintain a home in a separate location.
Looking to expand internationally?
February 22, 2013
Many businesses reach the stage where they either outgrow their market in the UK, or where their particular products are ideal for international expansion. Others feel the lure of a larger market, such as China or the USA. Selling goods or services abroad is certainly an excellent way of gaining exposure to longer term growth and high impact profits.
Real Time Information – are you ready?
February 21, 2013
The new system of Real Time Information (RTI) is the biggest change in payroll since the introduction of PAYE in 1944, and is mandatory for all employers. It is to be implemented from April 2013. Under the current PAYE system although payroll is run weekly or monthly the details of payments and deductions made to individual employees are not submitted to HMRC until the end of the tax year.
February 20, 2013
For small businesses, the administrative side of VAT can also be complicated, but there are a number of special schemes available that can make things easier. Our simple run through of the available schemes will help you decide if one will work for you.
New tax returns for owners of residential properties
February 19, 2013
If your company or corporate investment vehicle owns UK residential premises where anysingle dwelling interest was worth at least £2million on 1 April 2012 or at subsequent purchase, then the company will need to file an Annual Tax on Enveloped Dwellings (ATED) return by 1 October 2013 even if it believes it qualifies for one of the reliefs. Any tax due will be payable by 31 October 2013.Find our more here.