National Insurance – £2000 deduction

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From 5 April 2014 every employer (business or charity or club but not domestic) will not have to pay the first £2k of employers NI (13.8%).  Effectively the relief is worth the lower of £2k and employers NIC for the year.  There will be only one £2,000 for each collection of associated.  We will be […]

EIS equivalent for social enterprise

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A new tax relief for investment in social enterprise will begin in April 2014.  Currently investors in “for profit” businesses (limited by shares) can potentially benefit from tax relief under the Enterprise Investment Scheme (EIS).  As many social enterprises are “not for distributable profit” (limited by guarantee) and don’t have shares, EIS cannot apply to […]

Pool cars

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There is a tax rule regarding “pool cars”.  In simplest terms Pool cars must meet the following conditions: used by more than one employee not ordinarily used by one employee to the exclusion of others not normally kept at or near employees’ homes used only for business journeys – private use is only permitted if […]

Health and wellbeing tax plan

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HMRC have initiated a campaign aimed at chiropodists, psychologists and homeopaths who might not have declared all of their income, offering the standard time-limited disclosure opportunity in which to bring tax affairs up to date. However, the campaign does not cater for doctors and dentists, who were covered by a previous disclosure scheme, nor does […]

Raising invoices whilst awaiting VAT registration number

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When your turnover level reaches the VAT threshold or you apply for voluntary VAT registration Application for registration for VAT is taking at least 3 weeks from the date of application to provide a VAT registration number. Ensure your invoicing procedure takes the date of supply into account when you have a gap between date […]

Sole traders – some notes from HMRC

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HMRC have reminded sole trader taxpayers some interesting points: Simplified expenses Fixed rate deductions rather than actual expenses:- business mileage, use of home, private use of business premises. Business mileage –       you can claim actual costs and capital allowances or fixed rate per mile for the lifetime of the vehicle. Car 45p first 10,000 […]

VAT incurred EU States

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Businesses that have incurred VAT in other EU member states should now be thinking about making their claims under the EU VAT refund provisions.  VAT incurred during 2012 must be claimed by 30 September 2013 or will be lost. Claims can be made by businesses that: • are VAT registered in the UK; • are […]

Further HMRC taskforces announced

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Following on from our previous post, HMRC have announced a further four new taskforces whose remit will be to investigate tax evasion in specific commercial and geographical sectors. The new taskforces will investigate the following sectors and regions: Construction industry in London (expecting to raise £3 million) Security guards, bouncers and their employers in London […]

New HMRC taskforces

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HMRC has announced four new taskforces to investigate tax evasion in specific commercial and geographical sectors, bringing together various compliance and enforcement teams for ‘intensive bursts of targeted activity’. The new taskforces are localised and cover the following regions: Holiday industry in Blackpool, Lake District, North Wales, Devon and Cornwall Restaurants in Yorkshire and Humber […]

Gift aid in charity shops

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HMRC have highlighted the contents of their guidance on claiming Gift Aid on donations of goods to charity which are then sold by the charity, which perhaps suggests that the correct procedures have not always been followed. You must get the procedures correct, and as an example Gift Aid applies only to gifts of money […]

Company car advisory fuel rates

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These are reviewed each quarter on 1 March, 1 June, 1 September and 1 December. They have shown very little change in recent times, but the new rates from 1 June 2013 do show a reduction in some situations with the previous rates in brackets where a change applies: engine size petrol diesel LPG 1,400 […]

Do you let property furnished or unfurnished?

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This has always been an important distinction, as only furnished lettings entitle you to the valuable annual wear and tear allowance of 10% of the rents. Now it is definitely worth reviewing whether you could show the property is furnished given that the renewals basis for replacing items in commercial or residential properties let unfurnished […]

SEIS update – CGT reinvestment relief

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In the last tax year 2012/13 it was possible to eliminate CGT on a gain if you reinvested at least the amount of the gain into a risk investment under the Seed Enterprise Investment Scheme (SEIS). This valuable CGT relief has been continued into the current tax year, but with a restriction in that only […]

Charities online gift aid service

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HMRC have written to 110,000 charities and Community Amateur Sports Clubs (CASCs) informing them that from 22 April 2013 they can enrol to make repayment claims online through the HMRC website. The new service, called Charities Online, is being introduced in response to feedback from charities. They will be able to get information on how […]

High tax rates on earnings above £100,000

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There is a gradual withdrawal of the personal allowance if your taxable income exceeds £100,000.  This is via a reduction of £1 of allowance for every £2 of excess taxable income. For 2013/14 Taxable income Marginal rate £100,000 to £118,880 60% £118,881 to £149,999 40% £150,000 + 45% For 2014/15 Taxable income Marginal rate £100,000 […]

Sustainable Routes Grants – up to £1,000 matched funding

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You may be interested in applying for a grant from http://www.sustainableroutes.co.uk/.  It is an easy process and they are offering match funded grants of up to £1,000.  You must apply and get acceptance before spending the money, and the expenditure must be designed to reduce travel, thereby reducing the carbon pollution associated with travel.

Green and Environmental Projects Grants

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Green Giving is looking for to fund environmentally friendly projects. They are offering grants of up to £1,000 for small projects and organisations. They want you to overwhelm them with your applications, so get inspired and let them know about your green project idea! You must be a non-profit organisation to qualify. Contact Email: greengrants@greeninsurancecompany.co.uk […]

Budget 2013

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Our notes on the 2013 Budget As widely publicised, the tax free personal allowance for most UK taxpayers will increase to £10,000 from 6 April 2014 (up 5.9% from £9440 in 2013/14).  Also the VAT registration threshold increases to £79,000 from 1 April 2013 (was £77,000). Also starting from April 2014 employers will be exempt […]

CIS gross payments case

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A recent tax case (J P Whitter (Waterwell Engineers) Ltd TC2316) found in favour of the tax payer. HMRC had cancelled the company’s CIS gross payments status due to compliance failures including late payments.  The First-tier Tribunal found that HMRC had discretion to not cancel the gross payment status even where there was no reasonable […]

The Small Charitable Donations Bill

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The Small Charitable Donations Bill received royal assent on 19 December 2012.  This implements the Gift Aid Small Donations Scheme.  From 6 April 2013 eligible charities and Community Amateur Sports Clubs will be able to claim Gift Aid style top-up payments on small cash donations without requiring the donor to provide a Gift Aid declaration. […]

Seed Enterprise Investment Scheme (SEIS)

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SEIS provides tax incentives to investors taking up new equity investment in trading companies that have been trading for two years or less. There are very detailed rules around SEIS and many ways in which HMRC can deny relief. If you think SEIS may be suitable for you or your company, please contact us to […]

Annual Investment Allowances

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AIA allows the company 100% tax relief in the first year that capital equipment has been purchased. The initial limit was £50,000 The limit was increased in April 2010 to £100,000 The limit was reduced in April 2012 to £25,000 The limit is now to be increased from 1 January 2013 to £250,000 If you […]

Child Benefit Withdrawal January 2013

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From 7 January 2013 child benefit for those with income of £50,000 or above will be reduced or withdrawn. For this purpose “income” is all taxable income, less any charity donations and less any gross pension. This figure cannot be reliably calculated until after the end of the tax year. For couples, the relevant income […]

Patent Box

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The Patent Box allows companies to elect to apply a 10 percent rate of corporation tax from 1 April 2013 to all profits attributable to qualifying patents, whether paid separately as royalties or embedded in the sales price of products. The regime will also apply to other qualifying intellectual property rights such as regulatory data […]

Vacancy – Manager (Qualified Accountant)

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VACANCY NOW FILLED – THANK YOU FOR ALL INTERESTED RESPONSES     Due to our continued success and growth we have a further vacancy for a qualified accountant.  This managerial role is varied and technically interesting.  The role includes study support for the CTA exams. If you are interested in this vacancy please download the […]

VAT on Customer Entertainment

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In general VAT rules the input VAT on customer entertainment is not reclaimable by the company. However, you should note that if customer entertainment is relating to overseas customers, and is reasonable, then the input VAT is reclaimable.

Room Hire in Relation to Customers and Prospects

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The cost of hiring a room to entertain customers or prospects is normally not tax deductible. However, if there was a presentation involved (HMRC suggest that photographic evidence is obtained) then the cost of the hire of the room become tax deductible. The cost of any food and drink provided during this entertainment remains non […]

Tax treatment of Feed-in Tariffs (FITs) and Solar Panels

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The Feed-in Tariffs (FITs) scheme was introduced on 1 April 2010, under powers in the Energy Act 2008.  There are three financial benefits from FITs: Generation tariff – the electricity supplier of your choice will pay you for each unit (kilowatt) of electricity you generate. Export tariff – if you generate electricity that you don’t […]

IT Support Wanted

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We are looking for someone to help us with IT issues.  We think we currently need about three to five days of work.  We will be happy to pay market rates for an appropriate freelancer or IT contractor. The work will include specifying and setting up servers, desktop machines and networks; some programming; database work […]

Employment Status – New judgement ignores contract

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A long running case based on whether individuals were self employed or employed has now been decided by the Supreme Court.  In Autoclenz Ltd v Belcher & Ors [2011] UKSC 41 it was found that individuals providing work were workers and not self employed. In this case the reality of the situation has been found […]

Free Business Training Event – Business Formats

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We are holding a brand new event at Hub Kings Cross on Wednesday 24 August at 12.30pm.   This is a talk by David Wilsdon about the following topics: 1                                               Sole traders and Partnerships 2                                               LLPs 3                                               Limited Companies 4                                               Limited by Guarantee (aka “not for profit”) 5                                               Community Interest Companies (CICs) 6                                               Charities 7                                               Industrial […]

Please send us your old mobile phones

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We are collecting old mobile phones for recycling. Each phone that we collect will pay for one tree to be planted at a new woodland called OLLY-Wood. Land owners on Boars Hill, Oxford have kindly agreed to establish the OLLY-Wood on their land. The scheme is being run by FoneTwigs. Their charity partners are: Help […]

Engaging SMEs through accountants

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Green Accountancy took part in the UKCIP event.   UKCIP funded by Oxfordshire County Council, developed an Oxfordshire-based project to engage SMEs in adaptation. Early work scoped the vulnerability of Oxfordshire SMEs, and the second phase worked with local accountants to raise awareness about adaptation to climate change to local SMEs. It also incorporated a trial […]

GA SEVENS training sessions

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The GA SEVENS training session series is now well under way.  The sessions so far have been held at Hub Kings Cross in London.  Future events will be at other locations in London and Oxford. The sessions held so far have been Tax and Accounting part 1.  These were held on 8 December 2010 and […]

Online Bookkeeping Login

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As part of our new website we have moved the login for the online bookkeeping.  This is now at the foot of the right hand column of our website.  Nothing else has changed regarding the online bookkeeping system.

Our new website is launched

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Welcome to our new website.  This is the home page which will contain new posts.  New pages will be added and information updated on a regular basis. We have also implemented a user registration process which is simple to use.  Just click on register on the right hand panel and enter a user name and […]

Green Accountancy new website first post

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We are not yet live with our new website, but hopefully not too far off.  Peter Smith has made great efforts to ensure we will be live this week.  Thank you Peter. We hope that the new website will bring us closer to our clients and contacts.  Particularly that we will be able to provide […]

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