Enterprise Investment Schemes

The theme of this year’s Budget was very much on growth and entrepreneurship, with continuing support for Seed Enterprise Investment Scheme and Enterprise Investment Scheme investments. Those pursuing Capital Gains Tax Relief on Seed EIS investments have been given a one year extension whereby relief can now be claimed up until the 2014/15 tax year.

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Partnership’s are now on HMRC’s radar…..

As a choice of business vehicle, partnerships offer a level of flexibility that companies may not enjoy. The perception at HMRC appears to be that, in some cases, this flexibility has been taken too far and “the misuse of the partnership rules has become a feature of many avoidance schemes”. The Chancellor has therefore announced…

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HMRC Cracking down on Loans from Companies

Legislation will be implemented to counter arrangements under which close companies seek to avoid the charge to tax under section 455 (formally section 419). Section 455 tax is applied when a person who possesses, or is entitled to acquire, share capital of a company has a loan from the company which remains outstanding at the…

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Simpler income tax for small businesses…..

Small businesses with a turnover less than the VAT registration threshold (currently £77,000 but increasing to £79,000 from 1 April 2013) will, from April 2013, be able to use a simpler method to work out their profits to charge to tax. The new method will simply measure money in against money out of the business…

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Advisory Fuel Rates from 1/3/2013

HMRC has published advisory fuel rates to operate form 1 March 2013 Hybrid cars are treated as either petrol or diesel cars for this purpose. If you would like more details regarding the implementation of the new rates, please contact our specialist, Karen Best for further information.

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Tax Saving Tips for the Year Ahead

There is a range of tax planning opportunities to consider ahead of the tax year end, some of which expire on 5 April 2013. Why not consider some key strategies to help you minimise your tax liability, whilst looking ahead to the raft of tax and business changes set to take effect in 2013/14. Click here to…

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