New tax investigations threat

The Taxman will be targeting up to 30 new industry sectors for investigation by its tax task forces. Might you and your company be at risk? Previous task forces. In 2011 the Taxman created eleven task forces to investigate businesses in sectors as diverse as the food industry and scrap metal dealers. These proved very successful at bringing in extra... [FIND OUT MORE »]

All is lost – except for loss relief

A few years ago you invested in your son’s new business. It never really got off the ground. The company survives but your shares in it are worth nothing. You’ve been told you can claim tax relief for your investment. How does this work? Share loss relief If you sell shares in a company which becomes worthless you can claim... [FIND OUT MORE »]

Timing bad debt relief is important

Your company’s last financial year showed a large number of small bad debts. The amounts involved don’t warrant chasing the non-payers. Will HMRC allow a tax deduction for these or are further steps required? Company’s debtors Whatever accounting method your company uses its profits have to be calculated on a “true and fair” basis. That means including the value of... [FIND OUT MORE »]

Advisory fuel rates rise from 1st June 2015

New rates. HMRC has updated its advisory fuel rates (AFRs), which apply from 1 June 2015. As usual you can continue to apply the old rates until 30 June. The table below shows the new AFRs with the previous figures in brackets. Engine size - Up to 1,400cc Petrol p/mile - 12p (11p) LPG p/mile - 8p (8p) Diesel p/mile - n/a Engine... [FIND OUT MORE »]

Maximising VAT claims on equipment

When your business buys equipment that’s used both for work and personal purposes, you can’t usually reclaim all the VAT. But for some types of purchase HMRC allows it. When does this apply? Different tax = different rules While VAT and direct tax rules tend to follow each other fairly closely there are exceptions. For example, for income and corporation... [FIND OUT MORE »]