The cost of purchasing capital equipment in a business is not a revenue tax deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances. The allowances available depend on what you are purchasing. Here is an overview of the types of expenditure which qualify for capital allowances and the amounts available.
Continue readingObtaining new customers is great for business, unless they fail to pay you. If you fail to check that the customer can support the amount of credit you are granting, then commencing legal action when they do not pay can be a long, drawn out and potentially costly process. If payment from the customer is not obtained and the goods or services have been provided, your cash flow is likely to be under pressure.
Continue readingMajor corporate frauds and collapses hit the headlines from time to time and many of these were high profile and the amounts involved quite spectacular. With the current pressures we are still facing from a slow economy, challenges associated with difficulties in renewing finance, the challenge of achieving targets, even simply paying suppliers bills and it becomes easy to see that the risk of fraud for all sizes of businesses has increased significantly.
Continue readingOver the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. This factsheet outlines some of the key issues for businesses.
Continue readingUnder the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.
Continue readingWho pays the tax? SDLT is payable by the purchaser in a land transaction occurring in England and Northern Ireland. For land transactions occurring in Scotland, Land & Buildings Transaction Tax (LBTT) applies and in Wales land transactions are chargeable to Land Transaction Tax (LTT).
Continue readingWhen it comes to choosing the right legal structure for your business, there are many deciding factors that you need to consider. Your ideas are excellent, your market research is underway and you have written a detailed business plan, but you need to explore the differences between being self-employed or a limited company.
Continue readingThe capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence. In this factsheet we look at the operation of the relief and consider factors that may cause it to be restricted.
Continue readingUnder the Criminal Finances Act 2017 (CFA), companies and partnerships may be criminally liable for failing to prevent their employees from criminally facilitating tax evasion. A potential defence can be utilised, in cases where the business has put into place a system of reasonable prevention measures. Here, we take a look at the key aspects of the Act and the implications for your business.
Continue readingEnsuring adequate finance is a fact of life if you run a business. Whether you are looking to expand, undertake a specific project or simply fund your day to day purchases, finance is essential. Obtaining finance is not always easy, especially if yours is a small business and particularly if it is a recent start-up. Borrowing may be difficult due to lack of security. A grant may be the answer.
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