Communication

Health and Safety Checklist…If not already in place, the following are practical steps you should take today.

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.

Obtaining 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.

Major 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.

Over 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.

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.