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1st August 2013 Sage

Sage Launch Update to Flagship Sage 50 Accounts Software. Sage have today launched their 20th annual update to their main Sage 50 accounts product; to be known as Sage 50 Accounts 2014. Users who do not automatically update each year will have to make the usual decision of whether or not the new bells and…

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4th July 2013 IHT Planning

Use Lifetime Trusts to Save Inheritance Tax. With the government confirming in the last Budget that the current inheritance tax nil rate band of £325,000 will be frozen until 2018, more and more people will find the taxman taking a sizeable slice of their estate on death. Making gifts during your lifetime is one solution…

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6th April 2013 OMB Tax Strategies

The Start of the New Tax Year is the time for OMB’s to revise their Tax Strategy. As another new tax year begins, business owner managers should review and revise their combined business and personal tax strategy: 2013/14 OMB Strategies Depending upon how much profit the business generates, whether or not your spouse is involved in…

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20th March 2013 Budget 2013 and Business Tax

The 2013 Budget has some good tax news for SME businesses: The new £2,000 Employment Allowance will help reduce the hidden employment cost that Employer’s NIC has now become. The continual gradual reduction in the main rate of corporation tax towards 20% will also lead to reductions in the marginal rate, which will help the SME’s that…

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6th February 2013 Cashflow Projections

Cashflow projections are a requirement in many business situations. The need for such information may be an internal discipline or, more likely, imposed by an external body. Such situations include: Business start-ups, as part of the business plan required by your bankers, In support of obtaining or renewing a bank loan, When applying for a grant, As…

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6th January 2013 Academy Office Holders

Academy Accounting Officer Academy boards should now be aware of the need to appoint an Accounting Officer, a role usually taken on by the Principal. He/she will have personal responsibility to Parliament for ‘regularity, propriety and value for money’. Broadly, these terms mean that the Accounting Officer must ensure that funding to the Academy is…

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20th December 2012 Tax Planning

Most popular current tax strategies for SME businesses: Remuneration ‘Minimum’ salary, balance as dividends, to avoid NIC. Manage income below higher rate tax threshold, to avoid 40% income tax . Manager income below £100k, to avoid 60% income tax trap. Salary sacrifice with employer pension contributions, childcare vouchers and other non-taxable benefits in kind Business…

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18th December 2012 Tax Relief on Medical Expenditure

Chancellor delays Christmas. Don’t go splashing out on new medical/dental toys before Christmas; wait until the January “tax sale”! The Annual Investment Allowance is to increase from 1st January 2013 to £250,000 for a two year period. Therefore careful planning pre and post 31st December 2012 could accelerate a claim for allowances and reduce the…

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14th December 2012 Autumn Statement Tax Announcements

Chancellor helps UK business. In his 2012 Autumn Statement Chancellor George Osbourne announced a raft of tax measures to help UK businesses steer through the current recession: Pre Budget announcements and Whiting’s Commentary   Initiatives of particular help included: Increasing the Annual Investment Allowance (100% capital allowances on Plant in year of purchase) from £25,000 to £250,000 wef…

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13th December 2012 R&D Tax Relief

Maximise R&D Tax Relief Claims. With the ability to now claim 225% tax relief on eligible costs, those making such R&D claims will need no convincing of the merits of including as much as possible within the claim. Areas, often over-looked, where this claim can be increased include: Claiming relief on all reimbursed expenses paid…

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