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Fraudulent use of details on manchesterbased.co.uk

It has come to our attention that fraudsters have created a business listing on manchesterbased.co.uk and have used some of our details in order to try to make their listing look more genuine.

Please be aware that this listing is NOTHING to do with us. The telephone number that they are using, 0161 814 1325, is also NOTHING to do with us.

We have reported the listing to manchesterbased.co.uk and hope to have it removed as soon as possible, and for the website to better vet their listings in future.

End of Year Tax Planning 2013/14

The tax year ends 5th April 2014 so now is the time to review your financial affairs and take advantage of any remaining tax saving opportunities.

Timing expenses within the tax year

It may seem obvious, but if you make a tax deductible purchase before 5th April then you will get the tax relief in the current year, rather than having to wait another 12 months.

Charitable Donations

Higher rate taxpayers claim relief of 20%, and additional rate taxpayers 30% by declaring the donations in the self-assessment tax return.

For couples, it is advisable for whoever is the higher rate taxpayer to make donations under the Gift Aid scheme.

Capital Gains

A capital gain is money received on the disposal of an asset such as shares or investment property.

The annual exemption is £10,900.  Capital gains tax rates are 18% for basic rate taxpayers and 28% for higher rate taxpayers.

Consider transferring the ownership of an asset to a spouse or civil partner if they pay tax at a lower rate before the sale.

Where a loss is incurred on an asset where capital gains tax would have been due, it is possible to carry the loss forward against any future gain.  Special rules and time restrictions apply.

Individual Savings Accounts (ISA’s)

An ISA is a great way to save money exempt of income or capital gains tax.  You can save up to £5,720 in cash; up to £5,720 in stocks and shares or £11,520 in just stocks and shares.  Allowances not used will be lost.

The annual Child Trust Fund (CTF) allowance is £3,720 and can be cash or a combination with stocks and shares.  The account is held in the child’s name that will have control of, and access to withdraw the funds when they reach 18.

Tax Rates and Allowances 2014/15

The personal tax free allowances will increase to £10,000.

Tax Planning Advice

Should you wish to discuss any of the above tax planning opportunities in regard to your individual circumstances please contact us.

 

Fee Protection Insurance

For many years, the risks of an in depth tax enquiry by HM Revenue & Customs (HMRC) have continued to increase. HMRC officers are also now using new, wider powers to visit premises and inspect financial records. As a result, tax enquiries are becoming more complex and the professional costs of defence are rising. So it is as important as it has ever been for clients to obtain protection against those costs.

Fee Protection Insurance can provide peace of mind that if you get a letter from HMRC enquiring into your tax or VAT returns or PAYE records the professional fees related to the enquiry are covered.

Fee Protection Insurance covers HMRC visits and written enquiries. HMRC have been granted wide powers of enquiry and are carrying out Business Record Checks, Compliance Visits and Interventions covering all taxes.

If you would like to know more about the cover on offer, please do not hesitate to get in touch with the office.

See the true cost of taking on an employee with our Employer National Insurance Calculator

When employing someone in your business it is quite obvious what the cost of that person’s salary will be. However, you should also take into account the Employer’s National Insurance cost as this is the true cost of employing someone.

Employers National Insurance is payable at 13.8% of any amount over £144 per week.

By using our calculators, either for weekly paid employees or those on an annual salary, you will be able to budget for the costs of taking someone on.

Remember, both the salary and the Employers National Insurance are allowable as a tax deductible expense.

Try our calculator for weekly paid employees to see the impact of increasing someone’s hours or pay rate.

Welcome to our new site!

We are pleased the unveil our new website! As well as introducing our services, we will hopefully provide some helpful tax tips and updates on current issues facing small businesses and taxpayers.

Keep an eye on our blog for updates. If you have any specific topics you would like us to cover, please do not hesitate to get in touch!

There are a lot a changes coming in the next few months, so we will try and cover all the things that will impact on you and your business.