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Do You Have Enough People In Your Business?
Do you have enough people to run your business effectively and profitably? Worried you cannot afford to hire more people? If so, how about an apprentice? Apprentices receive the appropriate minimum wage for their age while they train and can be a great advantage to small companies. The Apprenticeship Grant for Employers scheme (AGE) ensures…
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Do you want HMRC to raid your bank account?
Continuing our mission to keep you updated with the latest from HM Revenue and Customs, we’ve discovered that they will be given powers to access bank accounts, but, thank goodness, not to empty them. It’s been in the news again recently and many businesses are seriously concerned. New powers allowing HMRC to raid bank accounts…
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Received Your Letter From Number 10?
The Prime Minister has written to 1.25 million businesses in the UK stating that “the new Employer Allowance could take £2000 off your National insurance Contributions.” The letter goes on to thank businesses for contributing to the up-coming success of the UK via our contribution to the economic recovery. This includes many businesses in Torbay.…
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How To Double Your Inheritance Tax Relief
If you leave your business to your spouse in your will to keep it in the family, this is IHT free, but there is a way to double this relief. If you own all or part of a business you can transfer this to anyone in your will while you are alive as long as…
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When Is A Structure Not A Building?
The cost of providing a shelter for employees who smoke can be high – but can you claim a tax deduction for this? It all depends on whether this structure is a building or a piece of fixed equipment. Accountants sometimes struggle with this! If it has four walls and a roof then it’s a…
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Employers Attacked Over RTI Mistakes
We’ve kept you updated with the introduction and issues with Real-Time Information (RTI), and now we have further information about how employers who make mistakes in RTI reporting have been fined. Between July and the end of September HMRC carried out a review of discrepancies between the amount of PAYE tax and NI employers thought…
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Can You Disincorporate Your Business Tax Free?
The new disincorporation tax relief removes the corporation tax problem when you transfer your business to a partnership or sole trader, but there are severe income tax implications. Making this change could trigger a corporation tax bill. The Office of Tax Simplification decided this was unfair to business owners and introduced the disincorporation tax relief…
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Are You A Tax Abuser?
The tax General Anti-Abuse Rule, known as GAAR, is now law. There are rumours that this may be used to stop income shifting between spouses despite HMRC losing a case between husband and wife owners of a company ten years ago. You could attract the attention of HMRC if you pay your spouse a salary,…
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Chancellor’s 2013 Autumn Budget Statement
There were a few surprises among the array of consulted and well-trailed announcements in the Chancellor’s speech. The personal allowance will increase to £10,000 in 2014/15. The higher rate (40%) tax threshold will increase by £415 to £41,865. A transferable tax allowance of £1,000 will be introduced for married couples and civil partners from April…
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HMRC Rental Property Campaign
Do you own a property and let it out? Unless this is for long-term holiday lets, student lets and workforce lets, you may attract the attention of HMRC. HMRC has a new campaign targetting property owners who have not declared the correct tax relating to undeclared rental income. This will go on for an unusually…
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Poor Credit But Need A Mortgage?
At Vincent & Co we have a wide range of trusted contacts we can call upon to help you with all sorts of money-related issues you may have. One of the biggest investments many of us is likely to make is a mortgage – but what happens if you have poor credit and perhaps a…
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Could You Be Financially Penalised For Doing Nothing?
You’ve probably heard in the news about the risk to hundreds of thousands of families who will lose child benefit payments this year. Under the proposals, households in which one parent earns more than £50,000 will lose some or all of their child benefit, which is worth more than £1,700 a year for a family with two children.…