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The Government’s tax changes for UK landlords, announced in this summer’s Budget, will significantly eat into landlords’ profits and, in many cases, will wipe them out completely.

 

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When it comes to financial information, many small businesses keep to the basic quarterly or annual statements from their accountants. Aside from dealing with the daily financial and cash flow issues, owners can make the mistake of neglecting valuable information—information that can be used to manage their businesses successfully now and optimise its health in the future.  FRS102 -  "The Financial Reporting Standard applicable to the UK and Republic of Ireland" fundamentally reforms financial reporting in the UK could further affect how you remeasure the assets and liabilities of your business.. 

To truly understand the current state of your business and to plan for the future, you need to understand your financial statements. Financial statements assist you to:

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Ever heard the expression “time is money”? Well, it’s never more true than when it comes to making changes to your business.

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A business charter defines your promises and outlines what customers can expect from you. For companies like the Ritz Carlton it has been a map to success. Here are some tips.

Make a guarantee: You want to outline the minimum level of service that customers can expect. And you want to make it sound good and honest. For example: we promise to replace all broken or damaged items without hassle.

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Posted by on in HMRC

The vast majority of employers are now reporting their PAYE information in real time. Following the introduction of RTI in April 2013, it was decided to stagger the start of the in-year late filing and payment penalties to give employers more time to adapt to reporting in real time.

The new late filing penalty regime starts on 6 October 2014 for employers with more than 50 employees. There is an exemption for small employers until 5 March 2015. HMRC began charging interest on any in-year payments not made by the due date in April 2014.

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Tagged in: HMRC Payroll
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Posted by on in HMRC

HMRC has issued a final version of their guide for completing a company tax return form (CT600). A company tax return must be submitted using HMRC's company tax return form (CT600) or another approved method. The submission must include the company's Self Assessment return alongside details of any trade and other losses such as capital losses.

Online Corporation Tax filing became compulsory for company tax returns delivered after 31 March 2011 for accounting periods ending after 31 March 2010. The accounts must be submitted using the iXBRL data standard.

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Posted by on in Taxation

Our Fee Protection Insurance provider, Taxwise reported a clear trend in the activity of HMRC, not only over the last few years but also a seasonal trend within each tax year.

The continued increase of activity from HMRC has been unrelenting, one of the key focus points for HMRC has been the SME and the Sole Trader. Many enquiries are relatively brief and produce little return for HMRC however they are clearly continuing to cast their net as widely as possible regardless of the implications on the SME economy which is continually quoted as the back bone of Britain in the economic recovery.

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©Taxwise - specialist providers of TAX FEE Protection Insurance
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Exceed CA (www.exceedca.com) and Caban Investments UK (www.caban.co.za) are proud to announce the formation of a new accounting firm, Exceed TBL Accountants Limited, which offers SA companies infrastructural support in selling their products and services in the UK.

Caban will be emulating the SA model in the UK . Exceed TBL Accountants Ltd is equally held by TBL Capital Limited and Exceed (UK) Limited.

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The answer is both. Have you ever heard the expression "too many generals and not enough soldiers"? Well it works both ways. Too many soldiers without a strong general will surely find themselves fighting the wrong battles.

Experience has shown us that businesses with too many leaders fail from their inability to manage and implement day-to-day business issues. Likewise companies with excellent managers fail because they did not innovate, motivate change nor watch for strategic threats.

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Posted by on in Individuals

One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions covers the sale of the family home. CGT is a tax on the profit made from selling certain assets such as property, shares or other investment e.g. antiques and fine art. There are a number of exemptions available which can reduce or remove a taxpayer's liability to CGT.

In general there is no CGT charge on a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as Private Residence Relief.

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