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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 HMRC

The Annual Investment Allowance (AIA) allows businesses to write off 100% of the cost of qualifying plant and equipment, up to the allowed maximum, against taxable profits. It can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property business or a furnished holiday let. Only partnerships or trusts with a mixture of individuals and companies in the business structure are unable to claim the AIA.

Businesses can currently write off 100% of the cost of acquiring qualifying assets against their taxable profits, up to an annual limit of £500,000. The increase (from £250,000) came into effect from 1 April 2014 for companies and from 6 April 2014 for unincorporated businesses. From 31 December 2015 the limit will revert to its original amount of £25,000.

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©Infomanagement
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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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The taxman has lost an appeal against the Oldco Rangers "big tax case" verdict after a ruling by a High Court judge.

Lord Doherty has, in most part, dismissed HM Revenue and Customs appeal against the verdict.

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Tagged in: HMRC Tax
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Posted by on in Individuals

The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Late submission of a Self Assessment return will become immediately liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2015.

The fixed £100 penalty for failing to file a tax return on or before the filing date applies to paper returns received on or after 1 November 2014. The penalties also apply to online returns received on or after 1 February 2015.

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Posted by on in Other

The deadline for filing the 2013/14 returns of benefits and expenses paid to employees is 6 July 2014. Note that there can be significant penalties for incorrect returns so they need to be completed with great care.

The most common benefits in kind that need to be reported are company cars and loans over £5,000 on beneficial terms. Remember that unless the employer holds a dispensation from HMRC employees’ and directors’ reimbursed expenses, such as travel and subsistence, also need to be reported. 

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Tagged in: HMRC Payroll Tax Year Ends
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Posted by on in Taxation

MPs have joined the debate over the controversial new powers granted to HMRC by George Osborne in this year's Budget    

In a report this morning, the Treasury Select Committee (TSC) criticised plans to grant HMRC new powers to recover funds directly from taxpayers’ bank accounts and said they were “of great concern”.

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©ICAEW economia - Ellie Clayton
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Last month’s Budget was warmly greeted in many quarters. Indeed, there was much that was good in it. But George Osborne slipped in one announcement that is arguably the most pernicious measure introduced by a modern-day Chancellor of the Exchequer.

Starting next year, HM Revenue & Customs will be empowered to seize unlimited amounts from the private bank accounts of anyone it believes owes it more than £1,000 in tax.

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©Steven Glover - Dailymail artilce published on 10th April 2014
Tagged in: HMRC Tax
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HMRC's local compliance teams' investigations of the transfer pricing arrangements of medium-sized firms has, in the last year, brought in a record breaking £235m of extra tax.

This is the first time that HMRC's local compliance teams have taken more tax from transfer pricing investigations than HMRC's Large Business Service, which deals with the UK's 770 largest businesses. This dramatic increase in the tax take from transfer pricing is ten times HMRC's tax take from medium-sized businesses in 2007/08.

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Tagged in: Corporate Tax HMRC Tax
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A recent survey revealed the following five responses:

  1. Solving problems, working on challenges. This includes the ability to be creative, undertake large and/or new projects, and solve problems for clients and others. 
  2. The people I work with. Words such as "rapport," "camaraderie," and "interaction" came up, including working with clients and others.
  3. A sense of accomplishment. This included completing numerous tasks or projects, plus reaching goals with successful results.
  4. Variety. People enjoy different challenges and the sense of newness/excitement they bring. 
  5. The work itself. This response referred to projects, the line of business and using computer technology.
©Principa.net
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