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Posted by on in Taxation

Having spent many years building a business, entrepreneurs can still look forward to a maximum tax hit of just 10% when they sell their business, as long as they have organised their business affairs so that they qualify for the CGT Entrepreneurs’ Relief.

Basically, you will need to demonstrate that you meet certain criteria for the year ending on the date you dispose of your business. For example, if you run your business through a company:

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©Informanagement Tax newsletters
Tagged in: Accounting Start-ups Tax
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 As we continue into 2014, many businesses and their teams are taking a step back, looking at the business, considering how the market will develop over the next 12 months and creating plans to grow the firm and take advantage of changes in the business environment.

A typical approach to planning suggests multiplying last year's financial results by an acceptable growth factor. Industry standards vary, often from 5% to 25%. Add to that number any enhancements to your product or service lines plus solutions to key problems you've been meaning to address, and that will essentially give you an outline of a business plan.

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©2020 Inovation
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Posted by on in VAT

From 1 January 2015 changes will be made to the place of taxation of consumer supplies of telecommunications, broadcasting and e-services. Currently these supplies are taxed in the Member State in which the business is established. However, from 1 January 2015, the place of supply will be determined by the location of the customer who receives the service. This change will mean that businesses who supply these services will not have to register for VAT in every EU Member State where they have customers.

To avoid the need for businesses affected by these changes to register for VAT in other Member States, a Mini One Stop Shop (MOSS) will also be introduced from 1 January 2015. The MOSS scheme will allow businesses affected by the changes to avoid registering for VAT in every EU Member State where they make supplies.

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©Infomanagement
Tagged in: HMRC Tax
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Understanding that there are basically just four ways to create a better business can play a crucial part in your entire business planning process.

The four ways are:

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The following business ratios are commonly referred to as profitability ratios. You can use them to monitor how well you business is performing.

Whether you choose to do your own financial statements or to have someone else do them for you, understanding these important ratios will help you manage your business more successfully.

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Posted by on in Individuals

Although we are now at the beginning of a new calendar year (2014) we are in the last quarter of the current personal tax year (2013/14).

Whether you are a business person, property landlord or pay significant amounts of tax as an employed or retired person there is now a short window of opportunity to examine your likely earnings for the 2013-14 tax year and, more importantly, see what can be done to minimise those liabilities.

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©UKTaxworld Ltd
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Posted by on in Individuals

The promised hike in the personal allowance to £10,000 is confirmed for the tax year 2014/15.

The basic rate limit is £31,865 for 2014/15. This means that 40% taxpayers (if taxable income does not exceed £100,000) will partly benefit from the increase in personal allowance.

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Tagged in: Individuals Payroll Tax
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Posted by on in Other

Due to the turbulence of the current economy, businesses today are having to adapt to constant market shifts. The businesses that adapt best to this “new normal” will thrive as the market improves over the coming years.

Every market changes, but some change faster than others. For example, the iron ore industry moves much slower than the high tech or publishing industry. Established franchises can disappear if they fail to see, accept and respond to market changes. Microsoft were slow to respond to the rise of tablet computing, and cannot compete on price in the cloud sector of the market. Many magazines have been slow to respond to the web and the growing popularity of tablets such as the iPad. However it is interesting that most major IT and technology magazines went 100% digital well ahead of other titles.

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Tagged in: Consultancy Start-ups
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Businesses need to know their competition, especially in today’s hyper-competitive business environment. Knowing what the competition is up to allows you to develop unique selling points (USPs) which will encourage buyers to purchase from you.

People

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Tagged in: Consultancy Start-ups
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Posted by on in Other

Taxpayers are reminded that the deadline for submitting 2012/13 Self Assessment tax returns online is 31 January 2014. Taxpayers should also be aware that payment of any tax due should also be made by this date. This includes both the payment of any balance of Self Assessment liability for the 2012/13 plus any payment on account due for the current 2013/14 tax year.

Any taxpayers that are filing online for the first time should ensure that they register to use HMRC’s Self Assessment Online service as soon as possible. Once registered it can take up to seven working days for an activation code to be sent by mail. All filings should now be made online as the deadline for submitting paper returns was 31 October 2013.

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