Avoid the ‘new account’ fraudsters

In November 2008 the Business and Enterprise Committee made up of a number of MPs, published a report about Companies House. Like many people, the MPs were taken aback to find that data filed there by companies, accountants etc was not checked and validated. A strong recommendation was made that Companies House should take urgent…

Second Offshore Disclosure facility

On 20 November 2008 HM Revenue & Customs confirmed that it is to launch a second campaign in 2009 to collect unpaid tax in offshore accounts. The Offshore Disclosure Facility (ODF) will target account holders with money in building societies and any of the 300 UK-based banks that have offshore operations. Last year’s similar campaign…

Fuel Rates (pence per mile)

From 1 January 2009 HMRC have issued revised fuel rates for car users. These rates apply when: employees are reimbursed for business travel in their company cars; or employers require that employees repay the fuel element of private motoring. The rates can also be applied to calculate the deemed VAT input tax (included in the…

Selling property abroad

Sterling has depreciated considerably against the Euro in the last year. Whilst this is of great interest to other Euro zone residents, who can buy property in the UK at much lower Euro cost, the opposite applies to UK residents who have purchased property elsewhere in the Euro zone. For instance a property in Spain…

Year end tax planning

We are approaching the end of another tax year – and an eventful one it has been! This has particular relevance to those who are self employed, either a sole trader or in partnership. Due to the current economic downturn you may recently have experienced a drop in your profitability, indeed you may be trading…

Making people redundant

Many businesses are being forced to reduce costs, and make employees redundant.  As an employer what are the rules on making people redundant? The notes that follow highlight a few but not all of the considerations that affect redundancy pay outs: Q. Do we deduct tax or National Insurance from redundancy payments? A. No –…