Long service awards

Any salaried employee of a business can be paid a long service award. The way in which the award is given can radically influence the tax treatment! All cash awards are taxable. They will be treated as part of your remuneration and subject to deduction of tax and National Insurance. Cash awards include: * a…

Backdated claims for VAT refunds

You may have in the past overpaid VAT output tax or underclaimed VAT input tax, and this might date back many years. Now is the time to claim the overpayment back from H M Revenue & Customs. – Claims can be back dated to April 1973, or the date of your VAT registration if later.…

Record keeping

Following changes to the law, H M Revenue & Customs now have much stronger powers to require that you provide evidence to back up entries on your tax returns. For business owners this means your accounting records and supporting documentation need to be of very good quality. If HMRC can demonstrate that your records are…

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…

Borrowing from your own company

If you are the owner of a company it is a breach of Company Law, except in specific circumstances, for you to borrow money from your company. Ironically there are no fines payable if you break this particular aspect of company law! However there are a number of tax consequences, two of which are outlined…

Solvency Ratios

We are currently entering a period of economic downturn, in this climate it is more important than ever to check the solvency of other businesses before dealing with them. There are a number of solvency ratios but they all have a common purpose – to measure business risk, specifically the risk attached to your ability…

Newsletter Archive

Grow Your Business Newsletters We encourage you to browse our newsletters for tips and techniques that are sure to help you build a better business. Help for ambitious business owners looking to startup or grow a successful and profitable business. Includes help with marketing, advertising, selling, managing people, strategic planning, saving money and more. Current…