Increased ISA allowances

New allowances for Individual Savings Accounts (ISAs) – which offer tax-free returns on investments – have now come into force. For the 2012/13 tax year, the total amount that can be invested into an ISA has increased to £11,280 (previously £10,680), of which a maximum £5,640 can be invested in cash. The remaining £5,640 can[…]

The tax year and choosing your accounting date

Whatever business model you are in, you must prepare annual accounts which report on business performance and activities during the financial year. What many may be unaware of, is that businesses are allowed a free choice of when to end an accounting year. So, for 2012/13 tax, accounting dates can vary between 6 April 2012[…]

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Mobile record-keeping

New mobile apps designed to help small businesses keep tab on their record keeping accounts, have been launched by various software companies and are now available on smartphones such as Android, iPhones and Windows phones. The free apps are aimed at small businesses, sub-contractors and the self-employed who have an annual turnover below the VAT[…]

Auto-enrolment and employee earning thresholds

Starting from October this year, and depending on the size of your business, employers will have to automatically enrol all eligible workers into a qualifying pension scheme. The Government has now confirmed that automatic enrolment rates for the next tax year will be aligned alongside tax and national insurance thresholds, in the hope that it[…]

Saving with a Tax Advantage

The past few years have seen households focus on reducing household debt and increase their savings. Tax advantaged saving still provides a valuable boost to the saving regime and so in this update we look at some of the opportunities for you to consider together with your professional advisers. Saving for retirement The Government encourages[…]

Posted in Tax