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AndrewS_KandH

  1. Interesting question this week on tax on fine wine, probably tax free as a wasting asset provided you are not making regular sales
  2. My latest blog post can be accessed by clicking tinyurl.com/3fv8hto
  3. Do you have life insurance? Is it written in trust so that is taken outside your estate for Inheritance Tax pusposes? This is a must.
  4. Revenue has opened a help line 0845 366 1207 to assist businesses affected by the recent civil disorder
  5. Did you know you should be paying Corporation Tax bills electronically or at your bank see goo.gl/8lDDN
  6. I bet English retailers are glad they are not trading in Wales with carrier bag restrictions see goo.gl/5zIy0
  7. Should your business be using the VAT flat rate scheme? goo.gl/Hn2y easier vat returns to complete and possible lower VAT bills
  8. Considering a company car? Look at the site www.comcar.co.uk It helps you choose the car with the lowest tax cost
  9. HMRC has admitted it has run out of paper and failed to issue tax demands. You must still pay tax on time even though you have no bill.
  10. Enterprise Investment Scheme (EIS) shares can be useful for IHT, CGT and Income Tax planning. The potential total tax relief is 98%
  11. All businesses can entertain employees and directors up to £150 a year tax free. This includes husband and wife companies.
  12. HMRC pay 0.5% interest on early paid Corporation Tax. Should you pay your tax now instead of leaving the cash in your deposit account?
  13. Attention employers PAYE end of year forms P35 and P14 must be submitted to the tax office on or before 19 May to avoid you being fined.
  14. From 6 April 2011 Class 2 National Insurance paid by the self employed is due in two instalments on 31 July and 31 January each year
  15. Good News mileage rate to increase to 45p per mile from 40p per mile the first change since 2002
  16. Personal allownces to increase to £7475 from April 2011 and by a further £600 from April 2012
  17. Not enough to tackle tax avoidance and evasion a new strategy paper will be issued stopping SDLT planning, EFURBS and EBT's
  18. Gift Aid to be simplified and benefits on a gift on death to charity
  19. Changes to complicated state pension it will be easier to understand