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  • Tips & Advice Tax - Don’t forget the annual bonus!
    Your accountant has started work on your year-end figures and is asking about unbilled liabilities which will be payable in the coming year. Should you mention staff bonuses, and what difference will they make to the company’s tax bill?
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  • Tips & Advice Tax Pro - Basis periods in the final years of a trade
    Your client’s unincorporated business will cease trading shortly. There are specific rules that govern how the final profits are calculated. How do you apply the correct basis period, and is there anything else to remember?
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  • Tips & Advice Tax Pro - Dealing with the opening year rules in practice
    In most cases your unincorporated clients’ tax basis period will be the same as their accounting period. But this may not be true in their early years - and there can be complications. What should you look out for and how can you make things easier?
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  • Tips & Advice Tax - Are you looking for a change of accounting date?
    If you’re in business as a sole trader or in partnership, a change in your accounting date can affect when your profits are taxed and even the amount of tax payable. Could you benefit from a change?
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  • Tips & Advice Tax Pro - Quarterly reporting debated
    Quarterly reporting debated..Burden. In January 2016 ( yr.2, iss.9, pg.1, see Follow up ) we reported on a proposal to introduce measures forcing self-employed individuals and landlords to report their profits quarterly to HMRC. The announcement led to an online petition intended to force the matter to be debated in Parliament. This happened on 25 January 2016, and is available to view online (see Follow up ). Debate. The debate drew attention to the financial risk that small business owners have to take compared...
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  • Tips & Advice Tax - Choosing a tax-efficient accounting date
    Your company got off to a slow start, but with the end of its first year in sight it’s doing well. Should you prepare accounts for the period specified by Companies House or can you change it to something more tax efficient?
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  • Tips & Advice Tax - Company profit shifting
    Last year showed a decent profit for which a sizeable tax bill will be due. However, the current year is expected to present a loss and this might leave you short of cash. What steps can you take to help fund the tax payable for last year?
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  • Tips & Advice Tax - Change your accounting date to save tax
    If you’re self-employed, whether you’re running a full-time business or just doing some freelance work on the side, now is the time to think about changing your accounting year. Why?
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  • Tips & Advice Tax - De minimis for Corporation Tax?
    De minimis for Corporation Tax?.. The problem. Following the abolition on April 1, 2006 of the nil-rate starting band for Corporation Tax (CT), tax experts have expressed concern that many small clubs and societies would have to pay such tax on very small amounts of income. News. The Taxman has now issued guidance on this ( http://www.hmrc.gov.uk/ctsa/small-tax-liabilities.htm ). Where the annual CT liability of a club is not expected to exceed £100 he will treat the club as dormant, subject to review...
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  • Tips & Advice Tax - A bit of an overlap
    There is often an argument for extending your current accounting period purely for tax reasons. If you are a sole trader or partner this can give you the opportunity to use a valuable tax relief. What do you need to know?
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