Do you want to increase net pay and reduce your employment costs?

From 6 April 2009 HMRC have introduced an advisory system of benchmark scale rates which employers can use to make tax and NIC free subsistence payments to employees who travel on business. The daily rates are as follows...read more

Taxing Times

Advice on How to Rent Out a Room While Shutting Out the Taxman

By David King Tax Consultant

There are tax breaks for those deriving a rental income from letting a room in their own home...read more

Duncan Meredith – examines the regional effects of the Budget

This was always likely to be a “tax and not spend Budget” and that will be the painful reality over the next few years, whatever colour of Government we get after the imminent election...read more

Budget for Recovery...What You Really Need to Know!

Capital gains tax was thought by many to be a target for increased rates or reduced reliefs.  What we saw was a freezing of rates.  So selling an investment asset after 5 April will still attract just 18% tax compared to a new top income tax rate of 50%.  Most people’s investment strategies should now be revised to take full advantage of this...read more

New Budget – more taxes? We can help you save tax!
Capital Gains Tax – An Easy Target!

It looks very likely that there may be an increase in the capital gains tax rate from either Budget Day or 6 April.  The Treasury’s own forecast show a fall in CGT receipts from £7.9 billion to £2.5 billion this year alone.  This is bound to lead to increase pressure for a change to try to plug this £5 billion hole...read more

Acting now could pay dividends!

As you will already be aware from the 6 April 2010 the tax rates for individuals earning over £150,000 will increase to 50%. A number of our family business clients have been looking at the timing of interim or final dividends that are normally paid post 5th April.  For some, there is an opportunity of bringing...read more

Share option to keep key ‘wanderlust’ staff

Businesses seeking to keep key staff who may develop a “wanderlust” as the economy recovers should consider tax-advantaged share options, according to a Yorkshire-based tax expert.

Staff who have endured pay cuts may decide to leave when the economy improves.

Nick Davies, a senior tax consultant at the Leeds office of independent accountants and business and advisers...read more

“Are you prepared for online filing? If not, we can help!”

For accounting periods commencing on or after 1 April 2010 you must file all VAT returns online and pay any VAT declared electronically. This means:

• You will not receive any paper returns for completion for any period starting on or after 1 April 2010.
• If you already file VAT returns online, then you must continue to do so and pay VAT electronically from now on.
• You may be liable to a penalty if you fail to file your return online or meet the deadlines for filing and payment.

read more

"I know that 50% tax is coming...will it affect me and how do I prepare for it?"

It already seems some time ago that the Chancellor announced in his April 2009 Budget that a new 50% rate of Income Tax would apply from 6 April 2010. Despite this advance warning nearly a year ago, many taxpayers have yet to consider the impact this will have on their finances. Now that we are well into February 2010 there is very little time to take action before the new tax year begins.

Beware the tax traps lurking at the bottom of your garden

There are complex rules that have to be considered when planning a sale of a garden connected to a main residence.

There is still a healthy appetite for maximising the return from our property, and gardens are prime targets for builders looking to carry out housing developments ...read more

“I think I’ve survived the recession...now how do I retain key staff?”

A workforce who have sat tight through pay freezes (or cuts), short time working, and witnessed friends and colleagues being made redundant, may begin to develop wanderlust, as and when the recovery picks up speed. Business leaders will need to consider ways to “tie in” key people...read more

Hi-tech Boost

Adrian Widdowson, associate tax director of Garbutt & Elliott, examines how Chancellor Alistair Darling’s Pre-Budget Report is likely to affect York and North and East Yorkshire.

Hi-tech firms in Science City York can celebrate at being among the few sectors that apparently will benefit from Chancellor Alistair Darling’s Pre-Budget Report...read more

The Deferred Lease’ Strategy

‘No-one enjoys paying tax, but in recent years Inheritance Tax has proved to be a particularly unpopular charge, and it is easy to see why.  Apart from generally being...read more

Doing Business in the EU – VAT

A taxpayer delivered goods (free of VAT) to his customer in another member state of the EU without establishing that the customer was registered for VAT...read more