Did you know that HMRC can track your income by obtaining information about the use of credit and debit cards? Any individual or business accepting credit or debit card payments for goods or services must be registered with HMRC, who have the power to gather information from the card processing companies. Although no data is … Continue reading Undeclared Income – It’s On The Cards!
New pension rules came into effect on 6 April 2015 which have brought many welcome changes. But what about the changes which are not so good? Careful consideration needs to be made with regard to how the changes may affect you. The most significant change is probably the removal of pension funds from Inheritance Tax. … Continue reading New Pension Rules – The Downside
If you or your spouse/partner has an income between £50,000 and £60,000, your child benefit is clawed back at the rate of 1% for every £100, and for those earning above this, the claw back equals the whole amount of the benefit received. By making additional pension contributions, you could retain child benefits. For example, … Continue reading How Pension Planning Can Help Retain Child Benefit And Save Inheritance Tax
The earliest known existence of the classic 'double entry' bookkeeping system can be dated back to 1211 in Florence, Italy. First published in Luca Paciolo's book "Summa" in 1495, it is a system that has been used, and will, indeed, be used for many years to come. However, things have a come a long way … Continue reading Moving With The Times
One of the requirements for all businesses is that appropriate accounting records are kept for at least six years from the end of the accounting period in case of an inspection request from HMRC. Dependent upon the number of business transactions, there are various methods for keeping these records. For very small businesses, manual records, … Continue reading Keeping Accounting Records
Child benefit will be withdrawn for high income taxpayers from January 2013. The threshold for this tax change is £50,000 and will be tapered on income from this figure up to £60,000 when no child benefit will be due. The change has been the subject of much controversy. Take two families both with two children. … Continue reading Will you lose your child benefit?