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The David Elliott Blog

If you’re looking for interesting insights into accounting, tax and other business matters in the UK and how they might impact on you and your business, take a look at David’s blog.

 

25 comments
Here’s a tip for you with Christmas on the horizon. Your business can only reclaim VAT (this doesn’t apply, by the way, if you’re using the Flat Rate Scheme) on gifts made to a customer if the total value of the gift is less than £50. So, if you make a gift worth £60 to a customer, you won’t be able…... Read More
Posted : Oct 31, 2014   Category: Tax   Tags : VAT, christmas, flat rate scheme

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In an age when it’s becoming vital to offer a competitive edge, quality assurance accreditation might well be something to consider. Many of us have heard of the quality standard ISO9001 and many think of it as something that’s expensive and time-consuming to acquire. In fact, it’s an award that you…... Read More
Posted : Oct 31, 2014   Category: Business   Tags : assurance, quality assurance

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One of our clients, Roy Rotheram, Managing Director of Panorama Kitchens in Liverpool, is preparing to embark on a 452km cycle ride from Saigon to Angkor Wat (Cambodia). He hopes to raise in excess of £7k for charity. His mission is in memory of Dave Everitt, another of our clients and Roy’s very go…... Read More
Posted : Oct 31, 2014   Category: Business   Tags : charity

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In the current tax year, 2014/15, tax relief for pension contributions is limited to £40k. If your employer (if you're a director of your own company, this will be your company itself of course) makes a £40k pension contribution on your behalf, the contribution is tax-deductible for the employer so …... Read More
Posted : Oct 29, 2014   Category: Tax   Tags : tax relief, pension, tax, pension contribution

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An asset (for example a buy-to-let) owned by a husband and wife will be taxed 50/50 on them, regardless of the proportion in which they actually own the asset – unless they tell HMRC otherwise. So, (unless they elect otherwise) profits from a house owned 90% by the husband and 10% by the wife will s…... Read More
Posted : Oct 29, 2014   Category: Finance   Tags : tax, HMRC, income, assets

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Most of us marry for love, but tying the knot still brings financial advantages too. It’s commonly believed that co-habitees have the same rights as married couples, but in fact this isn't the case. The Government plans to introduce a married person’s tax break in April 2015. Rather than rewarding …... Read More
Posted : Oct 15, 2014   Category: Finance   Tags : tax, marriage, finances, capital gains tax

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NISAs have found favour with savers, with a record £4.9bn going into cash NISAs in July 2014 according to the British Bankers’ Association. So what’s changed? • The annual allowance from 1 July 2014 is £15,000 – a big jump • More choice – you can put up £15,000 in either cash NISA or a stocks and…... Read More
Posted : Oct 15, 2014   Category: Finance   Tags : tax-free, Savings, Banking, savers, interest

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If you're thinking of making gifts of money to your family, it’s worth talking to your financial adviser, as it’s possible to make them in such a way that can improve your prospective inheritance tax position.   With more estates passing the Inheritance Tax (IHT) threshold (£325,000 in 2014-2015, …... Read More
Posted : Oct 14, 2014   Category: Finance   Tags : tax, gifts, inheritance, wedding, marriage, income

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Whilst most of us aren't destined to win a fortune on the National Lottery or Euromillions, we all aspire to being financially comfortable. Taking the decision to invest money can seem like a major step, but with help from a professional adviser, building up a portfolio of investments isn’t an unrea…... Read More
Posted : Oct 13, 2014   Category: Finance   Tags : tax, Finance, Invest, Investments, Savings, Mortgage, retirement

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In carrying out bookkeeping for clients, we often find directors using the company credit card or bank account to make payments for personal expenses. Whether it’s a meal out on Saturday night, payment for the family holiday or some new furniture for the home, there’s a compelling reason why they sh…... Read More
Posted : Oct 03, 2014   Category: Business   Tags :

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If, on the day your business goes VAT-registered, it holds any fixed assets, goods for resale or materials that will be used in future production and if these were bought within the previous four years, then it can reclaim the VAT on them on its first VAT return. The ability to do this can often lea…... Read More
Posted : Oct 03, 2014   Category: Tax   Tags :

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Where a company director buys or leases a company car and provides it to his spouse, HMRC will tax the benefit in kind on the director himself – not the spouse. In fact, the same would apply where he provided a company car to any other family member. Now comes the interesting bit. What if our direc…... Read More
Posted : Oct 03, 2014   Category: Tax   Tags :

2 comments
How you get tax relief for a franchise fee depends on two things. Firstly, what have you really bought for the fee and, secondly, have you bought it or has a company bought it? A franchise fee is usually made up of several components. For example, one of these might be initial training. Training is…... Read More
Posted : Oct 03, 2014   Category: Tax   Tags :

6 comments
Business networking has been around for years but it can be ‘all talk’ – passing leads between one another. This is fine but how about getting together with another business owner and cross-promoting your product or service? It’s one of the easiest things to organise and you’re automatically gaining…... Read More
Posted : Oct 03, 2014   Category: Marketing   Tags :

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The Inheritance and Trustees’ Powers Act 2014 comes into force on 1 October 2014 and will make various changes to the intestacy rules amongst other things. This Act relates to married people who die intestate - i.e. without a valid Will in place. It revises the Intestacy Provisions and these are ma…... Read More
Posted : Aug 01, 2014   Category: Tax   Tags :

18 comments
Employers need to be aware that The Shared Parental Leave Regulations come into force on 1 October 2014 meaning that mums, dads and adopters will be able to share a year’s leave between them - in whatever way they wish. The Regulations apply to babies due from 5 April 2015 and so, as an employer, do…... Read More
Posted : Aug 01, 2014   Category: Business   Tags :

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Many smaller businesses don’t really consider the potential benefits of growing through acquisition. And there are many. Yes, there can be problems, too, but the negatives can usually be sorted out with a bit of planning. We’re not necessarily talking about acquiring a competitor, either. You might …... Read More
Posted : Aug 01, 2014   Category: Tax   Tags :

317 comments
Some businesses go to great lengths to compose what can be quite long-winded satisfaction questionnaires in order to gain an insight into what customers really think. Such surveys can be pretty complicated for customers to complete and, if we’re being honest, the results can be quite hard to interpr…... Read More
Posted : Aug 01, 2014   Category: Business   Tags :

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A couple of events coming up next week might be of interest to you. Tuesday 5 August 4.45pm – 7.00pm The Lowry Theatre A Masterclass in Confident Networking This will be based on consultant Karen Hand’s popular book ‘Networking Know-how’ and she will introduce delegates to her two-tier approach…... Read More
Posted : Aug 01, 2014   Category: Business   Tags :

7 comments
Whilst, traditionally, marketing was simply 'selling products', these days it’s better thought of by examining the Chartered Institute of Marketing’s (CIM) own definition. The CIM defines marketing as the process of “identifying, anticipating and supplying customer needs, profitably”. Wow! This nee…... Read More
Posted : Jul 25, 2014   Category: Marketing   Tags :

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