How far back can you reclaim VAT?

Under-claimed VAT can now be reclaimed as far back as 4 years, rather than 3 years. If the sum to be claimed is less than £10,000 then you can reclaim it in your next VAT return. If it is more than £10,000 then it must be reclaimed through the submission of the appropriate form. It … Continued

Be careful what you shred!

If you fill in a tax return you are legally obliged keep all the paperwork to back it up. This may include your personal bank statements if the accounts concerned are interest-bearing. You have to keep records going back quite a long way. A company with a 31st March year end may not shred its … Continued

Annual Investment Allowance (AIA) Reduction.

Businesses can currently write off 100% of the cost of qualifying assets against their taxable profits, up to an annual limit of £100,000. AIA allows businesses to receive tax relief on qualifying plant and machinery expenditure in the year it is incurred. Assets that can be written off in this way include commercial vehicles, plant, … Continued

Personal Allowance and NIC changes

From 6th April 2011 there is to be an increase in the Personal Allowance for all those under 65. The amount of income that you earn tax free will be increased to £7,475 instead of the current threshold of £6,475. There will also be changes made to the thresholds for the higher tax bands (See … Continued