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Ten tips to save you tax in 2017!

Many people reading this article will be facing substantial tax liabilities this month.  Here are ten tips that could help to make next year’s cheque slightly less painful…

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Could your generosity be costing you?

When making charitable donations, it is commonplace to be asked “Can we Gift Aid your donation?”. This increases the value of the gift by 25%. For every £80 donated, the charity receives £100, being your donation of £80 plus £20 of tax reclaimed from HMRC.

On the face of it, making this claim may seem like an obvious choice, but there is a potential downside.  If you have not paid sufficient tax during the year to cover the reclaimed tax, HMRC will require you to make up the difference, which may result in an unexpected tax bill occasioned from your own generosity.

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HMRC introduce a new higher flat rate percentage

Do you use the VAT Flat Rate scheme to calculate the amount of VAT that you are required to pay? HMRC announced in the Autumn Statement that they will introduce a new 16.5% rate from 1 April 2017 for businesses with limited costs.

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Advisory fuel rates for company cars from 1 December 2016

The advisory fuel rates for journeys undertaken on or after 1 December 2016 are:

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New measures to save inheritance tax on residential property

In the run up to the 2010 election a great amount of hype was made about raising the IHT threshold to £1m.

Roll forward to the summer of 2015 and in his July Budget statement the then Chancellor George Osborne announced the introduction of the residence nil rate band (RNRB) which comes into effect next April.

Simon Hopwood looks at the small print.

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10 steps to help your Charity tackle fraud

Fraud is a serious problem and is not restricted to commercial organisations alone.  In fact, evidence suggests that charities are targeted more than ever because they are perceived by fraudsters to be more vulnerable.

The Charity Commission is aware of charities’ vulnerabilites and have set up a useful website http://charitiesagainstfraud.org.uk/ to improve trustees' and trust directors' awareness.

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Start your business by the book

You’ve launched a new business and are optimistic about the future. Perhaps you want to focus on the development of your product or service, or on marketing it to prospective customers. Unfortunately, however, day-to-day book-keeping is an essential part of every successful start-up. You ignore it at your peril argues IAN SMITH.

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Start planning for the future with your accountant

Accountants do a lot more than simply crunch numbers, writes Deborah Graham. They can be trusted partners who’ll help you draw up a compelling business plan.

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