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Monthly Archives: August 2014

HMRC business record checks

According to insurers PFP, HMRC business record checks are on the increase.  In the tax year 2013/14 HMRC checked 5,515 sets of business records compared to just 3,431 checks in 2011/12, an increase of 60%. Interestingly, of the records checked … Continue reading

Posted in Business

Employment Allowance uptake

Data released by HM Treasury at the end of July reveals that 725,000 employers across the UK are benefitting from the Employment Allowance. The allowance reduces the amount of employer National Insurance by up to £2,000 in a full tax … Continue reading

Posted in Business

50% off qualifying capital purchases

The Finance Act 2014 introduced a temporary increase in the Annual Investment Allowance (AIA). From 1 April 2014 (for companies) and 6 April 2014 for the self-employed, the ability to write off qualifying capital purchases against your profits for tax … Continue reading

Posted in Business

Entrepreneurs get greater freedom to start a business from their home

Budding entrepreneurs will be given greater freedom to start and grow a business from their home under new measures announced by the government on 15 August 2014. Around 70% of new businesses start off in the home, and they contribute … Continue reading

Posted in Business

Transfer tax allowances to your spouse

The Finance Act 2014 has introduced limited flexibility for married couples, or couples in a civil partnership, to transfer a part of their personal allowance to their partner. The amounts involved are not substantial and there are a number of … Continue reading

Posted in Business