Business time-bomb

Article Abstract:

Owners of small businesses in the UK have to complete two sets of tax forms, one relating to the business and the other relating to their own personal finances. There is increased emphasis on up-to-date figures and business owners will no longer be able to send information at a later date from their tax return. Business owners may have problems in keeping records, and those that are profitable are likely to need records in case of an audit. There are also grey areas such as spending that could have a personal benefit as well as being for the business.

Tax Management, Small Business, Taxation, Tax accounting, Tax administration and procedure, Tax administration

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The end of the tax year is nigh

Article Abstract:

UK tax payers should ensure that they are prepared for the end of the tax year. This can be done in a number of ways, such as transferring assets to a spouse with a lower tax liability, and selling shares to use up a capital gains allowance, buying the shares back afterwards. Losses can also be used through this method. Assets can be given away to reduce inheritance tax liability. Pension contributions can also be increased to use the full annual limit.

Tax planning, Savings

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