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  • Are commercial woodlands the place to invest surplus cash?
    and get it working for you There are of course many ways to do this With interest rates remaining low for the moment buying woods or a forest is becoming increasingly popular Recently the value of commercial woodlands has been increasing and they offer many tax advantages for investors For example where there is a commercial occupation of woodlands in the UK the income and profits made from sales of the timber are not subject to income tax or corporation tax In an article which first appeared in The Economic Voice under the Heading Are commercial woodlands a good place to invest surplus business cash Carol Cheesman gives useful advice for the would be investor There are certainly many benefits But it s not all straightforward There are issue relating to Income Tax and Corporation Tax Capital Gains Tax Inheritance Tax VAT and Stamp Duty You can read the full article by following the link above and for further advice contact Cheesmans About Carol Cheesman View all posts by Carol Cheesman Subscribe Subscribe to our e mail newsletter to receive updates Related Posts Changes to Capital Gains Tax affecting residential property owners who are non UK resident Buying or Selling

    Original URL path: http://www.cheesman.co.uk/commercial-woodlands-good-place-invest-surplus-business-cash/ (2016-04-25)
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  • Business owners, are you buying or selling your business?
    notes would be the solution Business loans A business plan is also essential when seeking finance Tt should set out what the business does who owns it and what their expectations are who runs the business and what their experience is who the business s main competitors arc Why is your business better How will the business become belter or get a larger share of the market what the historical financial results of the business are what the projected financial results of the business are and how the business is going to achieve these what could go wrong and what would be the effect if it did how the business is planning to minimise this risk Capital allowances The costs associated with a relaunch or expansion are likely to be high and therefore whether these costs are tax deductible is certainly relevant In general if a business buys an asset the expenditure for such cannot be deducted from trading profits However reliefs and allowances may be available Capital allowances give tax relief for the reduction in the value of assets that are purchased for business use The cost can then be written off against the business s taxable income One of the main capital expenditure items that qualifies for capital allowances is equipment otherwise defined as plant and machinery This can include furniture office equipment computers tools equipment and vehicles Certain fixtures fittings and integral building features such as electrical wiring may also qualify Another capital expense that qualifies for capital allowances is buildings and the renovation of such all of which are relevant to relaunch and expansion In order to qualify for capital allowances you must comply with the following criteria capital expenditure must be on an asset that is used wholly or partly for business purposes an asset cannot be something that is purchased and sold as part of the business s trade an asset must be expected to last for more than two years There are three different types of capital allowances available the Annual Investment Allowance First Year Allowance and Writing Down Allowance The relevance of each allowance will depend on the nature of the business s re launch or expansion The Annual Investment Allowance is available for most plant and machinery and allows the full cost of the asset to be written off against profits subject to the maximum limit per year The maximum amount that can be claimed is 250 000 per year First Year Allowances provide relief at 100 per cent for certain types of assets In other words the business can claim the full expenditure on the assets as a deduction when calculating taxable profit Writing Down Allowances reduce the balance of qualifying capital expenditure that hasn t been claimed under the Annual Investment Allowance or First Year Allowance The application of these allowances is beyond the scope of this article but clearly they should be considered in detail when planning the costs of a re launch or expansion of your nursery

    Original URL path: http://www.cheesman.co.uk/business-owners-buying-selling/ (2016-04-25)
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  • Will the new VAT Tax changes planned for 2015 affect your UK business?
    books or electronic publications Ordinarily the rules would require a UK supplier to register for VAT in each EU country in which it makes the affected supplies To alleviate this burden the supplier can alternately register for a Mini One Stop Shop MOSS online service which will enable the UK supplier to account tor VAT due in any other EU country by submitting a single MOSS VAT return and the appropriate payment to HM Revenue and Customs in the UK Businesses will be able to register to use the MOSS scheme for VAT returns from October 2014 and the online service will be available to use from 1st of January 2015 The government has stated that it could see an extra 300 million in revenue as a result of the tax changes Without doubt small and medium enterprises SMEs will be the businesses that are the most hit with this new regulation for example they will be obliged to implement many changes in a relatively short space of time As a result billing management could become much more complex In addition their costs may go up in certain countries Businesses will be forced to think carefully about where they carry out their operations The current scheme encouraged many firms to be based in countries like Luxembourg as it charges a lower rate of tax than the UK The new scheme will revoke this advantage This means that business owners can no longer reap the benefits of their current location and may choose to move to areas with lower staff costs for example These new rules may also adversely affect costs so SME owners will need to ask themselves if they can realistically pass this on to their customers One way to deal with this may be to make the increase

    Original URL path: http://www.cheesman.co.uk/will-new-vat-changes-affect-business/ (2016-04-25)
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  • Ledger notes - Page 6 of 6 - Cheesman Accountants
    result of the high volume of customers using electronic services the cost savings made by Companies House can be passed on to customers in the form of reduced fees In parallel the Continue Reading 0 Tax Relief on Pension Contributions Ready for the Changes By Carol Cheesman on 8th November 2010 in Tax The Government has announced that the limits for tax relief on pension contributions will be reduced significantly

    Original URL path: http://www.cheesman.co.uk/ledger-notes/page/6/ (2016-04-25)
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  • Contact form - Cheesman Accountants
    Other Services Tax Corporation Tax Personal Tax Accounting Auditing Auditing Bookkeeping Financial Planning Cheesmans team We re Hiring Carol s Blog Contact Return to Content Contact form Name Email Message Solve 3 6 Send a copy of this email to yourself If you want to submit this form do not enter anything in this field Licensed to carry out the reserved legal activity of non contentious probate in England and

    Original URL path: http://www.cheesman.co.uk/contact-form/ (2016-04-25)
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  • How Seed Enterprise Investment Scheme (SEIS) could help
    small and early stage companies by reducing the risk of investing in these types of companies In this article in BM Magazine Two years on how SEIS could help your small business Carol Cheesman writes about how many businesses still aren t aware that this can be utilised even though it was launched nearly two years ago on the 6th of April 2012 The purpose of the scheme is to offer tax reliefs to investors in higher risk companies that are less than two years old have fewer than 25 employees have gross assets of no more than 200 000 and have a permanent UK establishment It also aims to enhance economic growth in the UK and promote entrepreneurship One of the key benefits of utilising the SEIS is it reduces the risk of investing in small early stage companies Over 50 per cent of new businesses fail in their first year and the finance raised from the SEIS can significantly help these new companies get the start they need and help them survive in the long term If you have started or are about to start a new business and you need external funding then it is worth considering SEIS However it is always advisable to get professional advice not only to ensure that you meet all the required criteria but also to ensure that SEIS is the best way forward for your company It has many advantages but it is not always right for everyone and once you re registered as a SEIS company you need to make sure that you continue to fulfil the relevant criteria in order to maintain the tax benefits About Carol Cheesman View all posts by Carol Cheesman Subscribe Subscribe to our e mail newsletter to receive updates Related Posts Changes to Capital

    Original URL path: http://www.cheesman.co.uk/seis-help-small-business-two-years/ (2016-04-25)
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  • Carol Cheesman, Author at Cheesman Accountants - Page 6 of 6
    and services As a result of the high volume of customers using electronic services the cost savings made by Companies House can be passed on to customers in the form of reduced fees In parallel the Continue Reading 0 Tax Relief on Pension Contributions Ready for the Changes By Carol Cheesman on 8th November 2010 in Tax The Government has announced that the limits for tax relief on pension contributions

    Original URL path: http://www.cheesman.co.uk/author/emmenthal/page/6/ (2016-04-25)
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  • Corporate social responsibility - keeping it local
    of 1 001 and above maximum of 5 per cent of the donation up to 2 500 for donations made after 6 April 2011 Prior to 6 April 2011 the maximum amount was 500 A donation will not qualify for relief in the case of any of the following it comes with a condition for repayment it comes with a condition that the charity will purchase a property from the company or a connected person the benefit derived exceeds the above limits the donation is in the form of a profit distribution for example by way of a dividend Gift Aid explained Sole traders and partnerships do not receive a tax deduction for charitable donations but provided the donation is made with a gift aid declaration the taxpayer will get tax relief via the extension of the taxrate bands to the value of the gross charitable donation For example current income tax bands are as follows basic rate 32 010 tax at 20 per cent higher rate 32 010 150 000 tax at 40 per cent additional rate over 150 000 tax at 45 per cent Income of up to 32 010 would ordinarily be subject to tax at 20 per cent However a person making a charitable donation of 1 000 with a gift aid declaration is deemed to have made a gross contribution of 1 250 This would result in an increase in the basic rate band to 33 260 32 010 1 250 meaning that the taxpayer can now earn 1 250 more of income before he is taxed at 40 per cent Local young people Employing local workers is also likely to help the local community and it is common for young people to have their first job at a local business This benefits the employee as they are gaining valuable work experience but also benefits the business as they can pay employees under 21 a lower hourly wage compared with employees over 21 for a role that is often of an unskilled nature Clearly young people should not be exploited for work as this would be contrary to a business s social responsibility Therefore it is essential to be aware of the national minimum wage requirements which were increased on 1 October 2013 to the following workers aged 21 years or more a minimum of 6 31 per hour workers aged 18 to 20 a minimum of 5 03 per hour workers aged under 18 but above compulsory school age a minimum 3 72 per hour Apprentices The above are the standard minimum wage requirements and they differ for apprentices apprentices aged under 19 a minimum of 2 68 per hour apprentices aged 19 and over and in the first year of an apprenticeship a minimum of 2 68 per hour apprentices aged 19 and over who have completed at least one year of an apprenticeship are subject to the standard national minimum wage requirements for their age The lower minimum wage for apprentices reflects

    Original URL path: http://www.cheesman.co.uk/corporate-social-responsibility-keeping-local/ (2016-04-25)
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web-archive-uk.com, 2016-10-28