http://www.rowlandsaccountants.co.uk The latest news from Rowlands Accountants en-en http://rowlandsaccountants.co.uk/images/Rm501logoBlack.gif http://rowlandsaccountants.co.uk http://rowlandsaccountants.co.uk/news/art/12/ http://rowlandsaccountants.co.uk/news/art/12/ R;D tax credits are a company tax relief that can either reduce a company’s tax bill or, for some small or medium sized companies, provide a cash sum. What is R;amp;D? Broadly an activity may be R;amp;D if it seeks to achieve a significant advance in science or technology through the resolution of a scientific or technological uncertainty.It is amazing how many activities can fall within this definition, for example in the field of design and engineering where problems or uncertainties are f... Thu, 14 Jan 2010 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/11/ http://rowlandsaccountants.co.uk/news/art/11/ Enquiries - commissions HMRC has recently published confirmation that it is attempting to identify cases for enquiry where commissions may have been omitted from Tax Returns. As a first stage in this process they have already requested information from institutions such as BUPA and Sun Life.As a second stage they have just announced a ;ldquo;Tax Health Plan;rdquo;. Tax Health Plan ;ndash; First deadline 31st March 2010 HM Revenue ;amp; Customs is offering an opportunity for medical prof... Thu, 14 Jan 2010 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/10/ http://rowlandsaccountants.co.uk/news/art/10/ New Penalty Regime Explained A new penalty regime is being introduced on 6th April 2010. You may have to pay a penalty if you do not pay the PAYE or CIS tax due each month, on time and in full. The penalties are a percentage of the amount you pay late.They start at 1% and increase to 4%.There are also penalties of 5% if PAYE or CIS tax is unpaid after six and twelve months. A table summarising the penalties due is set out below. How do you avoid penalties? Pay the correct amoun... Thu, 07 Jan 2010 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/6/ http://rowlandsaccountants.co.uk/news/art/6/ Emma Glover explains various simple planning ideas in relation to Inheritance Tax planning. What is Inheritance Tax? Inheritance Tax is charged on the assets you own on your death and on certain lifetime gifts.In broad terms if an individual has assets of over ;pound;325,000, or a married couple over ;pound;650,000, Inheritance Tax is payable at 40% on their wealth above this figure when they die. The best planning - Exempt Gifts Certain gifts are exempt from tax irrespective of their size... Wed, 16 Dec 2009 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/8/ http://rowlandsaccountants.co.uk/news/art/8/ The advantages of making investments in shares which give significant Revenue-approved tax reliefs. Enterprise Investment Scheme The Enterprise Investment Scheme (EIS) is the most recent manifestation of the use of the tax system to attempt to encourage equity investment in smaller trading companies. It can be of benefit to you either if you wish to minimize your tax liabilities or you wish to encourage additional equity investment into your company. EIS investment relief is given to qualifyi... Mon, 16 Nov 2009 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/4/ http://rowlandsaccountants.co.uk/news/art/4/ HM Revenue ;amp; Customs (HMRC) has recently published details of a second ;ldquo;Non-Disclosure Facility;rdquo; (NDF) for UK taxpayers with foreign income. Background Over the last few years, three key matters have led to this recent announcement: HMRC are gaining more power, as confirmed by recent Court cases, to have direct access to offshore bank account and other similar information; The new penalty regime is harsh for people who have ;ldquo;deliberately;rdquo; conceal... Thu, 24 Sep 2009 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/7/ http://rowlandsaccountants.co.uk/news/art/7/ Emma Glover, tax partner at Rowlands, explains the Furnished Holiday Lettings rules and the opportunities arising out of changes announced in March’s budget. What is a Furnished Holiday Let? It is a property which is owned by an individual, company or partnership and which is: Let furnished; and Available for letting to the public for at least 140 days a year; and Actually let for at least 70 days a year at proper commercial rates; and Available for short term rentals... Thu, 04 Jun 2009 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/5/ http://rowlandsaccountants.co.uk/news/art/5/ Emma Glover, Tax Partner at Rowlands outlines recent changes in tax legislation Tax legislation has been subjected to significant changes recently. Emma Glover, tax partner at Rowlands, explains a selection of the key changesin relation to the new ;lsquo;framework;rsquo; for thecollection of tax available to HM Revenue ;amp; Customs. This article summarises the changes which are relevant to most taxpayers and which are beingintroduced during 2009. Why is the ;lsquo;framework;rsquo; being ... Wed, 29 Apr 2009 00:00:00 -0500