KSK Accountants Milton Keynes – Chartered Accountants RSS Feed Blog Category: Taxation

Four things you need to know about pension schemes

Pension schemes may not be the entire answer to any retirement strategy. However, they should almost always be an important component. A single person’s basic state pension in the UK is currently just £5,587 per annum. Most people will, in one form or another, want to accumulate a set amount of … More

Tax Relief at 78%?

The Seed Enterprise Investment Scheme (SEIS) is a new tax relief which is available on cash investments in ordinary unquoted shares issued for the purpose of raising finance for a qualifying business activity on or after 6 April 2012. The SEIS benefits to investors include: 50% credit against Incom… More

The benefit of making loans to employees

Employers who want to make life a little easier for particular employees, and build loyalty, at relatively little long-term cost to themselves, may want to consider offering to make loans available. An employer can lend up to £5,000 to an employee without creating any tax consequences (provided tha… More

Keens Shay Keens MK launches TaxAxe

TaxAxe is a range of crafted planning modules designed to help pinpoint ways of saving tax in your business and personal life. There are three modules aimed specifically at: Owner-managed businesses Inheritance Tax and estate planning Pay and benefits in employment As the name suggests, we would l… More

Child Benefit changes

The Chancellor announced changes to the Child Benefit system in the Budget earlier this year. For the first time since the benefit started it will have an element of means testing. Who will be affected? Individuals whose income exceeds £50,000 per annum will suffer an Income Tax charge if either th… More

Pay tax later… (And especially this year, if you pay at 50%)

It is always a good idea to see if you can hold onto your cash for an extra year by delaying tax liability from one year to another. If your taxable income currently takes you into the 50% bracket you will, no doubt, be looking forward the drop in your top tax rate to 45%, expected from 6 April 2013… More

Capital Allowances – When is capital expenditure incurred?

When you spend money on machinery or plant to be used in a business, you can usually claim capital allowances against tax, either the 100% Annual Investment Allowance on the first £25,000 expenditure in the year, or Writing Down Allowances at a rate of 20%. Machinery or plant includes fixtures, fi… More

Personal Service Companies – IR35 – The taxman’s new tests

In many small Limited Companies the directors and shareholders are the same people. This presents an opportunity for the owner-managers to draw income as dividends, enjoying lower tax rates and avoiding National Insurance Contributions (NIC). Some years ago, a special tax regime was introduced for … More

Welcome to Kathy Smith

We warmly welcome Kathy Smith, who joined our team as a Technical Tax Manager on 8 May. A Chartered Accountant and Chartered Tax Adviser with 2 decades’ experience in practice environments, Kathy is taking on the management of the firm’s Corporation Tax compliance and planning systems. She will… More

Late filing penalty quashed by Tribunal

We are all used to being told by HM Revenue & Customs (HMRC) what they think the rules mean. Sometimes we take issue with them. Sadly, all too often the sensible action is to comply, simply because of the costs of taking relatively small points through an expensive appeals process. So forgive us… More

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