Taxes Articles

Finance » Taxes | By Terry Cartwright @ Wednesday, 21st November 2007 @ 12:30 AM

Capital tax allowances are allowances on fixed assets a business may claim as a deduction from net profit to arrive at the net taxable profit. If a taxi driver does not claim the correct capital tax allowances in the taxi accounts that net taxable profit and the income tax and national insurance payable will be higher than it need be. Hard cash lost to the government that they are not entitled to, your cash. A fixed asset is typically a piece of kit purchased by a business that will be us... more...

Finance » Taxes | By Wolfgang Jaegel @ Tuesday, 20th November 2007 @ 3:12 PM

The UK Government is reviewing: - how to simplify VAT rules and administration in the UK and the EU; - how anti-avoidance legislation can best meet the aims of simplicity and revenue protection; and - how to simplify the corporation tax rules for related companies. The reviews follow on from the Budget 2007 announcements to make the tax system fairer, simpler and more efficient by: - modernising and simplifying both the personal and business tax systems; - publis... more...

Finance » Taxes | By Dave Kauppi @ Tuesday, 20th November 2007 @ 1:04 AM

Thinking of selling your business? If you have planned it correctly, most of your transaction proceeds should be long term capital gains. Given the current political climate and the upcoming change in the White House, capital gains taxes will come under attack. If you are a business owner and are thinking of selling your business within the next 5 years, you may want to move up your exit timeframe says Dave Kauppi, President of MidMarket Capital, a Merger and Acquisition Advisor. The red... more...

Finance » Taxes | By Terry Cartwright @ Friday, 16th November 2007 @ 12:47 AM

It is common practise for a UK employer to pay an employee expenses when that employee uses his own vehicle for business journeys. Often the amount paid is based upon a standard rate per mile which varies from employer to employer. There are tax issues every employee should be aware of to maximise tax free expenses and minimise income tax payments. The nature of the business journeys must adhere to certain rules in order for these expense payments to be tax free. Not usually an issue when... more...

Finance » Taxes | By Terry Cartwright @ Friday, 16th November 2007 @ 12:40 AM

Directors of companies are not self employed but employees of that company. In essence anyone who is in business either as a sole trader or part of a partnership and receives income that is not taxed under the PAYE system is effectively self-employed. Occasional miscellaneous receipts would not be regarded as self employment and should be entered on the tax return as all other income. A regular source of receipts would be regarded as self employment income. Everyone considering themselves... more...

Finance » Taxes | By Terry Cartwright @ Tuesday, 13th November 2007 @ 12:24 AM

Businesses become liable for vat when sales reach the vat threshold set on 1st April 2007 at 64,000 pounds p.a. regardless of whether that business has registered for vat purposes. Businesses whose customers are vat registered should consider opting for voluntary vat registration as sales would not be affected by vat registration and registering would permit that business to also reclaim vat input tax on purchases. Businesses with mainly non vat registered customers may wish to delay vat ... more...

Finance » Taxes | By Helen Hecker @ Monday, 12th November 2007 @ 2:27 PM

Look around the yard, do you have an old car you want to or should get rid of? Is the car just taking up precious space and slowly deteriorating from lack of maintenance and proper care because you don't need it? Then for you a charitable car donation may be worth more than using the car as a trade-in or in any other way. If you decide to donate a car and the car donation is accepted, the charity arranges for and takes care of any towing expenses and provides you with the necessary documen... more...

Finance » Taxes | By Terry Cartwright @ Monday, 12th November 2007 @ 12:30 AM

All companies are required by law to maintain records of those company transactions in a manner that must be adequate to enable the company to produce an accurate Company Tax Return. Company tax records must be kept for a minimum of six years from the end of the accounting period and longer if the accounts are submitted late or being enquired into by the Inland Revenue. Company tax records must include all original sales receipts and purchase expenses. Under the Companies Act legislation ... more...

Finance » Taxes | By Ryan Machara @ Tuesday, 6th November 2007 @ 7:00 PM

Here's a quick overview of a few of your free tax help options: *The IRS Volunteer Income Tax Assistance Program (VITA) *The Tax Counseling for the Elderly Program (TCE) *Free tax help for Military personnel and their families The VITA and TCE Programs are comprised of volunteers who are trained to help with your tax concerns like Earned Income Tax Credit (EITC), Credit for the Elderly and Child Tax Credit. If you qualify for any of these, or other special credits, your ... more...

Finance » Taxes | By Don Alexander @ Tuesday, 6th November 2007 @ 1:43 PM

Every year I do my taxes now it is a very joyful experience and how many people can say that about taxes? This is going on our sixth year now using Turbo Tax Premier Investments Federal & State for business and personal use, and I can honestly say that Turbo Tax is not only the best Tax Software out there, and I'll explain why, but it is the best one to find all of your deductions period! In taxes you want deductions, deductions, deductions. H&R Block, God bless em, is all ab... more...

Finance » Taxes | By Helen Hecker @ Thursday, 1st November 2007 @ 6:50 PM

In the US today it's possible to donate a vehicle (usually a car, but it can be a truck, RV, boat or any form of transportation) to selected charities, and in return be able to claim a tax deduction on a personal income tax return. For values that are less than $500, the value of the tax deduction comes from the donor's own estimate of the car's value, even if the charity receives less money for actually selling the car. In 2005, the IRS rules were tightened to prevent donors from... more...

Finance » Taxes | By Peter Kenny @ Tuesday, 30th October 2007 @ 11:05 AM

When considering options for financing all or part of your college education, scholarships and grants are good choices. However, these are only available in limited quantities and not every student qualifies. If you need to pay for college but simply don't have the money, student loans can be the answer. One major advantage of student loans is the tax benefits available to loan borrowers, even if the loan was taken out by a parent for a child. Interest Deduction Your taxable inc... more...

Finance » Taxes | By Obinna Heche @ Sunday, 28th October 2007 @ 6:58 PM

Just because you work at home does not mean you are not subject to the same taxes as any other business venture. The difference is that because you do work at home, its much easier to hide the income than that of a brick and mortar business. On the other hand, the time will come that you will be caught if you do not operate your business on the level. What makes it so easy is that companies are not required to provide a 1099 unless they pay you at least $650 in a year and if you are a fr... more...

Finance » Taxes | By Helen Hecker @ Thursday, 25th October 2007 @ 4:37 PM

Today in the US it's possible to donate a vehicle (usually a car, but it can be a truck, boat or any other type of transportation) to certain charities, and in return be able to claim a tax deduction on your income tax return. If the car donation is accepted, the charity takes care of any towing expenses and provides you with the necessary documents for tax purposes. If a charity does not welcome your questions and provide clear answers about where the proceeds from donations will go you mi... more...

Finance » Taxes | By Jim Brown @ Friday, 19th October 2007 @ 8:43 PM

It is the first year of your business and that time of year has come for you to file your business tax return. It is of utmost importance that any business owner for that matter should prepare such files not only accurately but in a timely manner. Achieving favorable results for the business is very much essential as well. The form should be reviewed completely. Take a look at the items on the business return that the government expects you to fill out accurately most especially the amoun... more...

Finance » Taxes | By Roger Munns @ Friday, 19th October 2007 @ 11:12 AM

With a General Election possibly just four weeks away, the British Conservative Party is producing policy reviews that could be adopted for their manifesto - and should they win ultimately become part of a new administration's legislative programme. One such review looks at taxation, and proposals include cutting bureaucracy and saving British business some 14 billion Sterling a year, while the review considers changes in the tax structure. Part of this review, co-chaired by f... more...

Finance » Taxes | By Roger Munns @ Friday, 19th October 2007 @ 10:53 AM

Private banking and no income tax are hallmarks of Monaco, the world's best known tax haven, but in a move that has surprised many Monaco has collated and published her first ever GDP figures. But far from moving away from her tax haven status that attracts millionaires and billionaires to live in the principality, a travel guide for Monaco says it is for other reasons. Prince Albert, who became Monaco's Sovereign in 2005, has been strutting the world stage promoting glob... more...

Finance » Taxes | By Roger Munns @ Friday, 19th October 2007 @ 10:52 AM

The demand for residency in the European tax haven of Andorra has increased significantly in recent years, as rival tax haven Monaco has seen her property prices rise significantly. And while property prices in Andorra have increased significantly as well, particularly in the last three years, it started from a much lower base than Monaco, and a property in Andorra still costs less than a quarter of that of Monaco. The lowest price property in Andorra is currently a 38m2 studio apa... more...

Finance » Taxes | By Roger Munns @ Friday, 19th October 2007 @ 10:45 AM

Tax haven Andorra's government has introduced Capital Gains Tax in a move that has surprised many in the tax industry. Andorra is a well known European tax haven, and residents benefit from a zero rated income tax and inheritance tax. The reason for the introduction of the capital gains tax according to the Andorra authorities is to try to slow down the high property inflation seen in the principality in recent years. Property prices have risen an average of ten per cen... more...

Finance » Taxes | By Roger Munns @ Friday, 19th October 2007 @ 10:43 AM

As indirect taxes rise across Europe, more high earners and those selling their businesses are considering moving to a tax free environment. And if they want to stay in Europe, there are only two true and stable tax havens left which offer an income tax free existence - Monaco and Andorra. Of the two tax havens, Monaco is the better known. Monaco has an image of glamour and sophistication the world over, and is famous for the Grand Prix around the streets of Monte Carlo. ... more...