Yesterday saw the Chancellor, George Osborne release his fifth Budget – a budget for “makers, doers and savers”.   A consistent theme is again evident in terms of espousing the need for fiscal responsibility in addressing the ever increasing debt levels whilst using limited wriggle room to stimulate private sector investment.

The key emphasis yesterday was on addressing the imbalance for savers who have been particularly hard hit given that interest rates have been at historically low levels for the last five years.   The tax rate has been reduced from 10% to 0% for the first £5,000 of savings … Read more

Entertaining
Client entertaining or hospitality of any kind is never an allowable deduction for business tax purposes and input VAT cannot be recovered on it.

Business Gifts
Gifts to customers are allowable for tax purposes if:
• The total cost of gifts to any one individual per annum does not exceed £50;
• The gift bears a conspicuous advert for the business and
• The gift is not food, drink, tobacco or … Read more

•Self-employed: You must complete a return for each year you are self-employed or a partner in a partnership. You need to complete a tax return even if you make a loss or if it’s your … Read more