23 July

The Annual Investment Allowance is now £500,000

One of the flagship measures in the UK Chancellor of Exchequer’s 2014 Budget was to increase the level of Annual Investment Allowance (AIA) to £500,000 from April 2014. AIA offers tax relief at 100% on Qualifying Expenditure in the year of purchase and is designed to encourage businesses to make capital investments in the knowledge […]

23 July

Simpler Income Tax

Posted by in Guides

From the 2013-14 tax year, the HMRC has introduced Simpler Income Tax reporting for small self-employed businesses. To qualify, you need to be a sole trader or a partnership of individuals with an income of £81,000 or less.  This amount is the current threshold for compulsory VAT registration but, if you are voluntarily VAT-registered, so […]

16 July

2013-14 Self-Assessment Tax Return – Second Payment on Account

Posted by in News Alerts

If you pay tax through a Self-Assessment Tax Return and are required to make Payments on Account for 2013-14 tax year, please be aware that the deadline for the HMRC to receive the second payment is 31st July. If you are unsure of your situation, please contact welcome@cooperfaure.co.uk for further information.

11 July

Simplified Self-Assessment Tax Returns for the Self-Employed and for UK Property Earnings

The HMRC have introduced a simplified method for the Self-Employed and those earning income from UK property to complete their tax returns, the ‘Three Line Account’. So long as your annual turnover from self-employment or income from UK property is below the VAT registration threshold, which is currently £81,000, you are entitled to use the […]

11 July

What Is Turnover?

Posted by in Guides

Whether you are self-employed or earn income from property in the UK, turnover means the total income earned from your business during the tax year. For the self-employed, this includes: • cash and cheques received. • bank transfers and deposits received. • card payments received. • tips, fees and commissions. • the value of any […]