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What is the Annual Investment Allowance

The AIA was introduced in 2008. It is an allowance for tools and equipment meaning a business can write off 100% of qualifying capital expenditure (up to a set limit – currently £500,000) against taxable profits for the same period. (Expenditure over the limit is subject to the normal writing down allowances of 18 or…

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The 10 worst excuses for not paying the minimum wage

On the 3rd April, to coincide with the 15th anniversary of the introduction of National Minimum Wage, HMRC issued a list of the worst and most elaborate excuses given to their officers in the last 12 months. 1. An employer said a woman on the premises was not entitled to NMW as she was his…

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Charity or Charitable Incorporated Organisation

The Charitable Incorporated Organisation was created by the Charities Act 2006. It is similar to a company limited by guarantee (the form of organisation frequently used by charities) in that it affords the protection of limited liability and is a legal entity in its own right, but is differentiated from them in requiring only to…

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Tax Free Mobile Phone

You are allowed to provide your employees with one tax free mobile phone each. But you have to do it the right way otherwise it could cost you and your employee tax and national insurance. The tax free mobile phone • The contract must be between the employer and the mobile phone company. • There…

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HMRC unveils new timetable for tax penalties

There will be a staggered start to the introduction of real time information penalties, HMRC announced today. The new automatic in-year Pay As You Earn (PAYE) penalties for late filing and late payment and in-year interest, charged on tax and national insurance contributions that are paid late during the year, were due to start from…

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