Archived SME tax news

Now that employee car benefits and car capital allowances are based on CO₂ emissions it is really difficult to compare cars and make any sensible comparisons as to whether to have a company car or take the cash instead.

1 October 2009 marks the final implementation phase of the 2006 Companies Act.

BBC stars are setting up personal service companies ahead of the introduction of the 50% income tax rate.

A temporary extension of the carry back rules for trading losses was announced in the 2009 Budget. HM Revenue & Customs (HMRC) have given advice on amending claims.

Company accounts, as well as tax form CT600 and the tax computations will all have to be filed online using the ‘inline extensible business reporting language’ (iXBRL) standard from 2011.

Until the rules which govern tax relief on travel and subsistence are changed, labour providers will continue to take advantage of them.

Businesses and advisers who do not use accounts production software will have to review their systems so they can file their company accounts returns online by 2011.

The 2009 Finance Bill received Royal Assent on 21 July 2009 and so it now called the Finance Act 2009.

 HMRC has cracked down on companies whose directors use their EBTs for cheap loans and deferring income tax.