Free advice and tips

On this page             

OR  Advice on line from a qualified accountant for only £20

        On the linked page

 

 

This page contains advice and tips about various business, financial and tax matters. For some subjects, there are links to further detail. You should check our web terms and conditions and our disclaimer before using this page or linked pages  and remember especially that the information given here is only of a general nature, and should not be relied upon without seeking detailed professional advice in relation to the particular circumstances of your case. Our disclaimer, referred to above, specifically excludes any liability howsoever arising as a result of your taken any action or refraining from  taking any action on any matter without first having sought our advice.

 

See also our Stop Press web page, or you can ask a qualified accountant advice on line or as little as £20.

 

See also our aide memoire to legal deadlines for the years 2003 and 2004.

 

Clients of the practice can obtain further information by entering the ‘Client ‘ Zone’ and searching the index

 

Other users can search the public index to the website for further general information on many subjects

 

 

 

Alphabetical  index

 

To Free advice and tips           

 

A to J

K to P

Q to Z

 

Cars Fuelled by LPG 100% tax allowances

Legal deadlines – important dates in 2003/4

Tax free income up to £19,230

 

Limited company- tax free income up to £19,230

web sites  :-Disclosure requirements

Disclosure requirements for web sites

LPG Fuelled Cars 100% tax allowances

 

 

 

Date

Details
Links

23/10/02

The E-Commerce Directive 2000 is now fully in force in UK law, and governs what traders must disclose on websites in order to comply with European law

 

lawguide.htm - web

 

 

 

31/05/02

 

 

 

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The Finance Act now enables 100% first year allowances to be claimed for the purchase of cars fuelled by liquid petroleum gas, compared to the normal 25% per annum writing down allowance. Unlike writing down allowances for normal cars which are capped at £3000, there is no cap on LPG cars.

 

Rover, Honda and Volvo manufacture such cars, and grants to convert other makes are available.

 

As LPG is half the price of petrol, it now makes strong commercial sense for businesses to convert to LPG

Peter Brown & Co offer a detailed factsheet on this subject . Use our ‘Questions on line’ facility to order a fact sheet on the terms and conditions applying to such questions , except that the fee is £5.00.(Free to existing clients)

 

Quote ‘Fact Sheet 12 at £5.00’ in response to ‘What is your question’ on the form. You can ignore the quoted rate of £20 on the form

 

 

 

30/05/02

 

 

 

 

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Very small businesses, with profits up to just below  £19,230 if run by a married couple or £14,615 if run by a single individual can now, in certain circumstances, completely escape tax and national insurance on their profits, saving up to approximately £3,000. The actual savings depend a great deal on circumstances.

 

This is achieved by the vehicle of incorporating a business as a limited company, for which there will be small additional accountancy costs.

 

Savings can also be made by businesses with a higher level of profits, but the savings reduce as profits increase.

 

Peter Brown & Co offer a detailed factsheet on this subject . Use our ‘Questions on line’ facility to order a fact sheet on the terms and conditions applying to such questions .The fee is £20.00.(Free to existing clients by entering the ‘Client Zone’)

 

Quote ‘Fact Sheet 9 at £20.00’ in response to ‘What is your question’ on the form.

 

 

 

 

 

 

 

 

 

 

 

 

 

Legal deadlines that must be met in 2003/2004

 

The first section shows dates that recur or are related to the particular accounting year end of a particular client. The second section shows specific dates throughout the year that are of general application .

 

Date

Details
Links

Quarterly throughout the year

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On 2nd February, May, August and November, employers should notify car changes on P46 car for the quarter ended on the 5th of the previous month.

 

Use our online payroll service

 

 

 

Quarterly throughout the year

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On 31st March, 30th June,30th September and 31st December a CT61 should be prepared by Companies

 

Use our tax services

 

 

 

19th of each month throughout the year

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PAYE and NIC must be paid to the Inland Revenue by employers for the period to the 5th of the current month. (Only payable quarterly in January, April, July, and October by small employers )

 

Use our online payroll service

 

 

 

9 months after the accounting year end

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Companies must pay Corporation Tax in relation to the accounting period ended 9 months previously to avoid penalties and interest

Use our tax services

 

 

 

10 months after the accounting year end

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Companies must file their accounts with the Registrar of Companies for the period ended 10 months previously to avoid fines.

Use our accountancy services

 

 

 

12 months after the accounting year end

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Companies must file their Corporation Tax return ( the CT600) for the accounting period ended 12 months previously to avoid penalties and interest

Use our tax services

 

 

 

31/01/03

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Self assessment tax returns for individuals and partnerships for the year ended 05/04/02  must be filed to avoid a penalty

 

Use our online tax return service

 

 

 

31/01/03

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Last date for payment of balancing payment of income tax & CGT for the year to 5/4/02 to avoid interest

Use our online tax return service

 

 

 

31/01/03

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Last date for payment of first payment on account of income tax for the for the year to 5/4/03 to avoid interest

 

Use our online tax return service

 

 

 

31/01/03

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Last date for post cessation receipts elections for the year to 05/04/02

 

Use our online tax return service

 

 

 

31/01/03

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Last date for trading losses election to be set off against gains for the year to 05/04/02

 

Use our online tax return service

31/01/03

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Last date for trading losses election to be set off against general income or carried back for the year to 05/04/02

 

Use our online tax return service

 

 

 

31/01/03

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Last date for post cessation expenses election to be set off against gains for the year to 05/04/02

 

Use our online tax return service

 

 

 

31/01/03

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Last date for losses on shares in unquoted companies election to be set off against income for the year to 05/04/00

 

Use our online tax return service

 

 

 

31/01/03

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Last date for to claim for retirement annuity premiums paid in 2001/2 to be relieved as paid in 2000/01 or 1999/00 as appropriate

 

Use our online tax return service

 

 

 

31/01/03

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Last date for to pay personal pension premiums and elect to carry back to 2001/2002

 

Use our online tax return service

31/01/03

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Last date for to claim 50% relief if deferred charge on gains before 31st March 1982

 

Use our online tax return service

 

 

 

31/01/03

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Last date for replacement of business assets (roll over relief) for three years previously

 

Use our online tax return service

31/01/03

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Last date for disposal of asset and reinvestment in qualifying company (reinvestment relief)

 

Use our online tax return service

 

 

 

31/01/03

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Last date to claim for disapplication of incorporation relief under TCGA 1992, s162

 

Use our online tax return service

 

 

 

31/01/03

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Last date to claim for relief for farmers’ averaging of profits for 1999/00 and 2000/01

 

Use our online tax return service

 

 

 

31/01/03

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Last date to claim for 1996/97 Capital Gains Tax losses brought forward- formal notification required

 

Use our online tax return service

 

 

 

28/02/03

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Last date for payment of balancing payment of income tax for the year to 5/4/02 to avoid penalties as well as interest

 

Use our online tax return service

 

 

 

31/03/03

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Last date small enterprises to purchase certain ICT equipment (computers etc) to qualify for 100% first year allowances

 

Use our tax services

 

 

 

05/04/03

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Last day for ISA contributions for 2002/03

Seek financial advice

 

 

 

05/04/03

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Last day for realizing capital gains for the annual exemption for 2002/03

 

Use our tax services

 

 

 

05/04/03

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Last day for chargeable transfers to use annual exemptions/small gifts exemption for Inheritance Tax

 

Use our tax services

 

 

 

05/04/03

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Last day for disposals for Capital Gains Tax retirement relief

 

Use our tax services

 

 

 

05/04/03

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Last day for payment of bonuses to directors under PAYE before imposition of 2% increase in NIC

 

Use our tax services

 

 

 

05/04/03

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Last day for election for transfer of married couple’s or blind person’s allowance or transfer of children’s tax credit for next tax year

 

Use our tax services

 

 

 

05/04/03

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Last day for to claim for negligible value of asset within the last two years

 

Use our tax services

 

 

 

19/05/03

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Employers must file forms P14,P35,P38,P38A and CIS36 to avoid penalties

Use our online payroll service

 

 

 

31/05/03

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Employers must issue form P60 to their employees to avoid penalties

 

 

 

 

06/07/03

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Employers must file forms P9D,P11D and P11Db and give copies to their employees

Use our online payroll service

 

 

 

06/07/03

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Employers must pay Class 1a NICs on benefits to employees

Use our online payroll service

 

 

 

31/07/03

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Last date for payment of second payment on account of income tax for the year to 5/4/03.

 

Use our online tax return service

 

 

 

30/09/03

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Self assessment tax returns for individuals and partnerships for the year ended 05/04/03 must be filed if you wish the Inland Revenue to calculate the tax bill or if any underpaid tax is to be collected via PAYE

 

Use our online tax return service

 

 

 

31/01/04

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Self assessment tax returns for individuals and partnerships for the year ended 05/04/03 must be filed to avoid a penalty

 

Use our online tax return service

 

 

 

31/01/04

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Last date for payment of balancing payment of income tax & CGT for the year to 5/4/03 to avoid interest

 

Use our online tax return service

 

 

 

31/01/04

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Last date for payment of first payment on account of income tax for the for the year to 5/4/04 to avoid interest

 

Use our online tax return service

 

 

 

31/01/04

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Last date for post cessation receipts elections for the year to 05/04/03

 

Use our online tax return service

 

 

 

31/01/04

Last date for trading losses election to be set off against gains for the year to 05/04/03

 

Use our online tax return service

 

 

 

31/01/04

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Last date for trading losses election to be set off against general income or carried back for the year to 05/04/03

 

Use our online tax return service