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Research and Development Relief

Research and Development Relief

Research and Development (R&D) Relief is a Corporation Tax relief that may reduce the company's tax bill or, in certain circumstances, generate a loss which may be surrendered in exchange for refundable tax credit. There are two schemes available with differing rates of relief, depending on the size of your business. Qualifying R&D Projects R&D Relief is available if an R&D project ‘’seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of...

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Cash Accounting

Mortgage payments on buy-to-let properties

Rothmans Salisbury are happy to advise on all aspects of tax and accounting, including property taxation. If you own a buy-to-let property, on your tax return you can deduct your mortgage payments from only the interest element of the rent you receive. If you have an interest only mortgage then you can include the whole amount you pay. If it is a capital repayment mortgage you will have to split out the interest charged and only enter that on your tax return. The statement you receive from your mortgage provider should show the interest y...

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Pensions auto-enrolment Seminar

Pensions auto-enrolment seminar

11th September: Government pensions expert to be key speaker at Rothmans Accountants Business Seminar EVENT: Pensions Auto-Enrolment Business Seminar DATE: Wednesday, 11th September 2013 TIME: 7 pm LOCATION: Rhinefield House Hotel, Brockenhurst SO42 7QB This seminar on one of the biggest changes in pension regulation in the last hundred years, auto-enrolment, will give business managers and owners the chance to get the facts from the people who helped shape the legislation. Employers will also be able to quiz the expert panel on the new...

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Advantages of claiming Child Benefit

The advantages of claiming Child Benefit

Rothmans Salisbury are happy to advise on all aspects of tax and accounting, including Child Benefit. A couple earns £65,000, which is above the £60,000 threshold limit. It can be assumed that if they claim the benefit they will have to pay it all back in tax, however as it is only the higher earner’s income that is taken into account and as this income is below £60,000 only a proportion of the benefit will need to be repaid. Based on an income of £55,000 you will repay 50% of the benefit received in a tax year...

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Audit Committee

Annual salary and the new RTI scheme

Rothmans Salisbury is happy to advise on all aspects of tax and accounting, including the new RTI scheme. If you take a small annual salary from your company together with monthly dividends you will not have to make a monthly declaration to the Revenue under their new RTI scheme. You can instead register as an annual scheme as you meet the necessary criteria, which are as follows: all the employees are paid annually all the employees are paid at the same time/same date the employer is only required to pay HMRC annually Once...

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Cash Accounting

Cash Accounting

Rothmans Salisbury are happy to advise on all aspects of tax and accounting, including Cash Accounting. If you run a small business have you considered opting into the new cash based accounting scheme? Bear in mind that this does not mean you will pay less tax. The new cash based scheme allows an unincorporated business with a turnover of under £77,000 to use a simplified cash-based regime for financial years starting from 1 April 2013. Basically this means you will pay tax on the cash you have received during the year, less allowab...

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