Entries by Michael Hinett

New improved ISA

Good news. The new ISA limits announced in the last budget are now available. With effect from 1 July 2014 the previous ISA limit (£11,520) has been significantly increased to £15,000.  Furthermore the 50% cash ISA limit of £5,760 has been abolished so that any combination of cash and stocks and shares can be held within the ISA wrapper up […]

HMRC are clamping down

Enquiries by HMRC into tax affairs doubled last year. High profile cases have been in the media recently (Gary Barlow et al) but it’s not just an issue for the rich and famous. It could be you next. Perhaps your sector is being targeted en mass, something in your return raises suspicion, or you may […]

Secondary incomes

Do you receive income from a secondary or part-time activity that isn’t declared? As part of HMRC’s drive to encourage voluntary disclosures, the Secondary Incomes Campaign (SIC) has been launched to assist individuals in disclosing undeclared income (and/or capital gains). The campaign offers people the chance to pay lower penalties on the tax paid late. […]

We’re celebrating 10 years in business

24th April 2004 Christina opened the doors of her accountancy and tax business. Starting with a ‘clean sheet’, her goal was to provide a great value service to the businesses and individuals of Warwickshire. In those 10 years we’ve expanded the team, moved from Station Road to larger premises opposite Abbey Fields, rebranded, and led […]

Keeping a close eye on the money

For small businesses, keeping control of cashflow is vital. The ability to juggle day-to-day finances can sometimes be the difference between success and failure. The prudent business owner needs to watch the money daily. Thankfully, tools exist to help with this. Cloud accounting with built in bank feeds allows bank transactions to link directly to […]

Entertaining / rewarding staff

As we look forward to our 10th anniversary celebrations here at MyTax (how time flies), thoughts turn to partying! When you do the same, it’s reassuring to know that the costs of entertaining your staff may be an allowable deduction against your business taxes and VAT may also be reclaimable (if you’re registered). You can […]

Happy New (Tax) Year!

The new tax year brings with it new opportunities to save tax. ISAs: avoid the last minute rush. This year the allowance is £11,880 (rising to £15,000 in July, of which all can be in cash). Don’t forget that’s each, so married couples can invest double. And the junior allowance is £3,840 (rising to £4,000 […]

Maximise your ISA allowances

Individual Savings Accounts (ISA) enjoy freedom from income tax and capital gains tax. Your maximum annual investment in ISAs this tax year can be £11,520 (up to £5,760 of which can be saved in a cash ISA).  Your investment needs to be made on or before 5th April 2014. Spouses each have their own allowance, […]