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Howlader & Co Blog

Do you apply VAT on disbursements?

27th July 2012

Disbursements – simplified If you are providing services to your client you will, occasionally, need to pay for items on their behalf. So, do you charge any VAT on this (assuming you are VAT registered)? The answer depends on if you “use” the thing you paid for or benefit from it in any way. If the answer is no to both these questions ...read more

Claiming TAX and VAT on expenses made before your company is formed

20th July 2012

In the past two weeks we have been asked the same question three times. “I’m thinking of starting a company in a few months but will have costs now. Can I claim the VAT back? And the tax?” The answers is yes for corporation tax (so long as the costs are within seven years and wholly and exclusively for business purposes). The expenses ...read more

Scary letter from Companies House

13th July 2012

================================================================ Companies House Annual return reminder - Urgent Action required. Dated 24 June 2012 Company Name xxxxx Ltd Company number XXXXXXX Your annual return is due for filing. It should be made up to 28 June 2012 and must be delivered to Companies House no later than 26 Jul 2012. Please note that you cannot file the annual return before the made up date unless ...read more

Ken Livingstone and fiduciary duty of directors

2nd May 2012

In the interests of being topical we talk about fiduciary duty today. What is it? The most synonymous word is trust. With respect to any company, the directors have a fiduciary duty towards it. They are supposed to act in its best interests - in fact, to act in its best interests is a legal duty! We are not picking on ...read more

Graduates applying to firms of chartered accountants

11th April 2012

As an expanding practice, we have needed a graduate trainee for a while now – hungry, capable and durable! We therefore advertised a single vacancy on the ICAEW website. How many CV’s did we receive? 25? 100? Much higher as it turns out. A staggering 252 CVs with cover letters – mostly through email but a handful through the old-fashioned postal ...read more

Our budget views in blue: Company Car tax

22nd March 2012

These are becoming yet more expensive. From Apr 2015, the multiplier rises from (the current maximum of) 35% to 37% The following year, Diesel  cars will no longer be more expensive than petrol. Low carbon cars (<95g/km) are currently not chargeable! This ends from Apr 2015. Where it will start at 13% of the price, increasing to 15% the following year.   ...read more

Our budget views in blue: Employee share schemes

22nd March 2012

EMI’s allow employers to reward their best employees selectively (unlike approved share schemes which need to be offered to everyone). The limit of the value of underlying shares subject to EMI options has risen from £120k to £250k – and will now automatically carry Entrepreneurs relief (10%) on. Capital gains rather than the normal 28% rate.   This is an ...read more

Our budget views in blue: Stamp Duty Land tax

22nd March 2012

With immediate effect SDLT rate of 7% will apply to residential property at over £2m A penalty rate  of 15% will apply to residential property purchased by a “non-natural” person (e.g.  company) after this limit. This is (one could argue) a fluffy version of the proposed the “mansion tax”. The overseas company loophole on stamp duty has been closed.