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Our budget views in blue: Income tax

22nd March 2012

Highest rate reduction to 45% (from 50%) from Apr 2013 for incomes over £150k. Highest dividend rate reduction to 37.5% The 50% income tax rate was somewhat punitive and the amount of tax raised debateable so we welcome the slight reduction. The thinking is that more will be raised this way (higher declaration). However, we cannot understand amounting this ...read more

Can partners claim individual expenses without putting them through the partnership?

29th February 2012

Answer: NoOnly if the expenses are put through the partnership accounts (give the expenses to the partnership accountant)What a partner cannot do is claim his personal (business) expenses against only his share of the business income. For example, if he wanted to put use of his home broadband through the business he couldn’t do it on an individual level. He ...read more

Tax and accounting treatment of Iphone/Ipad/Android apps

17th January 2012

This is a burgeoning industry and many developers are confused about the tax aspects. Broadly, the tax treatment follows that of websites and treatment of software development costs.The difference is that, here, there is a clear economic benefit and intention of direct sales. Thus aside from the planning stage we should be looking to capitalise on the balance sheet ...read more