When Is A Debt Not A Debt

by | Aug 16, 2013 | Accountancy

It would appear that the answer to this is when it is a debt used to obtain some form of Inheritance Tax (IHT) advantage.  Changes announced by the Budget 2013, when implemented, will have a significant effect on Inheritance Tax planning.  The proposal is to disregard...

Do You Know #11 – Laundry Costs

by | Aug 15, 2013 | Do You Know

Normally the cost of cleaning workwear is tax deductible for an employee or self-employed person.  This is particularly the case where the provision of the clothing or workwear is tax deductible also.  The cost of normal clothing however, including gents and ladies...

Do You Know #10 – Overnight Costs

by | Aug 1, 2013 | Do You Know

If your business requires you to work away from home and there is a need to stay away overnight, there are expenses that you can claim as tax deductible.  These include accommodation costs such as hotel bills and meals.  If the cost of these is borne by the worker and...

Do You Know #9 – Stock Valuation

by | Jul 30, 2013 | Do You Know

You have to adjust for the amount of stock that you have on hand at the end of your accounting period to arrive at the correct amount of profit.  In calculating the stock value it is usually taken at the value at which you bought it at, that is cost. However, if you...

Do You Know #8 – Bad Debt Relief

by | Jul 30, 2013 | Do You Know

Suffering from a bad debt is not good for any business.  However you can obtain tax relief for this.  If a debtor is not going to pay, and either the cost of pursuing it is un-economic, or the chance of recovery is remote, then the debt can be written off in your...