DEB Business Blog

A New Era for Pensions?

Investing lump sums into pensions has historically represented a means by which business owners could seek to reduce their tax liabilities.  The popularity of this practise has, in recent times, been eroded by a combination of the low returns that poor performing...

Playing The Game

How do you play? The extraction of funds from a company by owner/managers can be viewed as a game.  A game that has rules.  A game you can play well if you know and understand the rules.  A game you can be ahead of, if you have a strategy that is built round the...

When Is A Debt Not A Debt

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

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

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

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

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...

The Personal Allowance Trap

In an attempt to increase tax revenues without affecting middle income earners, the treasury introduced legislation back in 2010 that removes the personal allowance of those earning over £100,000. This legislation is still with us, and is affecting more people each...