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When claiming VAT back on bad debts you no longer need to write to your customer to tell them that you consider their debt is bad, and that you are going to claim the VAT back. Instead of this, the VAT Inspector will ask you to pay to them directly any VAT due on purchase invoices outstanding for six months or more.
If you are an ordinary limited company and have a turnover of less than £5.6 million, you no longer require a statutory audit. However, there is more chance now that your finance provider will insist on you having a non-statutory audit.
The National Minimum Wage is now at £5.05 per hour for those aged over 22 years.
The upper limit for business gifts has been increased to £50 since 31 March 2001. The usual rules of no food, drink, tobacco or vouchers apply, and you must have your business advert on it in a clear place.
The overall limit for a ISA investment remains at £7000!
Very low emission cars and equipment for refuelling vehicles with natural gas or hydrogen fuels are entitled to 100% first year capital allowances.
For tax purposes a van is described as a vehicle which is primarily designed to carry goods or other loads and that has a design weight that does not exceed 3500kg. A double cab pick-up will be a van if it has a certified payload capacity of 1000kg or more. This means a benefit in kind of only £500 or £350, and no car fuel benefit!
There is now a single rate of authorised mileage rate for using your own car for business purposes. This will be 40p for the first 10,000 miles and 25p thereafter.
Stamp duty on the purchase of Goodwill is zero.
The existing CIS scheme is being replaced with a new and simpler system. Ask us for information on this.
The new car fuel benefit is now based on your CO2 output that your car uses. The percentage is used against a staggering £14,400, i.e. a 35% car will have a benefit of £5,040, which could mean a personal tax liability of up to £2,016

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