 Top Tax Tip
Have you used the legitimate ways to reduce your tax bills by transferring income from a spouse paying tax at higher rates to a spouse paying tax at lower rates?
Tip: At the very least, you should aim to make sure that neither spouse wastes their £6,475 tax-free allowance - but early professional advice is essential.
In particular, care needs to be taken not to divert income deriving from a spouse's company if that spouse substantially performs the work.
If you need any help regarding this, please click here or ring us on 0800 612 2008
If you would like more Tax Tips, why not download our specially designed Tax Kits?
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Quote Of The Week
A cardinal principle of Total Quality escapes too many managers: you cannot continuously improve interdependent systems and processes until you progressively perfect interdependent, interpersonal relationships.
Stephen Covey | |
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| | | Joke of the Week
When you do a good deed, get a receipt, in case heaven is like the HMRC.
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Free Useful Business Forms
| We have a new resource on our website, where you can get all the forms you need for dealing with the Taxman and Inland Revenue.
To have a look, click here.
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so please send us your jokes!
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Sponsoring the Brainteaser
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| Article Features? | | | If there is any content that would like to see feature in this Newsletter please contact us and we will be only to happy to discuss this.
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Greetings!
Your Self Assessment, if you do one, is due on the 31st Jan, along with payment for any outstanding tax. In this Newsletter, you will find numerous resources that you can use to try and minimise your tax bill.
Alternatively, you can call Keepers on 0800 612 2008 for expert help with accounts, tax, business development, or anything financial.
We've also found a fun game for you, which you can find at the bottom of this Newsletter in the 'Comedy Zone' The answer for the last Brainteaser competition is: 31st December 2043.
We would like to say a very big 'Well done' to Louise Ridley, from Brighton Kallkwik,
who was the first to email us the correct answer.
This week's Brainteaser is sponsored by BrightonandHoveJobs.com - a one-stop solution to recruitment.
We would also like your help with something! Please click here to learn more.
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BrainTeaser - Monkeys & Bananas
Suppose 7 monkeys take 7 minutes to eat 7 bananas.
1. How many minutes would it take 3 monkeys to eat 3 bananas?
2. How many monkeys would it take to eat 42 bananas in 42 minutes?
Click here to email us the answer!
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Income Tax - The History and Background (Timeline)
1798 - Income Tax first announced
1799 - William Pitt the Younger first introduced Income Tax. 'Certain duties upon income' as outlined in the Act of 1799, were to be the (temporary) solution for funding problems from the war against Napoleon. It was applied to Great Britain (but not Ireland) at a rate of 10% of the total income of the taxpayer from all sources above £60, with reductions on income up to £200. It was to be paid in 6 equal instalments from June 1799, and expected a return of £10 million in its first year. It actually only raised less than £6 million.
1802 - Pitt resigns as Prime Minister, replaced by Henry Addington. A short-lived peace treaty with Napoleon allowed Addington to repeal income tax.
1803 - Renewed fighting with Napoleon led to Addington's 1803 Act which sets the platform for income tax today. There were two significant changes: The Bank of England started deducting income tax when paying interest to holders of gilts, for example. The second change was the division of income taxes into 5 different 'schedules' - A (income from land and buildings), B (farming profits), C (public annuities), D (self-employment and other items not covered by A,B,C or E) and E (salaries, annuities and pensions). Although Addington's rate of tax was half that of Pitt's, the changes ensured that revenue to the Exchequer rose by half and the number of taxpayers doubled.
1806 - Income tax returned to the original rate of 10%
To read the rest of this article, please click here.
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Client Spotlight -  BrightonandHoveJobs.com
Hi, we're BrightonandHoveJobs.com, and as you can guess, we're based in Brighton!
We provide companies with solutions for recruitment across Brighton and Hove. We cover any sector, full time, part time, and contract work.
We have been trading since 1st September 2010, and we're partners with IC Partnership Ltd. Our background is in the Recruitment and Jobs board.
We have an offer running at the moment; you can post on our website FREE part time job listings, until the end of January.
AND, as part of this Spotlight, we are offering a chance for you to advertise a job vacancy even cheaper! We would like to offer you 50% off to advertise your job vacancies throughout February 2011 when you quote 'Feb50%offB&HJobs'. It doesn't matter what sector you're in, or whether it's a full time, part time, or even a contract vacancy you want to advertise; a single job listing will cost just £49.50 + VAT! To learn more about this, contact us on either info@brightonandhovejobs.com or call 01273 872287. Remember to quote 'Feb50%offB&HJobs'!
We don't have any competitors as such, as we are the only jobs board in the Country to support the city which we are based.
In the next 5 years, we want to become the only jobs board in the South. We want to be the first choice for both Employers and Candidates.
www.brightonandhovejobs.com
info@brightonandhovejobs.com
01273 872287
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Guideline procedures which businesses can implement to prevent bribery on their behalf will be published in the New Year, prior to the Bribery Act coming into force in April 2011.
This is to allow businesses an adequate familiarisation period before the Act commences.
The Act is intended to ensure the UK is at the forefront of the battle against bribery and to pave the way for fairer practice by encouraging businesses to adopt anti-bribery safeguards.
The main thrust of the Act is to:
- Introduce a corporate offence of failure to prevent bribery by persons working on behalf of a business. A business can avoid conviction if it can show that it has adequate procedures in place to prevent bribery.
- Make it a criminal offence to give, promise or offer a bribe and to request, agree to receive or accept a bribe either at home or abroad. The measures cover bribery of a foreign public official.
- Increase the maximum penalty for bribery from seven to 10 years imprisonment, with an unlimited fine.
Concerns have been raised that companies may find themselves liable for the actions of individuals over whom they have little control. An individual may be deemed to working for an organisation, whether or not they are an employee. For example, a consultant working on behalf of a business, who attempts to procure them an unfair advantage, may cause them to be prosecuted for bribery unless they can prove that they had adequate procedures to prevent such conduct.
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Comedy Zone - 'Beat Up Your Accountant'
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We have a poll open at the moment, on our website, asking one simple question:
'If you were looking for an Accountant, what would you type into Google?'
Please take just 30 seconds to complete this poll; you can access it here.
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