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Chartered Certified Accountants and Registered Auditors

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EC Sales List – Penalty for non-submission

If your business is VAT registered and you sell goods or services into other European countries you must generally also submit an additional form to the Government called an EC Sales List (ESL also known as form VAT101). There are no payments to be made or reclaimed with the ESL, as you do on your[…] Read more »

Benefits of Fasting in Ramadan

Many people observe fasting as a religious obligation but only few know the health benefits it has. Fasting is a good practice, if properly implemented. It promotes elimination of toxins from the body, reduces blood sugar and fat stores. It promotes healthy eating habits and boost immunity. Here are top 10 health benefits you can[…] Read more »

SEIS – The Opportunity

The Seed Enterprise Investment Scheme (SEIS) will have a limited life – only five years to 5 April 2017. It allows investors to receive 50% income tax relief on the amount invested and up to 28% capital gains tax relief for a limited period. Also if you make a loss on the SEIS shares you can get[…] Read more »

Tax Schemes & Swiss Bank Accounts

Have you received a letter from the Taxman recently, inviting you to pay tax avoided by using a tax scheme or Swiss bank account? The specific tax avoidance schemes involve one or more of the following: the manipulation of accounting rules; British film tax relief; artificial trading losses. The Taxman believes these tax schemes don’t[…] Read more »

Tax obligations of Business Start-ups

When you are starting up a business, one of the most important considerations, which is always ignored, is to decide the legal structure of the business. There are various legal structures in place and each of them has various tax implications. I have highlighted few important points in regards to those structures and the implications[…] Read more »

Professional training costs: Deductible or not?

As we deal with various medical professionals, one of the questions raised quite frequently is if the cost of training an allowable deduction. You can imagine how exciting those conversations are. Training is a professional requirement and many employed medical professionals pay for those from their own pockets. Hence, they want to know if the[…] Read more »

Investment in Residential Properties by Non-Residents

Tax liability of residents and non-residents Any individual’s liability to UK tax depends on whether he is resident, ordinarily resident and domiciled in the UK. An individual who is resident in the UK will be taxed on his global income whereas non-residents are liable to UK income tax only on income that arises in the[…] Read more »

Tax deductible expenses by Medical Professionals

Where the appropriate conditions are satisfied, any employee as well as self employed consultant, who incur expenses without reimbursement, may claim a deduction against his taxable earnings. Travel expenses A general practitioner who also works as a part-time consultant is on call and if issued instructions by phone before leaving home to travel to the[…] Read more »

Taxation services for Medical Professionals

ASK Accountants is one of the very few accountancy firms where your tax returns and tax refunds are processed by the qualified Accountants and the Tax specialists who are members of the ACCA and the ATT. We have developed a wealth of experience in the specific needs and requirements of medical practices and are fully[…] Read more »

Directors Salaries for 2012-13

Company Directors can have a nominal salary put through their limited company on which no national insurance is due, and in many cases no tax is due, depending on their other sources of income. This salary reduces the profits on which Corporation Tax is payable, meaning a reduction in the amount of corporation tax to[…] Read more »