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01/01/2011

January Tax Tips & News

Welcome to the Khanna & Co Limited Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman.

If you need further assistance just let us know or send us a question for our Question and Answer Section.

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

Associated Company Changes

Companies controlled by the same people plus their relatives are counted as 'associated' for corporation tax purposes. The upper profits limit for the small profits rate of corporation tax is divided by the number of associated companies. A company with n Read More...

Furnished Holiday Lettings Changes

Furnished holiday lettings have some specific tax advantages. On 9 December 2010 the Government released draft tax legislation that is expected to become law from April 2011. This draft law includes three major changes to the taxation of furnished holiday Read More...

Take Care with VAT

The VATman expects all businesses to take reasonable care when completing their quarterly VAT returns. If you make a mistake, which results in the VAT being underpaid, the VATman is likely to charge you a penalty. Penalties can also be applied where a mis Read More...

Tax Numbers for 2011/12

Most of the tax rates and thresholds for 2011/12 were announced on 2 December 2010 as follows: Personal Allowances Under 65: Â£7,475 65-74: Â£9,940 75 and over: Â£10,090 Minimum marriage allowance*: Â£2,800 Maximum marriage allowance: Â£7,295 Bli Read More...

January Question and Answer Section

Q. My employees earn an average of Â£490 per week, how much more NI will I have to pay for each employee from April 2011? A. For an employee on average earnings of Â£490 per week you currently pay employer's NIC of Â£48.64 per week in 2010/11, but from Read More...

About Us

Khanna & Co Limited Accountants are based in Birmingham, offering local business owners and individuals a wide range of services.

All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website khanna.co.uk for more information.

6 Vicarage Road Edgbaston Birmingham West Midlands B15 3ES

Khanna & Co Limited is a trading name of Khanna & company Limited