In the current economic climate, you might decide to repair some of the facilities in your premises, for example your electrical system, rather than replace them. Rules in the Finance Act 2008, which became effective from 1 April 2008 for companies and 6 April 2008 for sole traders and partnerships, could restrict what costs you can deduct and when.

This year’s Budget, though aimed primarily at boosting the economy and plugging the government’s financial gap, contained some useful measures for business.

With many businesses suffering during the current recession, every chance to enhance cash flow needs to be explored. Taking advantage of a variety of VAT measures could be one way of achieving this and avoiding VAT penalties. Some useful areas to explore are VAT on management charges, the 50% rule on leased cars and sales to non-EU customers.

For tax credit purposes, it is likely that there is not as much time to advise HM Revenue & Customs (HMRC) about the changes to your financial circumstances as you think. You have only one month to advise of in-year changes, so what can you do to maximise your tax credits claim?

Investors have welcomed the increase in the amount of deposits covered by the Financial Services Compensation Scheme (FSCS). Since 7 October 2008, each depositor in a defaulting authorised firm, such as a bank, has been eligible for compensation of up to £50,000 (an increase on the previous amount of £35,000).

With effect from 1 April 2010, if the value of your annual sales is more than £100,000 it will be compulsory for you to file your VAT returns online. You will also need to file online from this date if you are newly registered for VAT.

Tax Calendar 2009